SPAC
Intro to CPC's – Part I: Basics
By David Feldman at 7 March, 2010, 9:17 am
We’ve all been hearing a lot about “CPCs,” emanating out of Canada. CPC stands for capital pool company. Essentially the program permits shell companies to go public through an IPO, raise money and then hope to conclude an acquisition through reverse merger. The TSX Venture Exchange established the program, which is not available in all Canadian [...]
Read More >>PIPE Conference Take-Aways Part II
By David Feldman at 4 December, 2009, 12:15 pm
Following the panel on OTCBB PIPEs, I moderated a panel on cutting edge trends in APOs. We continued the discussion on Form 10s much as on the prior panel. One panelist felt it was just simpler not to have to educate an investor about the benefits of the Form 10, even though those benefits may [...]
Read More >>First SPAC to Close Since 2008
By David Feldman at 29 November, 2009, 11:38 am
GSME Acquisition Partners I raised $36 million as the first SPAC to raise money and go public since August 2008. The SPAC Wire reports that GSME has only 12-18 months to close a deal. It is looking for a deal in China. Cohen & Company was lead underwriter along with Rodman & Renshaw and I-Bankers [...]
Read More >>Second SPAC of 2009 Filed
By David Feldman at 27 October, 2009, 2:05 pm
In a hopeful sign, the SPAC Report confirmed that an off-shore SPAC formed by GSME Partners in China is in registration with the hope of raising about $41 million. The underwriter is Cohen & Company. The SPAC will operate as a foreign private issuer. The only other SPAC filed this year is called Asia Select Acquisition I Corp., [...]
Read More >>WSJ: SPACs are Back
By David Feldman at 29 September, 2009, 8:56 am
An article in today’s Wall Street Journal (page C1) actually uses the headline “risk is back now,” showing that there remains a particular point of view about SPACs in the media, but such is the lot of the RM world at times. The good news: several SPACs actually completed mergers where none had been able [...]
Read More >>As We Start a New School Year…RM Wish List
By David Feldman at 3 September, 2009, 5:55 am
My children are ready. My big one already back in college. My little one getting ready for the big jump to second grade. There is a chill in the air here in NY in the evenings. Yep, it’s a new school year. So I thought I’d use this occasion to provide for my hopes for [...]
Read More >>Tip of the Week: What of the Remaining SPACs?
By David Feldman at 27 August, 2009, 5:59 am
Unfortunately, it is difficult to complete a reverse merger transaction with those SPACs (special purpose acquisition companies) that have gone public, have money and are running out of time to complete a transaction under their rules. Why? Well I got the answer recently from a contact who owns several SPACs. I had a client determined to [...]
Read More >>Get Ready for the New Edition of the Book
By David Feldman at 16 July, 2009, 7:03 am
Everything is a go for the 2nd edition of Reverse Mergers, the book I originally wrote in 2006, which was published by Bloomberg Press and which was translated into Chinese about a year later (and which inspired this blog which started in late 2006). I have just about finalized the edits and the plan is [...]
Read More >>How Does an IPO Rebound Affect IPO Alternatives?
By David Feldman at 16 May, 2009, 5:08 pm
There is more and more talk that the IPO market is beginning to wake up. We have had 7 out of the last 9 weeks positive in the stock market. Underwriters’ pockets are beginning to lighten. In the past 60 days Morgan Stanley took two companies public, and Credit Suisse did as well, including Morgan’s [...]
Read More >>The Big Picture
By David Feldman at 3 May, 2009, 5:50 pm
A good friend of mine who is a sharp finance guy checked out my humble blog over the weekend and declared it somewhat “technical.” So for you friend RG, I thought it would be a good time to spend a few paragraphs talking about the larger picture in the reverse merger and IPO alternative world. [...]
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