A Virtual Panel … Zombie SPACs and Blood Baths – Why you should care?
Recorded: Wednesday June 8, 2022
The panel discusses recent SPAC market challenges, SEC regulatory activity related to SPACs, what changes in the deSPAC process have occurred as a result and where it believes the SPAC market is headed, including:
- evolution of the deSPAC process to add late-stage re-pricing of transactions;
- opportunities to broaden the pool of potential deSPAC targets;
- ways to shorten deSPAC process timelines, such as by greater pre-LOI going public preparation;
- the tough choices for SPACs with less than 3-4 months of their 24 month life left (“Zombie SPACs”); and
- potential for a return of funds “blood-bath” if many SPACs do reach end of life without a deSPAC transaction.
The Panel was moderated by Chartered Accountants Worldwide – Network USA, Atlanta Chapter President, John Kahn and will be immediately followed by optional virtual networking.
David Panton. David is a co-founder of Navigation Capital Partners, LP (“NCP”), an Atlanta-based private equity firm formed in partnership with Goldman Sachs in 2006, which has invested in more than 40 operating companies. He is currently Managing Partner of NCP’s SPAC Operations Group, which makes equity investments in Special Purpose Acquisition Companies (SPACs). Born and raised in Jamaica, where he was CEO of a publicly-traded company and is also a former Senator in the Upper House of Parliament, David resides in Atlanta, GA.
Jonathan Talcott. Jon is a Partner with Nelson Mullins and currently chairs the 930+ lawyers/professionals Firm’s Securities Practice. He has previously chaired the Corporate and Transactional Group and served as Managing Partner of the Washington, D.C. office, where he is based. Jon has over 30-years of experience as a securities lawyer and over a decade of working with SPACs. He also regularly represents investment banks conducting IPOs and participating in deSPAC transactions.
Nicholas Hart. Nick is a Partner with CFGI, the USA’s largest non-audit accounting advisory firm. He has extensive experience helping clients navigate complex accounting and financial reporting, including related to SPAC and other capital market transactions. Nick has also served in interim management roles. Before joining CFGI, Nick was a director in PwC’s Deals practice in New York and is also an alumnus of PwC’s London Office. Nick is a Fellow of the Institute of Chartered Accountants in England and Wales.
John Kahn. John is President of the Atlanta Chapter of Chartered Accountants Worldwide – Network USA and a Partner with CFGI. He has over 25 years of strategic and international financial experience, including CFO roles with private, private equity backed, and public companies. John provides interim CFO services, business KPI/reporting advice, and helps clients with complex accounting and financial reporting. Previously an Audit and Business Advisory Manager with a big accounting firm, John is a Chartered Accountant (England and Wales) and a CPA (California).