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Special purpose acquisition companies (SPACs), also referred to as “blank check” companies, have reached record numbers in the United States, with 242 SPACs conducting an initial public offering (IPO) on either NYSE or Nasdaq Stock Market and 52 announcing an initial business combination or “de-SPAC” in 2020, up 320% and 156% respectively over 2019, according to the research firm Deal Point Data.
Although listings of SPAC entities on European exchanges have been much less common, the number of European companies choosing to go public in the U.S. by way of a de-SPAC transaction is on the rise. At least 16 U.S.-listed SPACs have announced or completed de-SPAC transactions involving European companies since 2015, according to Deal Point Data. These transactions offer European companies the opportunity to access significant liquidity without the execution risk that comes with an IPO and, in the process, become a U.S.-
A Tale of Two Years
While we continue to absorb and understand the worldwide pandemic shockwaves of 2020, trying to encapsulate the vicissitudes of the past year in an annual recap is daunting. Early weeks of the pandemic created an almost inconceivable shift in dealmaking – lawyers and advisors conditioned to stand shoulder-to-shoulder in the trenches with clients were suddenly staring at each other’s faces on (interminable) Zoom calls. As pandemic life realities set in, the much anticipated drop-off in dealmaking was surprisingly fleeting. While initial deal flow was merely a trickle (although notably included Alexion’s $1.4 billion acquisition of Portola and Sunrun’s $3.2 billion combination with Vivint Solar), the remainder of the year played host to a steady stream of acquisitions, with many $10+ billion acquisitions in the second half of the year. Although global deal value was a subdued $966 billion in the first half of 2020 (down nearly 50% compared to the first half