SPACs, or “blank check” Special Purpose Acquisition Companies, have surged over the past two years, raising over $75 billion (about half the total US IPO market) last year alone. Recent SEC statements add complexity to accounting and disclosure rules for SPACs and could chill the market. Even so, De-SPAC (the merger of a SPAC into a private company, taking it public) transactions will trigger more M&A and PIPE deals at least through 2022. In this episode, Milbank partners Allan Marks, Rod Miller and Iliana Ongun delve into the current state of the market for SPACs and De-SPACs, considerations for investors and target companies, and the potential for new SEC regulation.
About the Speakers
Rod Miller is a partner in the New York office of Milbank and a member of the firm’s Capital Markets Group.
Iliana Ongun is a partner in the New York office of Milbank and a member of the firm’s Corporate Group.
Podcast host Allan Marks is one of the world's leading project finance lawyers. He advises developers, investors, lenders, and underwriters around the world in the development and financing of complex energy and infrastructure projects, as well as related acquisitions, restructurings and capital markets transactions. Mr. Marks also serves as an Adjunct Lecturer at the University of California, Berkeley at both the Law School and the Haas School of Business.