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Special Purpose Acquisition Companies (SPACs)

Overview

Special Purpose Acquisition Companies have been on an upward trend in both deal count and dollar amount raised, representing nearly 20 percent of the total IPO market in the past year.

Loeb & Loeb’s Capital Markets team has been at the forefront of creative public offering structures for nearly two decades. We have represented issuers and underwriters in hundreds of SPAC offerings and business combinations. From some of the earliest deals on Wall Street to first-of-their-kind transactions that have contributed to the SPAC’s evolution, we’ve guided clients through every generation of the SPAC product and are directly responsible for many structural features.

Our lawyers pioneered groundbreaking SPAC structures, including the innovated public acquisition company (IPAC), designed to operate like a SPAC but offering increased flexibility on pricing and deal structure, and a more rapid transaction cycle that permits the consummation of the business combination prior to SEC review. We completed the first SPAC liquidation, obtained the first extension of time with the SEC in SPAC history, created the first offshore-based SPACs, which did not require SEC review, and we innovated new financing structures to deal with redemptions.

We use our deep knowledge and transactional experience in both initial public offerings and mergers and acquisitions to guide companies and investors through the complete SPAC life cycle – from conception and funding through target company identification and acquisition, and ultimately to successful exit.

We work across a broad range of industries and understand the complex nature of our clients’ business combinations, enabling us to streamline time-sensitive deals and provide effective counsel from the very start. Working seamlessly with lawyers from our domestic and international tax, technology, entertainment and media, life sciences, intellectual property and other teams, our SPAC practitioners are poised to address any issue that might derail a transaction. We have the market perspective and practical, in-depth experience to get deals done.

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