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New Securities Class Action Relating to SPAC Warrant Accounting

Michael Aiello — Wed, 02 Jun 2021 22:43:00 +0000

In April 2021, the SEC staff issued a statement concerning accounting and reporting considerations with respect to warrants issued by SPACs in connection with their IPOs. Specifically, the SEC staff stated that SPACs may not be properly accounting for such warrants, which are often treated as equity rather than as liabilities in SPAC financial statements. […]

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SPACS Come to the U.K.

Murray Cox — Mon, 03 May 2021 14:05:44 +0000

THE UNITED KINGDOM’S FINANCIAL REGULATOR, THE FINANCIAL CONDUCT AUTHORITY (FCA), RELEASED A CONSULTATION PAPER OUTLINING PROPOSED AMENDMENTS TO ITS LISTING RULES DESIGNED TO ENCOURAGE SPACS TO OBTAIN A STANDARD LISTING ON THE LONDON STOCK EXCHANGE’S MAIN MARKET. The amendments modify some aspects of the FCA’s Listing Rules that have made it practically impossible for SPACs […]

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Key Considerations in Selling Your Portfolio Company to a SPAC

Douglas P. Warner — Tue, 03 Sep 2019 14:15:54 +0000

SPAC activity has enjoyed a healthy uptick in recent years. More SPACs went public in 2018 than in any year since 2007, raising more than $10 billion in capital to deploy towards new investment opportunities. Private equity sponsors are increasingly finding themselves on the opposite side of the table from SPACs as the owner of […]

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Weil’s Q2 2019 Quarterly Private Equity Update: U.S. and U.K. SPACs

Douglas P. Warner — Tue, 06 Aug 2019 15:27:44 +0000

In this issue, we compare the key similarities and differences between U.S. and U.K. SPACs. SPACs are increasingly being viewed as an additional platform for private equity sponsors to complement their existing platforms. They provide sponsors with favorable economics and the opportunity to target companies that may want to go public rather than remain private […]

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Exit Strategies: IPOs versus SPACs

Douglas P. Warner — Mon, 19 Mar 2018 09:39:32 +0000

During the last several years SPACs have gone mainstream with brand name private equity sponsors raising SPACs and brand name private equity sponsors selling portfolio companies to SPACs. Private equity sponsors who are considering a public markets exit for their portfolio companies may want to consider the pros and cons of taking their portfolio company […]

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With SPACs, Private Equity Sponsors Add a New Arrow to their Quiver

Christopher R. Machera — Wed, 18 Jan 2017 14:07:38 +0000

A theme over the last several years in the private equity industry is that sponsors, for myriad reasons, have increasingly left their comfort zone and are looking to deploy capital not only in new asset classes but also in new ways. Many sponsors that have traditionally focused on leveraged buy-outs have explored new investment methods, […]

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