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SPAC Research Releases League Tables Featuring Top SPAC Underwriters and Law Firms of 2019

January 24, 2020 GMT

Discussion of record deal activity to take place at upcoming SPAC Conference 

New York, NY - ( NewMediaWire ) - January 24, 2020 -  Last year saw another record rise in blank check company activity.  Fifty-nine special purpose acquisition companies, or “SPACs,” raised a record $13.6bn during 2019. Capital continued to flow into the sector as high-quality sponsors entered the field and front-end returns to IPO investors remained strong. SPACs focused on the TMT and consumer industries were the most popular last year, raising approximately $2.7bn for acquisitions. According to data provider  SPAC Research, 97 active US-listed SPACs held approximately $22bn in their collective trust accounts at year-end 2019.

Twenty-eight SPACs closed acquisitions in 2019. Among the most successful of those deals were Michael Klein-backed Churchill Capital Corp., which merged with Clarivate Analytics Plc in May, and Social Capital Hedosophia Holdings Corp., which took Richard Branson’s Virgin Galactic Holdings Inc. public in October. Companies continued to take the SPAC listing route seriously in 2019, and approximately half of the year’s deals included at least one private equity seller.

Benjamin Kwasnick, Founder of SPAC Research, said, “In a sign of the market’s growing acceptance of SPAC listings, eight pending SPAC deals are currently trading above cash-in-trust per share.”  

A comprehensive discussion of market activity will take place on February 6, as  The SPAC Conference 2020  returns to New York. SPAC executives, investors, and deal advisors will convene to discuss the state of the industry and what’s in store for 2020.  “With more than a quarter of last year’s IPOs listing as SPACs, we expect some very robust discussion.  Most of the companies on SPAC Research’s league tables will be on hand to share their experiences and network with attendees,” said Phillip LoFaso, President of DealFlow Events.  

Visit the  SPAC Conference website  to learn more.

2019 SPAC Underwriting League Tables (  https://www.spacresearch.com/underwriter )

RankUnderwriterBookrunnerVolume ($MM)BookrunnerCount% Share1Cantor Fitzgerald3,0761422.61%2Credit Suisse1,446910.63%3Deutsche Bank1,413810.39%4Citigroup1,13648.36%5Goldman Sachs89466.57%6EarlyBirdCapital88366.49%7BTIG78345.75%8UBS61044.48%9B. Riley FBR54634.02%10Jefferies48923.59%11Barclays33232.44%12Chardan30352.23%13Morgan Stanley27322.00%14BofA26921.98%15JP Morgan19221.41%16I-Bankers17321.27%17Nomura15011.10%18Stifel15011.10%19Cowen14021.03%20Maxim10420.76%21Northland8610.63%22Craig-Hallum5410.40%23BMO5010.37%24SVB Leerink5010.37%

Top Deals Of 2019 by Front End Returns (from IPO to deal closing)

 SPACNewCoUnits net return from $10 IPOAnnualized unit return from IPO1Health Sciences AcquisitionImmunovant55.40%106.43%2Churchill Capital IClarivate51.10%83.58%3Thunder Bridge AcquisitionREPAY56.60%52.66%4Haymaker Acquisition IOneSpaWorld30.55%21.02%5Chardan Healthcare AcquisitionBiomX14.00%16.23%6Trinity Merger Corp.Broadmark24.20%15.53%7Twelve Seas Investment Corp.Brooge22.40%14.41%8Social Capital HedosophiaVirgin Galactic28.60%12.65%9MTech AcquisitionAkerna16.80%11.93%10New Frontier CorporationNew Frontier Health16.70%11.05%

Note: Past performance is no guarantee of future results

Top Performing Deals Of 2019 by Current Stock Price

 SPACNewCoCurrent stock price1Churchill Capital IClarivate$19.272Social Capital HedosophiaVirgin Galactic$17.373Health Sciences AcquisitionImmunovant$16.344Thunder Bridge AcquisitionREPAY$16.175Haymaker Acquisition IOneSpaWorld$15.716DFB Healthcare AcquisitionsAdaptHealth$12.607Trinity Merger Corp.Broadmark$12.478TPG Pace HoldingsAccel Entertainment$12.08

2019 SPAC Legal League Tables ( https://www.spacresearch.com/legal )

RankCounselLegal Assignments by Volume ($MM)DealCount(Total)DealCount(IssuerCounsel)DealCount(UnderwriterCounsel)% Share1

Ellenoff Grossman & Schole

7,30533211226.9%2

Kirkland & Ellis

3,166124811.6%3

Graubard Miller

3,120158711.5%4

Ropes & Gray

2,76992710.2%5

Skadden, Arps, Slate, Meagher & Flom

2,3558178.7%6

Winston & Strawn

2,2347438.2%7

Weil, Gotshal & Manges

9443123.5%8

Paul, Weiss, Rifkind, Wharton & Garrison

9402203.5%9

Loeb & Loeb

7588532.8%10

Shearman & Sterling

7393032.7%11

Greenberg Traurig

6333212.3%12

Vinson & Elkins

5472202.0%13

Ledgewood PC

4672201.7%14

Davis Polk & Wardwell

3312201.2%15

Latham & Watkins

2301100.9%16

Crowell & Moring

1731100.6%17

Schiff Hardin

1732020.6%18

Scarinci & Hollenbeck

1152020.4%19

Mayer Brown

1001010.4%20

Becker & Poliakoff

581100.2%21

Hunter Taubman Fischer & Li

461010.2%

About DealFlow Events

When it comes to the business of finance, the tag line “A DealFlow Event” is widely recognized as a symbol of quality. We’ve produced over 200 conferences, seminars, and webcasts on a variety of financial topics over the last 17 years. These events are the signature programs in their respective markets, offering high-quality content and unequaled professional networking opportunities. Since 2008, The SPAC Conference, hosted by DealFlow Events, has offered the largest gathering of investors, bankers and management teams in the business.  For more information about DealFlow Events, visit  www.dealflowevents.com.

Media Contact:

Phillip LoFasoPresidentDealFlow Events phillip@dealflow.com  516-876-8006 ext. 28

About SPAC Research 

SPAC Research is an independent data service performing custom research on US-listed SPACs for asset managers, bankers and sponsors. SPAC Research also provides a comprehensive data set on each US-listed SPAC including a synopsis of all SEC Filings and press releases through a SPAC’s life cycle. Information provided by SPAC Research is for informational purposes only and should not be relied upon as the basis for any investment.

Media Contact:

Benjamin KwasnickFounder & CEO info@spacresearch.com  (773) 669-5148