Corporate Finance and Capital Markets Attorneys Kept Busy as SPACs Make Comeback

Holland & Knight recently represented several underwriters in the $100 million IPO of KBL Merger Corp. IV, a special-purpose acquisition company (SPAC) formed to acquire a health care or wellness company.

In an interview with the Daily Business Review, Partner Bradley Houser explained, "One of the real prerequisites for doing a successful SPAC is you have to have a management team with a demonstrated track record, a history of successfully building companies and taking them public or selling them."

The KBL Merger Corp. stock priced at $10 a share on June 1. The security that was sold in the IPO resulted in the overallotment option being exercised in full, resulting in a $115 million deal, rather than the base $100 million deal.

"That's always a good sign when you are able to sell not just the base offering, but the additional 15 percent," said Associate Shane Segarra.

READ: Corporate Finance and Capital Markets Attorneys Kept Busy as SPACs Make Comeback (Subscription Required)