In the wake of an unprecedented SPAC boom, investors and dealmakers face fresh challenges. While many companies fought short attacks after listing via SPAC, there is now scope for more traditional long-side activism to emerge in beaten-down stocks. At the same time, many billions of dollars will be returned to investors next year if SPACs that have yet to close deals can’t find creative solutions.
To address the market outlook, CorpGov, IPO Edge and The Palm Beach Hedge Fund Association hosted De-SPACtivism and the 2023 Maturity Cliff. The event featured speakers from Vinson & Elkins LLP, Morrow Sodali, Jefferies and ICR, running approximately 90 minutes, including a live Q&A session with the audience. Editor-in-Chief John Jannarone and Editor-at-Large Jarrett Banks moderated.
Long-side activism in companies that have “de-SPACed” and trade under new tickers
Tactics in de-SPAC activism vs. traditional activism
Preparation for potential activist attacks
Imminent liquidation among SPACs through 2023
Lawrence S. Elbaum, Partner and Co-Head of Shareholder Activism, Vinson & Elkins
Ramey Layne, Partner, Capital Markets and Mergers & Acquisitions, Vinson & Elkins
Chris Young, Managing Director and Global Head of Contested Situations, Jefferies
Phil Denning, Partner, Head of Special Situations, ICR
Michael A. Verrechia, Managing Director, Co-Head of M&A and Activism Advisory Group, Morrow Sodali
Jarrett Banks, Editor-at-Large, CorpGov and IPO Edge (Moderator)
John Jannarone, Editor-in-Chief, CorpGov and IPO Edge (Moderator)
Vinson & Elkins
Vinson & Elkins is recognized as a premier law firm with a diversified practice that serves the needs of a global industry. We offer an integrated team of nearly 700 skilled lawyers in 12 global locations in North America, Europe, Asia and the Middle East. For more than 100 years, V&E has achieved excellent results for clients around the world. Our reputation has been built on handling day-to-day matters, as well as those involving pivotal and bet-the-company legal issues. Consistently high rankings in legal directories such as Chambers and Legal 500, among others, reflects the confidence we have earned from clients and peers by delivering excellent results over the long term. For more information, please visit our website at velaw.com
Jefferies, a leading full-service investment banking and capital markets firm, provides insight, expertise and execution to investors, companies and governments. We offer deep sector expertise across a full range of products and services in investment banking, equities, fixed income, asset and wealth management in the Americas, Europe and the Middle East and Asia.
Morrow Sodali provides corporate boards and executives with strategic advice and services relating to a broad range of activities, including: mergers and acquisitions, annual and special meetings, shareholder activist initiatives, multinational cross-border equity transactions and debt restructuring services.
From headquarters in New York and London, and offices and partners in major capital markets, Morrow Sodali serves more than 700 corporate clients in 80+ countries, including many of the world’s largest multinational corporations. In addition to listed and private companies, its clients include financial institutions, mutual funds, ETFs, stock exchanges and membership associations.
Established in 1998, ICR partners with its clients to execute strategic communications and advisory programs that achieve business goals, build awareness and credibility, and enhance long-term enterprise value. The firm’s highly-differentiated service model, which pairs capital markets veterans with senior communications professionals, brings deep sector knowledge and relationships to more than 750 clients in approximately 20 industries. ICR’s healthcare practice operates under the Westwicke brand (www.westwicke.com). Today, ICR is one of the largest and most experienced independent communications and advisory firms in North America, maintaining offices in New York, Norwalk, Boston, Baltimore, San Francisco, San Diego and Beijing. Learn more at www.icrinc.com. Follow us on Twitter at @ICRPR.
CorpGov and IPO Edge Contact:
Jarrett Banks, Editor-at-Large