The recent market turmoil has put much of the IPO market in limbo. But when windows to the public market open, what’s required for successful execution? To answer this question and more, IPO Edge and the Palm Beach Hedge Fund Association hosted the first 2022 IPO Edge Boot Camp featuring senior management from recently-listed Bowlero Corp. (NYSE: BOWL) and SES AI Corp. (NYSE: SES) along with investment bankers, attorneys and other leading market participants. The live event featured speakers from Nasdaq, Gallagher, Vinson & Elkins, Stifel, ICR, GTS, and Morrow Sodali, running approximately 90 minutes and including a live Q&A session with the audience. Sentieo and Dealogic provided custom data for the event.
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William Dooley, Director, M&A and Activism Advisory Group, Morrow Sodali, explains the current role of retail investors in SPACs compared to early 2021. Whereas companies had about 18% retail ownership previously, SPACs are lucky to see it compose 5% now. He emphasizes that retail investors are not buying because of the sponsor or the management team, but because of the target itself, staying in the deal with only 5-8% redemption rates as an investor class. This drop in retail participation is one factor that is driving some of the high SPAC redemption rates seen in the market during the latest quarters.
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