The Ledger
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Steckenrider: 99% of SPAC merger deals since 2010 passed investor votes
“I mean, I think it's something like 99% of deals have had a yes vote, of SPAC deals since like twenty-ten have had a yes vote.”
Steckenrider: SPAC Investor Redemption Risk Is Overstated
“The redemption thing is certainly a risk, but I think it's a little bit less risky than people actually make out when you actually kind of track the real world technicals in terms of the way it trades.”
Steckenrider: Traditional SPAC founder shares misalign incentives during down markets
“You get the founder shares regardless of whether the deal does well, and so there's a world where the company post-DSPAC could trade down. Investors have lost money, the company has lost money, And yet the SPAC management team would still walk away having done…”
Steckenrider: SPACs Provide Private Companies an Easier Path to Public Markets
“And so from the company's perspective, this is a much easier and straightforward way to get to the public markets.”
Steckenrider: A* will adjust SPAC sponsor terms during partner company negotiations
“For our SPAC, we plan to kind of address this when we're negotiating with a specific partner company to make sure that whatever deal we end up with, we are fully aligned.”
Steckenrider: PIPE investors in SPACs function like IPO anchor investors
“In the SPAC world, pipes are a little bit different, and I would say the analog in the SPAC world looks far more similar to an anchor investor in an IPO, where the pipe investor in a SPAC typically has done a lot of underwriting of the company, has gotten to m…”