Warrantless but not unwarranted: Therapeutics Acquisition prices first ever SPAC IPO of common shares
Note from Dudley Pierce Baker, CommonStockWarrants.com I just saw this article out today and wanted to share it will my followers. If you follow the SPAC’s, blank check companies, this is the first offering without a stock warrant. Only shares were issued, not units, and thus no warrants which we frankly love to see as they are included in our database. I kind of doubt this will become a trend but I will be watching. Warrantless but not unwarranted: Therapeutics Acquisition prices first ever SPAC IPO of common shares July 8, 2020 2020’s blank check boom hit another major milestone with Therapeutics Acquisition (TXAC). For the first time in their roughly 20-year history, a SPAC has completed an IPO by selling common shares rather than units, signaling ever-greater demand in the space. SPAC offerings normally include units consisting of shares of common stock and tradable warrants. Therapeutics Acquisition marks a notable first, but it is also part of a trend, with more SPACs this year lowering their warrant component to 1/3 and 1/4 warrants. 2020 SPAC milestones The first ever SPAC IPO of common shares: Therapeutics Acquisition (TXAC) The largest SPAC ever to go public: Churchill Capital Corp III (CCXXU) The largest SPAC ever to file for an IPO: Pershing Square Tontine (PSTH.U) The biggest quarter ever by proceeds (tied for most deals): 2Q20, 24 SPACs and $7.2 billion On pace for a record year in 2020 Several companies have chosen SPAC listings over IPOs Therapeutics Acquisition Corp., Sponsored by RA Capital Management, L.P., Announces Pricing of Upsized $118 Million … Continue reading →