This year has seen a surge in activity in SPACs. This Friday only, Altimeter Growth Corp. announced it will be coming to market with a $450M SPAC, sponsored by the highly regarded technology investment firm, Altimeter Capital, who is looking to invest in another high growth private company. After the close, Qell Acquisition Corp. (QELL.U) announced they will be raising $300M for a “target in the next-generation mobility, transportation, and sustainable industrial technology sectors”
There are now 10 companies related to the energy transition industry that have gone public or plan to go public through SPACs in 2020.
Total SPAC issuance soared past $25 billion in September. Privately held firms are choosing SPACs over IPOs due to the fewer obstacles to getting access to public markets; SPACs also bring in substantial fees to financial institutions, already generating more than 80 million in fees this year.
“We are in a unicorn mating dance, we want to marry a very attractive unicorn on the other side that meets our characteristics and we have designed ourselves to be a really attractive partner.” Bill Ackman, CEO, Pershing Square Capital Management.
Join our SPAC Opportunity Summit https://momentumevents.wpengine.com/spacoppsummit/ where we will bring together industry experts and those with real-world SPAC execution experience to discuss the current state of the SPAC market, legal implications of SPACs, and what lies ahead for this alternative vehicle which has taken the market by storm.