The SEC and Elizabeth Warren have SPACs in their crosshairs, but what will the final rules be? And what are the implications for growth companies in particular? To answer these questions and more, IPO Edge and The Palm Beach Hedge Fund Association hosted a virtual forum featuring leading market participants and capital markets advisors. The panel discussed the comments from banks and other advisors sent to the SEC during the (now closed) feedback period, Elizabeth Warren’s populist movement and the future prospects for SPACs and IPOs as sources of growth capital. The live event featured speakers from Nasdaq, Vinson & Elkins, Gallagher, Cowen, Knightswan Acquisition Corp., Montgomery Strategies, and ICR, running approximately 90 minutes including a live Q&A session with the audience.
CLICK HERE TO WATCH THE FULL REPLAY ON DEMAND or watch highlight videos with each panelist below:
Ramey Layne, Partner, Mergers & Acquisitions, Vinson & Elkins, points to the need for differentiated rules for SPAC transactions versus IPOs and the importance of the SEC’s rules on underwriter liability and the 40 Act Safe Harbor.
John Marchisi, National Director, SPAC Segment, Gallagher, discusses readiness of program and of conduct between announcement through transaction and how indemnification of insurance should provide stability to the balance sheet of the combined entities going forward.
Chris Weekes, Managing Director, Capital Markets, Cowen, anticipates reduced transaction volume compared to last year, although with value continuing to be brought to transactions by SPAC sponsors with private equity, capital, and C-suite experience.
Eklavya Saraf, Global Head of SPACs, Nasdaq, discusses creative and unique transaction types made possible by SPACs that are currently unavailable via other vehicles in the markets.
Don Duffy, President, ICR, talks about SPAC expiration dates in the first half of 2023 and liquidations creating unique opportunities in energy, tech, security, commodities, and minerals that will push many SPAC deals across the finish line at the appropriate time.
Michael W. Robinson – Chairman & CEO, The Montgomery Strategies Group and Former Chief Spokesman and Public Affairs & Policy Director, Securities and Exchange Commission (SEC)
Brandee Daly – CEO & Co-Founder, Knightswan Acquisition Corp. (NYSE: KNSW)
John Jannarone – Editor-in-Chief, IPO Edge (Moderator)
Jarrett Banks – Editor-at-Large, IPO Edge (Moderator)
Alan Hatfield, Director of Research