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SPAC News: 13 Things to Know About a Finance of America IPO

October 13, 2020

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Finance of America news for Tuesday includes an initial public offering (IPO) through special purpose acquisition company (SPAC) Replay Acquisition (NYSE:RPLA).

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Here’s what potential investors need to know about the SPAC news.

Finance of America will become a publicly-traded company by merging with Replay Acquisition.
This plan values the lending company at $1.9 billion.
The transaction already has $250 million in confirmed support from investors via a private investment in public equity (PIPE) of $10 per share.
Cash proceeds for the new company include that PIPE funding and $288 million of cash in trust belonging to Replay Acquisition.
This should allow the company to begin public operations with a minimum of $250 million in cash and cash equivalents.
One thing worth noting about this SPAC news is the support from Blackstone Tactical Opportunities.
This is a

Billionaire U.S. investor Dan Och seeks $750 million for SPAC

October 9, 2020

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By Svea Herbst-Bayliss

BOSTON, Oct 9 (Reuters) – Billionaire investor Daniel Och, who founded hedge fund Och-Ziff Capital Management, said in a filing on Friday that he plans to raise $750 million through a blank check acquisition vehicle, becoming the latest major hedge fund investor to launch one.

Och, who started Och-Ziff in 1994, retired as its chief executive in 2018 and left the firm, which is now called Sculptor Capital Management SCU.N, last year.

Ajax I, will be managed by Och and investor Glenn Fuhrman, who co-founded MSD Capital, which manages Michael Dell’s fortune, in 1998. Instagram co-founder Kevin Systrom, Square co-founder Jim McKelvey, 23andme co-founder Anne Wojcicki and Chipotle founder Steve Ells will serve on the board.

Ajax sponsors have reduced the promote to 10% instead of the usual 20%, according to the regulatory filing.

Ajax said it will seek a company that operates in the

Mudrick Capital’s distressed debt SPAC Mudrick Capital Acquisition II files for a $300 million IPO

October 9, 2020

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Mudrick Capital Acquisition II, the second blank check company formed by distressed debt investor Jason Mudrick to acquire a post-bankruptcy business, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The New York, NY-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable $11.50. At the proposed deal size, Mudrick Capital Acquisition II would command a market value of $375 million.

The company is led by CEO and Chairman Jason Mudrick, the founder and CIO of distressed debt investment firm Mudrick Capital Management. Mudrick’s previous SPAC, Mudrick Capital Acquisition, went public in February of 2018 and recently closed on its acquisition of Hycroft Mining Holding (HYMC; -24% from $10 offer price) in May of this year. Mudrick Capital Acquisition II plans

Sports and entertainment SPAC Sports Ventures Acquisition files for a $200 million IPO

October 9, 2020

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Sports Ventures Acquisition, a blank check company targeting sports, media, and entertainment, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Bal Harbour, FL-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50. At the proposed deal size, Sports Ventures Acquisition would command a market value of $256 million.

The company is led by CEO and Chairman Alan Kestenbaum, who is currently the CEO of Stelco (TSX:STLC) and Bedrock Industries and is a minority shareholder in the Atlanta Falcons NFL team. He is joined by President, CFO, and Director Robert Tilliss, who is the founder and CEO of sports merchant banking boutique Inner Circle Sports and has been involved in numerous transactions and financing activities of professional sports

Ex-TikTok CEO Kevin Mayer, Former Disney CFO Tom Staggs & Shaquille O’Neal Join Forest Road SPAC For Media M&A

October 9, 2020

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There’s a SPAC born every minute – today a new one called Forest Road Acquisition registered with the SEC to raise $250 million and hunt for media and entertainment deals with executives and advisors from former TikTok CEO Kevin Mayer and former Walt Disney CFO Tom Staggs to basketball legend Shaquille O’Neal.

SPACs, or special purpose acquisition vehicles, proliferate when there’s more money floating around than there are places to invest for various reasons — now that’s mainly COVID.

The SPAC is a shell company of film financing firm Forest Road. Harry Sloane and Jeff Saganksy, formerly of MGM, done a half dozen SPACs over the years. Playboy just launched one last week. They raise cash from investors to go public in a kind of modified IPO and buy companies in any sector they like.

They’re officially called “blank check” entities so investors need to trust they know what they’re

Former Goldman Sachs CEO Lloyd Blankfein says a wash of free money is creating ‘bubble elements,’ citing SPAC market

October 8, 2020

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Lloyd Blankfein wearing a suit and tie: Brendan McDermid/Reuters

© Brendan McDermid/Reuters
Brendan McDermid/Reuters

Goldman Sachs’ former CEO Lloyd Blankfein told CNBC on Thursday that a “wash of free money is clearly creating bubble elements in the markets.”
The banking titan blamed low interest rates for creating free money for large investors.
Blankfein also cited speculation in the growing SPAC market: “Look at SPACs and how much money is available on the basis of somebody’s reputation as opposed to a business plan.”

Former Goldman Sachs CEO Lloyd Blankfein told CNBC on Thursday that a “wash of free money” due to low interest rates is “clearly creating bubble elements in the markets.”

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“Given that money is kind of free, it presumably is not being allocated in a disciplined way, and so there are bubble elements to this,” Blankfein said. “Look at the credit market — people are lending to what historically would have been weak credits for

Cantor Fitzgerald’s SPAC CF Finance III files for a $200 million IPO

October 7, 2020

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CF Finance Acquisition III, a third blank check company formed by Cantor Fitzgerald, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.

The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50. The sponsor has agreed to purchase $5 million of units in a concurrent private placement. At the proposed price, CF Finance Acquisition III would command a market value of $255 million.

The company is led by CEO and Chairman Howard Lutnick, the CEO and Chairman of Cantor President Anshu Jain, the President of Cantor; and CFO Paul Pion, the US Chief Administrative Officer and Senior Managing Director of Cantor Fitzgerald & Co. While the company has not selected a target industry or geography,

Clover Health SPAC plans and growth projections for Medicare

October 6, 2020

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The Social Capital SPAC led by billionaire Chamath Palihapitiya is acquiring Clover Health in a $3.7 billion deal that’ll take the health insurance company public.
In 2021, Palihapitiya projects the company will grow its membership roughly five times what it was this year.
Clover Health president and chief technology officer Andrew Toy said that projected growth largely comes from the potential participation in a new Medicare program that’s yet to be finalized.
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Social Capital’s Chamath Palihapitiya is looking to acquire the health insurance company Clover Health via a SPAC.

The special-purpose acquisition company Social Capital Hedosophia Holdings Corp. III will merge with Clover in a $3.7 billion transaction that’s slated to close in 2021, the companies said in a statement.

Clover offers private health-insurance plans for seniors, a product called Medicare Advantage. Competition is fierce for

Social Capital SPAC led by billionaire Chamath Palihapitiya will merge with Clover Health in $3.7 billion deal

October 6, 2020

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Chamath Palihapitiya wearing a suit and tie: Mike Windle/Getty Images for Vanity Fair

Social Capital Hedosophia Holdings Corp. III will merge with Medicare insurer Clover Health in a deal valuing the latter firm at $3.7 billion, according to a Tuesday press release.
The special-purpose acquisition company, or SPAC, led by billionaire Chamath Palihapitiya will use funds raised in its initial public offering to buy Clover Health and take the combined entity public.
The healthcare company “will build large market adoption and shareholder returns” by lowering patient costs and improving overall care, Palihapitiya said in his investment thesis.
Shares of the SPAC gained as much as 4% in early Tuesday trading.
Visit the Business Insider homepage for more stories.

The blank-check company led by billionaire investor Chamath Palihapitiya plans to merge with Medicare insurer Clover Health and take the combined entity public.

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Social Capital Hedosophia Holdings Corp. III