SPACS: Special Purpose Acquisition Companies
Morgan Joseph TriArtisan is one of the leading underwriters of SPACs with over $2.4 billion in proceeds in 22 transactions, including acting as lead manager in 16 transactions.
SPACs are an interesting opportunity for both investors and management teams.
Management teams are offered access to permanent equity capital via public markets with attractive economics. Investors are offered access to management teams and private equity-like investment opportunities which can have investment protection, upside potential, and acquisition approval rights.
Morgan Joseph TriArtisan is a leading M&A advisor with respect to SPACs, representing both acquirers and target companies.
In addition to our expertise as an underwriter of SPAC offerings, Morgan Joseph TriArtisan is familiar with all the unique issues related to completing a business combination with the SPAC structure having been involved in 12 SPAC M&A assignments. To date, 10 of the 16 offerings that Morgan Joseph TriArtisan lead managed have closed an acquisition.
Morgan Joseph TriArtisan created the Morgan Joseph Acquisition Company Index (MJACI) which is quoted on Bloomberg.
The MJACI is a total SPAC market index that measures the daily market performance of all publicly traded SPACs formed since August 2003.
Description of MJACI:
MJACI is a market capitalization weighted (excluding promote shares and over allotments) index. MJACI adds newly formed public acquisition companies at their initial offer price and removes an existing acquisition company upon consummation of a business combination. In either event, index weightings are linearly rebalanced. The index is set equal to a base of 100 as of January 1, 2005.