Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<h2>KEY HIGHLIGHTS</h2>
<div></div>
<ul>
<li>The poster child of the SPAC boom era to liquidate.&nbsp;Bill Ackman’s Pershing Square Tontine Holdings (PSTH), to date the largest ever SPAC to come to market raising a record $4 billion in its IPO in July 2020, will be liquidated on July 26, 2022. PSTH’s demise is a stark illustration of the collapse in SPAC fortunes witnessed over the past year. PSTH was famed for its attempt to engineer a complex and novel transaction with Universal Music Group, which ultimately proved too creative for regulators to allow. Notwithstanding the PSTH setback, Ackman is not giving up on his attempts to innovate the SPAC market—a subject we look at more closely in this week’s SPAC Talk Focus.</li>
<li>Still too many SPACs searching for IBCs.&nbsp;PSTH is included among the 11 liquidations announced so far in 2022. Moreover, a 12th&nbsp;SPAC liquidation is likely imminent. In a somewhat unusual move, Gobi Acquisition Corp. (GOBI) recently filed a proxy for a shareholder vote not to extend its deadline, but to shorten its deadline by almost a year, allowing it to liquidate early. GOBI, IPOed on June 29, 2021, raising ~$255 million, currently has a deadline of July 1, 2023, to merge with an IBC, but will hold a shareholder vote to amend the deadline date to July 22, 2022. After considering the announced liquidations, there are 584 SPACs still searching for IBCs. While this figure may be below the March 2022 peak of 610, all things considered, the SPAC market remains saturated.</li>
<li>Arbitrage remains the most profitable investment strategy in SPAC land.&nbsp;With all the doom and gloom shrouding SPAC land, there is money to be made in SPACs via yield arbitrage. As at the end of June, the average spread between the average SPAC Arbitrage Yield (5.5%) increased to more than 100 bps above the Bloomberg Global Bond Index, the highest spread on record on this measure. The spread is more than 300 bps relative to short-term US treasuries, which given the average YTM duration of SPACs, may be a more comparable reference point. In any event, all may be far from well in the SPAC market, but there are at least some investors who are not complaining.</li>
</ul>
<h2>SPAC STATISTICS</h2>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/051/original/image_914406352111657754832718.png?1657754835" class="editor-image img-responsive" data-smartkarma-image-id="286051"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/052/original/image_386899509121657754850499.png?1657754851" class="editor-image img-responsive" data-smartkarma-image-id="286052"></figure>
<div class="content-remarks">
<p>Source: Accelerate</p>
</div>
<h2>SPAC HAPPENINGS IN JULY 2022</h2>
<p>Figure 1: IPO Pricings/Liquidations</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/053/original/image_575253260131657754879979.png?1657754881" class="editor-image img-responsive" data-smartkarma-image-id="286053"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<p>Figure 2: IBC Announcements/Terminations</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/054/original/image_891641983141657754902438.png?1657754905" class="editor-image img-responsive" data-smartkarma-image-id="286054"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<p>Figure 3: De-SPACings</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/055/original/image_291927247151657754924954.png?1657754926" class="editor-image img-responsive" data-smartkarma-image-id="286055"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<h2>SPAC/DE-SPAC RETURNS</h2>
<p>Figure 4: Live IBCs (Initial Business Combinations)—Key Stats</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/057/original/image_814495244171657754961252.png?1657754963" class="editor-image img-responsive" data-smartkarma-image-id="286057"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<p>Figure 5: Top 5 Live IBCs by Share Price</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/058/original/image_264401954181657754983752.png?1657754986" class="editor-image img-responsive" data-smartkarma-image-id="286058"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<p>Figure 6: Bottom 5 Live IBCs by Share Price</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/059/original/image_709738153191657755006829.png?1657755009" class="editor-image img-responsive" data-smartkarma-image-id="286059"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<p>Figure 7: De-SPACs—Key Stats</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/060/original/image_914107216201657755031259.png?1657755033" class="editor-image img-responsive" data-smartkarma-image-id="286060"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<p>Figure 8: Top 5 De-SPAC Performers by Share Price</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/061/original/image_625873684211657755053719.png?1657755055" class="editor-image img-responsive" data-smartkarma-image-id="286061"></figure>
<div class="content-remarks">
<p>Source: WTR Research</p>
</div>
<p>Figure 9: Bottom 5 De-SPAC Performers by Share Price</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/286/062/original/image_707715272221657755076026.png?1657755078" class="editor-image img-responsive" data-smartkarma-image-id="286062"></figure>
<p>Source: WTR Research</p>
<h2>SPAC TALK FOCUS</h2>
<h2>A SPARC of Creativity</h2>
<p>Outside of the SPAC yield arbitrageurs, there has not been much to smile about for SPACs/de-SPACs and their investors over the past 12 months. Regulatory and market forces have combined to turn what was a brief but illusory utopia for SPACs and their investors into a dystopic reality. But as the adage goes, ‘necessity is the mother of invention’.&nbsp;In this respect, the financial markets are a wellspring of creativity and SPACs were a creative alternative to traditional IPOs for private companies, particularly early-stage companies, to gain access to the public markets and the capital found therein. The rapid collapse of the SPAC market following its just as rapid surge may suggest the need for reinvention if SPAC land is to get back some sort of spark to re-entice investors and capital. As for one idea of creativity, one need not look beyond activist investor Bill Ackman, ironically the man in the news this week with not such good news as far as SPACs go.</p>
<p>Arguably it was when Bill Ackman’s Pershing Square sponsored its first and hitherto only SPAC, Pershing Square Tontine Holdings (PSTH), raising $4 billion of proceeds from its IPO two years ago, that SPACs were considered to have arrived in the major leagues of investible assets. The amount of money raised stood and still stands far and above the size of capital raised by any other SPAC in history both in the US and overseas. PSTH was SPAC created to innovate.</p>
<p>Last year, PSTH proposed an atypical IBC with Universal Music Group (UMG), structuring the deal to acquire just 10% of the company from the latter’s parent company Vivendi, with the SPAC’s intention to distribute the UMG shares to its investors after a public listing of UMG on the Euronext Amsterdam later in the year. The plan was for the SPAC to continue in existence, with $1.6 billion to invest as it saw fit, without any of the restrictions and obligations that routinely apply to SPACs. However, a shareholder of the SPAC filed a derivative lawsuit against PSTH, on the grounds that the SPAC would be acting as an investment company, and a SPAC is not recognized as an investment company under the ICA of 1940. The SEC staff raised this issue, and in an attempt to address it, PSTH revised the terms of the transaction to require PSTH to transfer the UMG shares into a liquidating trust for the benefit of PSTH’s shareholders pending the public listing of UMG, with PSTH continuing with $1.6 billion in cash and no restrictions, which the SEC staff believed was not permitted under New York Stock Exchange rules. In the end, PSTH abandoned the transaction to focus on searching for a conventional IBC. But with the SPAC’s failure to find a suitable merger partner ahead of its deadline, which is just a few weeks away on July 24, 2022, Ackman has decided to liquidate the SPAC.</p>
<p>However, although PSTH did not live up to the fanfare that greeted it two years ago, the sponsor is not giving up just yet. In his letter to PSTH shareholders, Ackman stated that</p>
<p>“With the SPAC and IPO market effectively shut today, now is a highly opportunistic investment environment for a public acquisition vehicle which does not suffer from the negative reputation of SPACs.”</p>
<p>To this end, Ackman is working on launching a Special Purpose Acquisition Rights Company (or SPARC), which will give investors rights to participate in a future deal. That may sound similar to a SPAC, but unlike a SPAC, investors in a SPARC would not be required to put up funds in the vehicle at low rate of return until the vehicle makes a deal, but instead will give the investor the right to choose to opt in and acquire shares in the SPARC at a pre-determined price (like a SPAC IPO) at $10 or $20 per share, once it has entered into a definitive agreement for its IBC. The SPARC is ostensibly also more cost efficient than the SPAC as it would forego the underwriting fee associated with a SPAC IPO. Furthermore, because the investors will not put up money upfront into the vehicle, there should not be the same time pressure imposed on SPACs to find and merge with a target, which potentially result in more optimal capital allocation decisions in selecting an IBC.</p>
<p>Pershing Square SPARC Holdings has in fact filed a preliminary prospectus with&nbsp;www.sec.gov.&nbsp;Assuming the regulators approve the SPARC, which Pershing Square expects will not happen before fall 2022, Pershing Square intends to distribute publicly traded, long-term warrants called SPARs to PSTH Class A share or warrant holders as part of PSTH’s liquidation package in addition to the return of the SPAC’s cash in trust ($4 billion plus interest)—half of a SPAR for each share of common stock of SPARC and one SPAR for each warrant, exercisable at a minimum exercise price of $10.00 per SPARC share (SPARs may only be exercised in full, for two publicly traded SPARC Shares) once the SPARC enters into a definitive merger agreement with a target.</p>
<p>Ackman’s innovative approach to SPAC transactions through PSTH may have had wrinkles that did not play well with the regulators, but the SPARC model, which in theory at least looks to be better aligned to the interests of investors, could well be accepted by regulators as an improvement on the traditional SPAC structure.</p>
<p>Could the SPARC structure be the spark of creativity to revive the fortunes of SPAC land?&nbsp;</p>
<h2>DISCLOSURES</h2>
<div></div>
<p>Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.<br><br>WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.<br><br>Robert Sassoon, who is the writer of this report, covers the Emerging Growth &amp; Special Situations sector for WTR. Mr. Sassoon and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.<br><br>Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.<br><br>In certain instances, including this report, WTR will write research covering non-clients. Readers should assume that WTR may seek to turn these non-paying companies into paying clients. Likewise, WTR may seek to transform these non-clients into paying clients of it or of its affiliate, which provides services such as presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services of WTR or an affiliate might offer to clients.<br><br>The manner of WTR’s potential research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly written compliance guidelines.<br><br>The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors or agents shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.<br><br>All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.</p>

KEY HIGHLIGHTS


The poster child of the SPAC boom era to liquidate.&nbsp;Bill Ackman’s Pershing Square Tontine Holdings (PSTH), to date the largest ever SPAC to come to market raising a record $4 billion in its IPO in July 2020, will be liquidated on July 26, 2022. PSTH’s demise is a stark illustration of the collapse in SPAC fortunes witnessed over the past year. PSTH was famed for its attempt to engineer a complex and novel transaction with Universal Music Group, which ultimately proved too creative for regulators to allow. Notwithstanding the PSTH setback, Ackman is not giving up on his attempts to innovate the SPAC market—a subject we look at more closely in this week’s SPAC Talk Focus.
Still too many SPACs searching for IBCs.&nbsp;PSTH is included among the 11 liquidations announced so far in 2022. Moreover, a 12th&nbsp;SPAC liquidation is likely imminent. In a somewhat unusual move, Gobi Acquisition Corp. (GOBI) recently filed a proxy for a shareholder vote not to extend its deadline, but to shorten its deadline by almost a year, allowing it to liquidate early. GOBI, IPOed on June 29, 2021, raising ~$255 million, currently has a deadline of July 1, 2023, to merge with an IBC, but will hold a shareholder vote to amend the deadline date to July 22, 2022. After considering the announced liquidations, there are 584 SPACs still searching for IBCs. While this figure may be below the March 2022 peak of 610, all things considered, the SPAC market remains saturated.
Arbitrage remains the most profitable investment strategy in SPAC land.&nbsp;With all the doom and gloom shrouding SPAC land, there is money to be made in SPACs via yield arbitrage. As at the end of June, the average spread between the average SPAC Arbitrage Yield (5.5%) increased to more than 100 bps above the Bloomberg Global Bond Index, the highest spread on record on this measure. The spread is more than 300 bps relative to short-term US treasuries, which given the average YTM duration of SPACs, may be a more comparable reference point. In any event, all may be far from well in the SPAC market, but there are at least some investors who are not complaining.

SPAC STATISTICS


Source: WTR Research



Source: Accelerate

SPAC HAPPENINGS IN JULY 2022
Figure 1: IPO Pricings/Liquidations


Source: WTR Research

Figure 2: IBC Announcements/Terminations


Source: WTR Research

Figure 3: De-SPACings


Source: WTR Research

SPAC/DE-SPAC RETURNS
Figure 4: Live IBCs (Initial Business Combinations)—Key Stats


Source: WTR Research

Figure 5: Top 5 Live IBCs by Share Price


Source: WTR Research

Figure 6: Bottom 5 Live IBCs by Share Price


Source: WTR Research

Figure 7: De-SPACs—Key Stats


Source: WTR Research

Figure 8: Top 5 De-SPAC Performers by Share Price


Source: WTR Research

Figure 9: Bottom 5 De-SPAC Performers by Share Price

Source: WTR Research
SPAC TALK FOCUS
A SPARC of Creativity
Outside of the SPAC yield arbitrageurs, there has not been much to smile about for SPACs/de-SPACs and their investors over the past 12 months. Regulatory and market forces have combined to turn what was a brief but illusory utopia for SPACs and their investors into a dystopic reality. But as the adage goes, ‘necessity is the mother of invention’.&nbsp;In this respect, the financial markets are a wellspring of creativity and SPACs were a creative alternative to traditional IPOs for private companies, particularly early-stage companies, to gain access to the public markets and the capital found therein. The rapid collapse of the SPAC market following its just as rapid surge may suggest the need for reinvention if SPAC land is to get back some sort of spark to re-entice investors and capital. As for one idea of creativity, one need not look beyond activist investor Bill Ackman, ironically the man in the news this week with not such good news as far as SPACs go.
Arguably it was when Bill Ackman’s Pershing Square sponsored its first and hitherto only SPAC, Pershing Square Tontine Holdings (PSTH), raising $4 billion of proceeds from its IPO two years ago, that SPACs were considered to have arrived in the major leagues of investible assets. The amount of money raised stood and still stands far and above the size of capital raised by any other SPAC in history both in the US and overseas. PSTH was SPAC created to innovate.
Last year, PSTH proposed an atypical IBC with Universal Music Group (UMG), structuring the deal to acquire just 10% of the company from the latter’s parent company Vivendi, with the SPAC’s intention to distribute the UMG shares to its investors after a public listing of UMG on the Euronext Amsterdam later in the year. The plan was for the SPAC to continue in existence, with $1.6 billion to invest as it saw fit, without any of the restrictions and obligations that routinely apply to SPACs. However, a shareholder of the SPAC filed a derivative lawsuit against PSTH, on the grounds that the SPAC would be acting as an investment company, and a SPAC is not recognized as an investment company under the ICA of 1940. The SEC staff raised this issue, and in an attempt to address it, PSTH revised the terms of the transaction to require PSTH to transfer the UMG shares into a liquidating trust for the benefit of PSTH’s shareholders pending the public listing of UMG, with PSTH continuing with $1.6 billion in cash and no restrictions, which the SEC staff believed was not permitted under New York Stock Exchange rules. In the end, PSTH abandoned the transaction to focus on searching for a conventional IBC. But with the SPAC’s failure to find a suitable merger partner ahead of its deadline, which is just a few weeks away on July 24, 2022, Ackman has decided to liquidate the SPAC.
However, although PSTH did not live up to the fanfare that greeted it two years ago, the sponsor is not giving up just yet. In his letter to PSTH shareholders, Ackman stated that
“With the SPAC and IPO market effectively shut today, now is a highly opportunistic investment environment for a public acquisition vehicle which does not suffer from the negative reputation of SPACs.”
To this end, Ackman is working on launching a Special Purpose Acquisition Rights Company (or SPARC), which will give investors rights to participate in a future deal. That may sound similar to a SPAC, but unlike a SPAC, investors in a SPARC would not be required to put up funds in the vehicle at low rate of return until the vehicle makes a deal, but instead will give the investor the right to choose to opt in and acquire shares in the SPARC at a pre-determined price (like a SPAC IPO) at $10 or $20 per share, once it has entered into a definitive agreement for its IBC. The SPARC is ostensibly also more cost efficient than the SPAC as it would forego the underwriting fee associated with a SPAC IPO. Furthermore, because the investors will not put up money upfront into the vehicle, there should not be the same time pressure imposed on SPACs to find and merge with a target, which potentially result in more optimal capital allocation decisions in selecting an IBC.
Pershing Square SPARC Holdings has in fact filed a preliminary prospectus with&nbsp;www.sec.gov.&nbsp;Assuming the regulators approve the SPARC, which Pershing Square expects will not happen before fall 2022, Pershing Square intends to distribute publicly traded, long-term warrants called SPARs to PSTH Class A share or warrant holders as part of PSTH’s liquidation package in addition to the return of the SPAC’s cash in trust ($4 billion plus interest)—half of a SPAR for each share of common stock of SPARC and one SPAR for each warrant, exercisable at a minimum exercise price of $10.00 per SPARC share (SPARs may only be exercised in full, for two publicly traded SPARC Shares) once the SPARC enters into a definitive merger agreement with a target.
Ackman’s innovative approach to SPAC transactions through PSTH may have had wrinkles that did not play well with the regulators, but the SPARC model, which in theory at least looks to be better aligned to the interests of investors, could well be accepted by regulators as an improvement on the traditional SPAC structure.
Could the SPARC structure be the spark of creativity to revive the fortunes of SPAC land?&nbsp;
DISCLOSURES

Water Tower Research (“WTR”) is a professional publisher of investment research reports on public companies and, to a lesser extent, private firms (“the Companies”). WTR provides investor-focused content and digital distribution strategies designed to help companies communicate with investors.  WTR is not a registered investment adviser or a broker/dealer nor does WTR provide investment banking services. WTR operates as an exempt investment adviser under the so called “publishers’ exemption” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940. WTR does not provide investment ratings / recommendations or price targets on the companies it reports on. Readers are advised that the research reports are published and provided solely for informational purposes and should not be construed as an offer to sell or the solicitation of an offer to buy securities or the rendering of investment advice. The information provided in this report should not be construed in any manner whatsoever as personalized advice. All users and readers of WTR’s reports are cautioned to consult their own independent financial, tax and legal advisors prior to purchasing or selling securities.  Robert Sassoon, who is the writer of this report, covers the Emerging Growth &amp; Special Situations sector for WTR. Mr. Sassoon and members of his household have no personal or business-related relationship to the subject company other than providing digital content and any ancillary services WTR may offer.  Unless otherwise indicated, WTR intends to provide continuing coverage of the covered companies. WTR will notify its readers through website postings or other appropriate means if WTR determines to terminate coverage of any of the companies covered.  In certain instances, including this report, WTR will write research covering non-clients. Readers should assume that WTR may seek to turn these non-paying companies into paying clients. Likewise, WTR may seek to transform these non-clients into paying clients of it or of its affiliate, which provides services such as presenting at sponsored investor conferences, distributing press releases, advising on investor relations and broader corporate communications and public relations strategies as well as performing certain other related services (“Ancillary Services”). The companies that WTR covers in our research are not required to purchase or use Ancillary Services of WTR or an affiliate might offer to clients.  The manner of WTR’s potential research compensation and Ancillary Services to covered companies raise actual and perceived conflicts of interest. WTR is committed to manage those conflicts to protect its reputation and the objectivity of employees/analysts by adhering to strictly written compliance guidelines.  The views and analyses included in our research reports are based on current public information that we consider to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy, completeness, timeliness, or correctness. Neither we nor our analysts, directors, officers, employees, representatives, independent contractors or agents shall be liable for any omissions, errors or inaccuracies, regardless of cause, foreseeability or the lack of timeliness of, or any delay or interruptions in the transmission of our reports to content users. This lack of liability extends to direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, losses, lost income, lost profit or opportunity costs.  All investment information contained herein should be independently verified by the reader or user of this report. For additional information, all readers of this report are encouraged to visit WTR’s website www.watertowerresearch.com.

United States

B. Riley Prince 150 Merger Corp operates as a blank check company. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, and similar business combination with one and more businesses.

B. Riley Prince 150 Merger Corp (BRPM US)

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B. Riley Prince 150 Merger Corp (BRPM US)

SPAC Talk: A SPARC of Creativity

KEY HIGHLIGHTS The poster child of the SPAC boom era to liquidate. Bill Ackman’s Pershing Square Tontine Holdings (PSTH), to date the largest...

Water Tower Research

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