Hedge Fund-Backed SPAC Leads 3 IPOs Raising $860M Total
Law360 (September 10, 2020, 4:16 PM EDT) -- A blank-check company backed by activist hedge fund Starboard Value led three initial public offerings to hit markets Thursday after raising a combined $860 million, adding to the yearlong blitz in IPOs by special purpose acquisition companies.
Starboard Value Acquisition Corp., whose sponsor is affiliated with hedge fund Starboard Value LP, raised $360 million after selling 36 million units at $10 each. Advised by Akin Gump Strauss Hauer & Feld LLP, the company upsized its IPO from original plans to sell 30 million units.
Prime Impact Acquisition I joined the fray as well, raising $300 million. The technology-focused company, advised by...
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