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ARTICLE · 02 NOVEMBER 2020

Top 10 Practice Tips: PIPE Transactions By SPACs

Mayer Brown
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This practice note discusses ten practice points that can help you, as counsel to a special purpose acquisition company (SPAC) or its placement agent...

United StatesCorporate/Commercial Law
Anna T. Pinedo
Anna T. Pinedo
Brian D. Hirshberg
Brian D. Hirshberg
Ryan Castillo
Ryan Castillo
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This practice note discusses ten practice points that can help you, as counsel to a special purpose acquisition company (SPAC) or its placement agent, execute a private investment in public equity (PIPE) transaction alongside a SPAC business combination transaction.

For additional information on SPACs, see Special Purpose Acquisition Companies and Market Trends 2019/20: Special Purpose Acquisition Companies (SPACs). For additional practical guidance on PIPEs, see PIPE Transactions and Market Trends 2019/20: PIPEs.

A SPAC is a public shell company that uses proceeds from its initial public offering (IPO) to acquire a private company within a designated time frame. Recently, merging into a SPAC has become an attractive alternative for many private companies in lieu of undertaking a traditional IPO or direct listing. Following an announcement of a proposed business combination, the SPAC must offer its public investors the option to either redeem their

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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