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Euromoney Spacs speed up: NAAC brings the Pipe to the IPO


NAAC s Gary Quin on a screen in New York
NAAC s Gary Quin on a screen in New York
It has only been listed for a week, but North Atlantic Acquisition Corp (NAAC), a special purpose acquisition company (Spac) formed to hunt for targets within the next two years, has already been inundated with interest. Gary Quin, its chief executive, tells Euromoney that he’s fielding a wealth of inbound pitches for business combinations, many of which are from investment banks keen to line up an alternative option for clients already in their own IPO pipelines.
Having originally filed to raise $300 million, the NAAC Spac ended up being upsized to $379.5 million when it listed on Nasdaq on January 22. The structure is a typical one, with 37.95 million units priced at $10 each, comprising one Class A share and one third of a redeemable warrant that entitles holders to buy further shares at $11.50. The bookrunners were Wells Fargo and BTIG, a brokerage that grew out of ....

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