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Warrantless but not unwarranted: Therapeutics Acquisition prices first ever SPAC IPO of common shares

2020's blank check boom hit another major milestone with Therapeutics Acquisition (TXAC).

For the first time in their roughly 20-year history, a SPAC has completed an IPO by selling common shares rather than units, signaling ever-greater demand in the space. SPAC offerings normally include units consisting of shares of common stock and tradable warrants. Therapeutics Acquisition marks a notable first, but it is also part of a trend, with more SPACs this year lowering their warrant component to 1/3 and 1/4 warrants.

2020 SPAC milestones

  • The first ever SPAC IPO of common shares: Therapeutics Acquisition (TXAC)
  • The largest SPAC ever to go public: Churchill Capital Corp III (CCXXU)
  • The largest SPAC ever to file for an IPO: Pershing Square Tontine (PSTH.U)
  • The best first-day pop for a SPAC: Panacea Acquisition (PANAU; +13% pop)*
  • The biggest quarter ever by proceeds (tied for most deals): 2Q20, 24 SPACs and $7.2 billion
  • On pace for a record year in 2020
  • Several companies have chosen SPAC listings over IPOs

*7/9/20 update: Therapeutics Acquisition surpassed Panacea, gaining 20% on its debut.

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The article Warrantless but not unwarranted: Therapeutics Acquisition prices first ever SPAC IPO of common shares originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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