If 2020 was the “Year of the SPAC,” 2021 might become known as “The SPAC Pullback.” Despite some recent signs of renewed investor interest, SPAC preparedness in the current environment is more important than ever, along with strategies for managing D&O and other insurance costs. Pre-revenue companies in particular going public via SPAC face greater scrutiny and short attacks have become more common.
Hear from a panel of experienced SPAC market participants and seasoned advisors for an inside take on lessons from successes and struggles among recent SPAC deals. IPO Edge hosted a virtual forum Wednesday, June 16 at 2:00 p.m. ET: SPAC to the Future Part 2.
The streaming video event, hosted in partnership with Gallagher, Vinson & Elkins, Nasdaq, MorganFranklin, Stifel, ICR, and The Palm Beach Hedge Fund Association, also featured data from Sentieo and S3 Partners. The format includes panel discussions, one-on-one interviews, along with a live Q&A session, totaling approximately 90 minutes.
Panel participants include:
Eklavya U. Saraf, Global Head of SPACs, Nasdaq
John C. Marchisi, National Director – SPAC Segment, Gallagher
Sarah Morgan, Partner, Capital Markets and Mergers & Acquisitions, Vinson & Elkins
Sarah Mitchell, Counsel, Capital Markets and Mergers & Acquisitions, Vinson & Elkins
Alysa Craig, Managing Director, M&A, Head of SPAC Practice, Stifel
Dan Hennessy, Chairman & CEO at Hennessy Capital Investment Corp. V (NAS: HCIC)
Scott Leonard, Founder and CEO of Sustainable Opportunities Acquisition Corp (NYSE:SOAC)
Mark Harms, CEO of Bespoke Capital Acquisition Corp., which merged with Vintage Wine Estates, Inc. (NAS: VWE)
Barbara Ard, Managing Director, Accounting & Transaction Services Lead, MorganFranklin Consulting
Phil Denning, Partner, ICR
Ihor Dusaniwsky, Managing Director and Head of Predictive Analytics, S3 Partners
Jarrett Banks, Editor-at-Large, IPO Edge
John Jannarone, Editor-in-Chief, IPO Edge
The panel covered topics including:
SPAC preparedness in the current environment
Sponsor group capabilities; forward leading indicators to success
Strategies for managing D&O and other insurance costs
SPAC and De-SPAC, recent concerns
Future of pre-revenue/early revenue companies going public via SPAC
Short attacks on SPACs
Lessons from successes and struggles among recent SPAC deals
Gallagher is a global leader in insurance, risk management and consulting services. Much more than simply an insurance broker, we are an international group of partners that provide cost-effective, client-centric, and expertise-driven risk management solutions. Our leadership team fosters a dynamic, entrepreneurial culture that has made us an innovator in creating new products and services for our clients.
Our more than 30,000 expert advisors are an integral part of your local business community. Wherever you are in the world and whatever your industry might be, we create and uphold a unique culture based on strong values, collaboration, and professional excellence. Since 1927, we’ve been working together with our clients to find effective solutions to their challenges, and helping them face their future with confidence.
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC and Century Securities Associates, Inc. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.
About Vinson & Elkins
Vinson & Elkins is recognized as a premier law firm with a diversified practice that serves the needs of a global industry. We offer an integrated team of nearly 700 skilled lawyers in 12 global locations in North America, Europe, Asia and the Middle East. For more than 100 years, V&E has achieved excellent results for clients around the world. Our reputation has been built on handling day-to-day matters, as well as those involving pivotal and bet-the-company legal issues. Consistently high rankings in legal directories such as Chambers and Legal 500, among others, reflects the confidence we have earned from clients and peers by delivering excellent results over the long term. For more information, please visit our website at velaw.com
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
About MorganFranklin Consulting
MorganFranklin Consulting is a management advisory firm that works with leading businesses to address critical finance, technology and business objectives. MorganFranklin is headquartered in the Washington D.C. area with regional offices in New York, Atlanta, Raleigh, Charlotte, Nashville, San Francisco, and Los Angeles. The firm supports clients across the globe. For more information: www.morganfranklin.com
Established in 1998, ICR partners with its clients to execute strategic communications and advisory programs that achieve business goals, build awareness and credibility, and enhance long-term enterprise value. The firm’s highly-differentiated service model, which pairs capital markets veterans with senior communications professionals, brings deep sector knowledge and relationships to more than 750 clients in approximately 20 industries. ICR’s healthcare practice operates under the Westwicke brand (www.westwicke.com). Today, ICR is one of the largest and most experienced independent communications and advisory firms in North America, maintaining offices in New York, Norwalk, Boston, Baltimore, San Francisco, San Diego and Beijing. Learn more at www.icrinc.com. Follow us on Twitter at @ICRPR.
About Hennessy Capital
Dan Hennessy is one of the longest tenured and most experienced SPAC Sponsors and currently serves as Chairman & CEO of Hennessy Capital Investment Corp. V (NASDAQ: HCICU) which raised $345 MM via IPO in January, 2021. Hennessy Capital Group LLC is an alternative investment firm he founded in 2013 to focus on investments in the sustainable industrial technology and infrastructure sectors. Mr. Hennessy most recently served as Chairman and CEO of Hennessy Capital Acquisition Corp. IV which in December, 2020 completed its business combination with Canoo Holdings Ltd, (NASDAQ: GOEV)
Mr. Hennessy holds a BA degree, magna cum laude, from Boston College and an MBA from the University of Michigan Ross School of Business. Mr. Hennessy has dedicated over 25 years serving non-profit healthcare, higher education and conservation organizations including Board leadership positions at the Lurie Children’s Hospital of Chicago, National MS Society, John G. Shedd Aquarium, Georgetown University and Yellowstone Park Foundation.
About IPO Edge
IPO Edge is dedicated to objective journalism as a means to deliver the clearest news and analysis of new and upcoming initial public offerings. In an era when misinformation is rampant, we aspire to distinguish between truth and falsehood, along with opportunity and risk. Find our content on www.ipo-edge.com along with Yahoo Finance and Bloomberg Terminals.
John Jannarone, Editor-in-Chief