The popularity of the special purpose acquisition company, or SPAC, has skyrocketed in recent months not only in the US, but also in Europe. Many SPAC IPOs in the pipeline at the moment, particularly on Euronext Amsterdam. In the first part of this publication, I discuss the most important features of a SPAC. I then provide details on the opportunity that investors are offered to sell the shares they buy during the IPO back to the SPAC in the context of creating a ‘business combination’ (BC).

Continue reading the full Financial Investigator Magazine article, “Redemption rights at SPACs.” Reprinted with permission.

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Photo of Jelmer Kalisvaart Jelmer Kalisvaart

Jelmer Kalisvaart focuses his practice on corporate law, capital markets and mergers and acquisitions, including initial public offerings (IPOs), secondaries, rights offerings, convertible and debt securities, and public takeover bids, SPAC transactions, venture capital, private equity and joint ventures. Jelmer has more than…

Jelmer Kalisvaart focuses his practice on corporate law, capital markets and mergers and acquisitions, including initial public offerings (IPOs), secondaries, rights offerings, convertible and debt securities, and public takeover bids, SPAC transactions, venture capital, private equity and joint ventures. Jelmer has more than 15 years of experience advising listed and private companies, underwriters, multinationals, private equity houses and hedge funds on a wide range of domestic and cross-border transactions as well as on securities regulations and corporate governance. He gained in-house experience advising on Corporate Finance and ECM matters at a large Dutch Bank. In addition, Jelmer lectures frequently on corporate and capital markets topics at Dutch universities. Jelmer is recognized for his dedication to clients and the deal. He offers clients pragmatic and strategic legal advice and ensures that transactions are handled to the very highest standards.