Throw in staff from Uber Technologies ( UBER) executive leadership, and you have the perfect mix for a buzzworthy SPAC looking to make a disruptive deal. It's a partnership between 7GC, a boutique technology-focused venture capital fund, and serial SPAC issuer Hennessy Capital Investment that has successfully rolled out five blank check entities – including Hennessy Acquisition I, which went public in January 2014 and acquired school bus maker Blue Bird ( BLBD) in February 2015, well before the current SPAC craze. 7GC & Co Holdings ( VII, $9.84) is pretty exemplary of the kinds of firms you'll find on this SPAC list. All rights reserved.įor more detail about the structure of the KPMG global organization please visit. © 2023 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. KPMG LLP does not provide legal services. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Whether you’re a privately held firm that wants to consider a sale to a SPAC or an investor in a SPAC, you’ll find the KPMG SPAC Intel Hub a valuable resource that you will want to visit often. The more a company peels away at a SPAC merger, the more it’s likely to find “unknown unknowns.” This complexity is why KPMG has created the SPAC Intel Hub. Selling to a SPAC can offer a quick and lucrative transaction for unlisted sellers, but requires a gaggle of complex challenges: vetting of potential SPAC suitors, tax structuring, public company readiness, sophisticated business forecasting and, often, systems upgrades. Most importantly, a company going public via a SPAC must meet the same extensive regulatory requirements as those taking an IPO path-only in a matter of a few months, not the year or two that a typical IPO can take. SPAC mergers aren’t simple, however, and understanding all their intricacies can be daunting. Although the market has cooled from Q1’21 when 301 new SPACs raised $83.2 billion, 2021 is on pace to surpass last year’s record haul of $94.4 billion from 319 SPAC launches.1 The coming of age of these “blank check” entities-which exist solely to acquire other companies-provides another option for sellers, as well as an efficient way for private companies to tap public equity markets. SPACs have become mainstream vehicles for raising capital alongside initial public offerings.
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