At $220 million the Navios Maritime IPO is the first sizable SPAC to hit the market since February. SPACs were dealt a blow in May when Liberty Lane Acquisition Corp. scrapped a planned $350 million initial public offering, the first-ever blank-check IPO Goldman, Sachs & Co. was priming to underwrite.
The IPO was priced at $10 per unit, with each unit consisting of one share of common stock and one warrant that entitles the holder to purchase one share of common stock. The stock, listed on the NYSE, closed up 5 cents a share on Thursday.
Navios Maritime Acquisition expects to acquire assets or an operating businesses in the marine transportation and logistics industries. Navios Maritime is itself a former SPAC, having been acquired by the SPAC International Shipping Enterprises in 2005.
Meanwhile, hedge fund Crescendo Partners LP is sponsoring two SPACs, Symphony Acquisition Corp. and Staccato Acquisition Corp., which are still in the IPO pipeline. Both SPACs plan to raise $49 million each for the acquisition of a company that derives at least 50% of its gross revenues from construction, engineering, water, design, environmental, energy, recycling, waste management, logistics or related industries. - George White and Vyvyan Tenorio
See the full story from The Daily Deal and TheDeal.com
See earlier story from Dealscape
See Dealscape feature on SPACs
See TheDeal.com story on Shipping
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