Although we’re only halfway through August, it’s already proving to be a busy month for SPACs. So far, there have been 5 SPAC IPOs raising $1.1 billion, 3 SPACs announcing pending business combinations, and 6 SPACs closing previously announced business combinations.
Gritstone Asset Management
Investment Management
Bethesda, Maryland 119 followers
Investment manager for private funds and SMAs focused on Special Purpose Acquisition Companies (SPACs).
About us
Gritstone is an investment management firm operating at the convergence of alternative assets and capital markets. Gritstone’s mission is to offer products and solutions to a broad spectrum of investors and management teams, across the alternative asset industry, while forging longstanding partnerships founded on alignment and value creation.
- Website
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http://www.GritstoneAM.com
External link for Gritstone Asset Management
- Industry
- Investment Management
- Company size
- 2-10 employees
- Headquarters
- Bethesda, Maryland
- Type
- Partnership
- Founded
- 2018
Locations
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Primary
4500 East-West Hwy
Bethesda, Maryland 20814, US
Employees at Gritstone Asset Management
Updates
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IPO activity remained strong in July, with six SPACs raising more than $1.1 billion. Business combination announcements and closings continued to outpace liquidations and business combination terminations. Of note, the two most recent SPAC IPOs placed $10.05 into trust versus their $10.00 IPO price.
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In the past 30 days, 6 SPACs have completed IPOs, raising more than $880 million in proceeds. This is the highest volume of issuance over a 30-day period since May 2022. This increase in issuance was what we expected based on market signals we noted at the beginning of April. Notably, many recent issuers are experienced SPAC teams returning to the market, which suggests they believe current conditions are conducive to finding and closing business combinations.
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In the period since this report was completed, 11 SPACs have publicly filed with the SEC in preparation for an IPO. That is the highest level of SPAC IPO filing activity since mid-2022. Notably, many are repeat SPAC sponsors that are preparing to return to the market. While we don’t expect the market to return to the peak of SPAC IPO activity in early 2021 (a good thing), it is a strong indication that SPAC sponsors believe current market conditions present a good opportunity for SPACs to find and close business combinations. #SPAC #IPO
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Three SPACs completed IPOs in May, raising more than $675 million. Notably, M. Klein & Company came back to the market with Churchill Capital Corp. IX. Four SPACs also closed transactions during the month, including AltC / Oklo Inc. and Screaming Eagle / Lionsgate Studios with approximately 99% and 41% of shareholders (respectively) electing to remain shareholders (and not redeem), a good sign of support for each transaction. In May, seven SPACs submitted public filings for future IPOs, including multiple repeat sponsors. #SPAC #IPO