Hedge fund Crescendo Partners LP is sponsoring two of the new SPACs, Symphony Acquisition Corp. and Staccato Acquisition Corp., which 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.
A far larger offering is being attempted by Navios Maritime Holdings Inc., which is sponsoring a $220 million SPAC dubbed Navios Maritime Acquisition Corp., 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.
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. - George White
See story on from the SPAC report
See Dealscape feature on SPACs
See TheDeal.com story on Shipping
A glimmer of hope emerged last week for investors hoping for a revival of special purpose acquisition company offerings this year as three new SPACs registered for offerings over the past two weeks, marking the first new activity since April, according to Dealflow Media's SPAC report.
