Big Sky US$300m SPAC IPO warrants attention

摘要

Regulatory uncertainty has clearly slowed new SPAC funding, though some new vehicles are nonetheless proceeding without clarity from the SEC around the accounting and disclosure issues it has raised. Zulily co-founder Mark Vadon's BIG SKY GROWTH PARTNERS on Wednesday landed US$300m from the sale of 30m units at US$10.00. Each unit comprises one share and one-quarter warrant exercisable per full warrant at US$11.50. Significantly, Big Sky is the first SPAC with warrants to go public since the SEC issued guidance on April 8 that warrants be treated as a liability. Goldman Sachs was sole bookrunner. Big Sky disappointed on debut, opening Nasdaq trading on Thursday at US$9.92 and closing first-day trading at US$9.96.