Bloomberg Law
Aug. 6, 2020, 8:18 AM

ANALYSIS: SPAC Deal Terms & IPO Market Are Changing Fast

Preston Brewer
Preston Brewer
Legal Analyst

The red-hot SPAC market has been making deal terms easier for SPAC sponsors—and life harder for the traditional IPO market. Bloomberg Law has conducted a review of various SPAC offering documents filed with the Securities and Exchange Commission as well as news reports and market data. Our review found that terms that were standard equipment for SPACs only months ago, such as a unit price of $10 and units consisting of both common shares and warrants, now are optional.

The recent success of the $4 billion Pershing Square Tontine SPAC offering broke not only the record for the largest SPAC ...

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