March 4 marked an outright meltdown in the SPAC market and IPO Edge was right in the middle of the action. We heard from a panel of nine experienced SPAC sponsors and seasoned advisors during market hours who gave their take on the current market turmoil and the next phase of growth.
IPO Edge hosted a virtual forum Thursday, March 4 at 2:00 p.m. EDT: SPAC to the Future.
To watch the full replay, please CLICK HERE
The webcast, hosted in partnership with Vinson & Elkins LLP, Nasdaq, MorganFranklin Consulting, Easterly, ICR, Mizuho and The Palm Beach Hedge Fund Association, also featured data from Sentieo and S3 Partners. The format included panel discussions, one-on-one interviews, along with a live Q&A session, totaling approximately two hours.
Panel participants included:
- Jim Mutrie, current Co-CEO and Director, SwitchBack II (NYSE: SWBK) and former CCO and Director, SwitchBack Energy Acquisition, which merged with ChargePoint, Inc. (NYSE: CHPT)
- Christopher Bradley, Current CFO of Tastemaker Acquisition Corp. (NASDAQ: TMKR) and Haymaker Acquisition Corp. III (NASDAQ:HYACU)
- Ahmed Fattouh, CEO, InterPrivate, sponsor of InterPrivate Acquisition Corp. (NYSE: IPV) and InterPrivate II Acquisition Corp. (NYSE: IPVA)
- Karen Snow, Head of U.S. East Coast Listings & Capital Markets, Nasdaq
- Evan Ratner, Portfolio Manager, Easterly SPAC Fund
- Sarah Morgan, Partner, Capital Markets and Mergers & Acquisitions, Vinson & Elkins
- Barbara Ard, Managing Director, Accounting & Transaction Services Lead, MorganFranklin Consulting
- Phil Denning, Partner, ICR
- Andy Laszlo, Managing Director, Head of Tech, Media & Telecom and SPAC Equity Capital Markets, Mizuho Securities USA
- Hope King, Multimedia Editor, IPO Edge
- Jarrett Banks, Editor-at-Large, IPO Edge
- John Jannarone, Editor-in-Chief, IPO Edge
The panel discussed:
- The SPAC selloff and implications for issuers
- The role of Chamath and other SPAC proselytizers
- Short squeezes in SPACs
- SPACs trading below trust
- What IPO investors look for in SPACs and management teams
- Which sectors and sizes are most attractive to IPO investors
- IPO and SPAC preparedness
- Innovations (rollup strategies, removing warrants, using only a portion of cash in trust)
- Challenges for “boring” businesses that make money but don’t captivate growth investors
- Managing retail investors (e.g. the “quorum” conundrum)
About Switchback II Corporation
Switchback II Corporation is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We are sponsored by NGP Switchback II, LLC, which is owned by a private investment fund advised by NGP Energy Capital Management, L.L.C. (“NGP”), Scott McNeill and Jim Mutrie. We intend to focus our search for a target business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives. In September 2020, Switchback I announced its initial business combination with ChargePoint Inc., which has built one of the world’s largest electric vehicle charging networks. The combined entity, ChargePoint Holdings, Inc., will be listed on the NYSE. @SwitchbackSPAC
About Tastemaker Acquisition Corp.
Tastemaker Acquisition Corp. is a $276 million special purpose acquisition company whose business purpose is to effectuate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. We intend to merge with a business in the restaurant, hospitality or related technology and services sectors. We intend to merge with a growth-oriented company that complements the experience of our management team and can benefit from our operational, finance and capital markets experience. We will leverage the network of our management and board for proprietary transaction sources where we believe the combination of our relationships, knowledge and experience could drive significant shareholder value. We believe our management team and board of directors give us a distinct competitive advantage, and that they provide extensive experience in operational and financial matters. Companies and investment firms with a member of our management team in an executive, partner or board role have completed over 100 merger and acquisition, capital markets and private investing transactions since 2010.
InterPrivate Acquisition Partners is a multi-strategy SPAC platform launched by InterPrivate, a private investment firm that invests on behalf of a consortium of family offices in partnership with independent private equity and venture capital sponsors. SPACs sponsored by InterPrivate include InterPrivate Acquisition Corp. (NYSE: IPV), which announced a merger with LIDAR chipmaker Aeva Inc., as well as InterPrivate II Acquisition Corp. (NYSE: IPVA), InterPrivate III Financial Partners Inc. (NYSE: IPVF) and InterPrivate IV Infratech Partners Inc. (Nasdaq: IPVI). InterPrivate is also co-sponsor of Tuscan Holdings Corp. (Nasdaq: THCB), which announced a merger with electric vehicle battery maker Microvast Inc., and Tuscan Holdings Corp. II (Nasdaq: THCA). https://ipvspac.com/
About Vinson & Elkins
Vinson & Elkins is recognized as a premier law firm with a diversified practice that serves the needs of a global industry. We offer an integrated team of nearly 700 skilled lawyers in 12 global locations in North America, Europe, Asia and the Middle East. For more than 100 years, V&E has achieved excellent results for clients around the world. Our reputation has been built on handling day-to-day matters, as well as those involving pivotal and bet-the-company legal issues. Consistently high rankings in legal directories such as Chambers and Legal 500, among others, reflects the confidence we have earned from clients and peers by delivering excellent results over the long term. For more information, please visit our website at velaw.com
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
Founded in 2009, Easterly forges exclusive partnerships with entrepreneurial asset managers to oﬀer investment opportunities with a deﬁnable edge. Easterly’s growing, diversiﬁed platform includes aﬃliate managers that oﬀer strategies across a variety of asset classes including equity, credit, real estate, private equity and alternatives. Easterly’s platform serves both institutional and individual investors. To learn more, visit us on LinkedIn or at www.easterlypartners.com
About MorganFranklin Consulting
MorganFranklin Consulting is a management advisory firm that works with leading businesses and government. The firm helps organizations address complex and transformational finance, technology and business objectives. MorganFranklin is headquartered in the Washington D.C. area with regional offices in Atlanta, New York, San Francisco, Los Angeles, Raleigh-Durham, and Nashville. The firm supports clients across the globe.
Established in 1998, ICR partners with its clients to execute strategic communications and advisory programs that achieve business goals, build awareness and credibility, and enhance long-term enterprise value. The firm’s highly-differentiated service model, which pairs capital markets veterans with senior communications professionals, brings deep sector knowledge and relationships to more than 750 clients in approximately 20 industries. ICR’s healthcare practice operates under the Westwicke brand (www.westwicke.com). Today, ICR is one of the largest and most experienced independent communications and advisory firms in North America, maintaining offices in New York, Norwalk, Boston, Baltimore, San Francisco, San Diego and Beijing. Learn more at www.icrinc.com. Follow us on Twitter at @ICRPR.
About IPO Edge
IPO Edge is dedicated to objective journalism as a means to deliver the clearest news and analysis of new and upcoming initial public offerings. In an era when misinformation is rampant, we aspire to distinguish between truth and falsehood, along with opportunity and risk. Find our content on www.ipo-edge.com along with Yahoo Finance and Bloomberg Terminals.
John Jannarone, Editor-in-Chief