SPACs Debut in Canada and Continue in the United States

Trends in SPAC IPOs and Business Combinations on Both Sides of the Border

    

DESCRIPTION

On Demand
Course Leader : Sean Farrell, Practical Law Canada - Capital Markets & Securities
Duration : 1 hour 0 minute
Price: Free

Special purpose acquisition corporations (SPACs) have recently emerged in the Canadian capital markets. Although SPACs have existed in the U.S. market in various forms since the early 1990s and the Toronto Stock Exchange adopted specific rules to permit the listing of SPACs in 2008, no SPACs had been launched in Canada until March 2015. Since that time, five SPACs have completed initial public offerings (IPOs), raising over $1 billion, and additional SPACs have filed IPO prospectuses.

In the United States, SPAC IPOs have continued their strong run backed by high-profile sponsors, and a number of SPACs have recently completed successful business combination transactions.

SPACs are “blank check companies” that raise capital from the public and then have a limited time period in which to complete their initial business combination transactions or return the capital to their public investors. How the business combination or “de-SPACing” process unfolds – and how the SPAC IPO market has evolved – will be of interest to current and potential sponsors and founder groups, investors, potential acquisition partners and targets, and all of their legal and financial advisors.

Join Practical Law Canada and lawyers from Goodmans LLP in Toronto and Winston & Strawn LLP in New York for a free 60-minute webinar. During this session, the presenters discuss:

  • SPACs and their benefits
  • The Canadian SPAC market and forming a SPAC in Canada
  • Evolution of the U.S. SPAC market and differences between U.S. and Canadian SPACs
  • The de-SPACing experience in the U.S.
  • The de-SPACing process in Canada
  • Trends for SPACing and de-SPACing on both sides of the border

A short Q&A session follows.

Presenters:
Stephen Pincus, Goodmans LLP
Joel Rubinstein, Winston & Strawn LLP

Moderator:
Sean Farrell, Practical Law Canada - Capital Markets & Securities

Also of Interest
Be sure to also visit What's Market, which provides a continuously updated database of prospectuses (including prospectuses filed by SPAC issuers) and public and private merger agreements involving Canadian companies. The What’s Market database allows the viewer to analyze and compare negotiated deal provisions in M&A transactions and also contains links to the underlying public documents.

CPD/CLE Credit

For common law provinces: This webinar qualifies for 1 h of substantive content.

Please consult your Law Society's guidelines on claiming credits for recorded or archived CPD courses.

For Quebec: This webinar has not been accredited by the Barreau du Québec.

For the US: This webinar is accredited for CLE in the following US states: New York, California, Illinois, New Jersey, Pennsylvania, Georgia, Colorado, Washington, Arizona, Hawaii, New Hampshire, Missouri, Vermont. CLE credit is being sought for: Tennessee, Texas, Virginia. CLE can be self-applied for: Florida.