SPAC

A SPAC (Special Purpose Acquisition Company) is an alternative way of raising capital through an initial public offering (IPO), before acquiring an operating target company. SPAC management teams usually target a broader industry or sector rather than a specific company. Once the SPAC goes public, it has a set timeframe – typically 24 months – to use the funds that it has raised to acquire a target. If it does not make an acquisition (“de-SPAC”), it will return its funds to the investors.

SPAC activity has undergone a significant uptick recently. A SPAC not only poses an attractive opportunity for investors, it also offers companies greater control over their valuation and share price – unlike a traditional IPO with its inherent market volatility risks.

Houthoff's ECM team was the first in the Netherlands to assist with the launch of a Dutch SPAC, using an anti-takeover construction (European Healthcare Acquisition & Growth BV).

Highlighted Matters

Advised GP Bullhound Acquisition I SE (SPAC) on its IPO raising EUR 200 million.
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Advised Ally Bridge Group on PIPE investment in EUR1.5 billion de-SPAC.
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Advised Kensington Capital Acquisition Corp. II, a NYSE-listed special purpose acquisition company, on the merger agreement with Wallbox and Wallbox's listing as a Dutch N.V. on NYSE through the merger.
Highlighted Matters

Advised, together with Goodwin Procter LLP, Qell Acquisition Corp., a publicly listed special purpose acquisition company (Nasdaq: QELL) in connection with the intention to list Lilium as a Dutch N.V. on Nasdaq through a business combination with Qell.