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When a Good Reputation is an Impediment

The SPAC is an ideal tool for an acquisition. Investors express confidence in management granting a “hunting license” for a business within one or more industries in the form of IPO cash proceeds. Once the target is identified, the investors vote on whether to approve the combination, with a majority of shareholders required to approve the transaction and not more than 39% voting to cash out. Until the vote, the proceeds from the IPO are invested in U.S. Treasuries. In return for his money, the investor get a share of common equity and upside in the form of a warrant.

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