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ColumnsThe lifecycle of a SPAC
According to theSEC filing, Singapore-based tech giant Grab will list on the NASDAQ on this Thursday (December 2nd)through SPAC.Investors voted to approve the merger of Grab Holdings Inc. and Altimeter Growth Corp. on November 30.Its $40-billion listing will mark the world’s largest SPAC deal.
What is SPAC?
A special purpose acquisition company (SPAC) , also known as "blank check company", is a company with
No commercial operations
Raising capital through an initial public offering(IPO)
Purpose of acquiring an existing company
A special purpose acquisitions company is essentially a shell company set up by investors with the sole purpose of raising money through an IPO to eventually acquire another company.
SPACs have been around for decades, but their popularity has soared in recent years. In 2020, 247 SPACs were created with $80 billion invested, and in just the first quarter of 2021, a record $96 billion1 was raised from 295 newly formed SPACs. By comparison, only two SPACs came to market in 2010.In 2020, SPACs accounted for over 50% of new publicly listed companies in the U.S.
How does SPAC work?
There are three distinct phases in the lifecycle of a SPAC:
Firstly, creating a SPAC and searching for a target:
A SPAC’s IPO is typically based on an investment thesis focused on a sector and geography, such as the intent to acquire a technology company in North America, or a sponsor’sexperience and background.
Usually a SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds, while even high-profile CEOs have jumped on the trend and formed their own SPACs.
SPAC IPOs are usually priced at $10 a share. Following the IPO, proceeds are placed into a trust account. In some cases, some of the interest earned from the trust can serve as the SPAC's working capital.
When a SPAC raises money, the people buying into the IPO do not know what the eventual acquisition target company will be. In creating a SPAC, the founders sometimes have at least one acquisition target in mind, but they don't identify that target to avoid extensive disclosures during the IPO process (This is why a SPAC is also often called "blank check company"). Institutional investors with track records of success can more easily convince people to invest in the unknown.
When the target is announced:
Once a target company is identified and a merger is announced, the SPAC’s public shareholders may alternatively vote against the transaction and elect to redeem their shares.
If the SPAC requires additional funds to complete a merger, the SPAC may issue debt or issue additional shares, such as a private investment in public equity (PIPE) deal.
De-SPACing: The SPAC typically has18-24 monthsto identify and complete a merger with a target company, sometimes referred to as de-SPACing.
If the SPACdoes notcomplete a merger within that time frame, the SPAC liquidates and the IPO proceeds are returned to the public shareholders.
Information Disclosure:"Once formed, the SPAC will typically need to solicit shareholder approval for a merger and will prepare and file a proxy statement (or a joint registration and proxy statement on Form S-4 if it intends to register new securities as part of the merger).
This document will contain various matters seeking shareholder approval, including a description of the proposed merger and governance matters.
It will also include a host of financial information of the target company, such as historical financial statements, management’s discussion and analysis (MD&A), and pro forma financial statements showing the effect of the merger."
When the merger is closed：
Recently, shareholders of a SPAC company Altimeter Growth Corp voted in favour of the merger between Grab, the ride-hailing and delivery giant, and the listed shell company, paving the way for Grab to list in the US on Thursday (Dec 2).
In general cases, once shareholders approve the SPAC merger and all regulatory matters have been cleared, the merger will close and the target company becomes a public entity. After an acquisition, a SPAC is usually listed on one of the major stock exchanges.
A target company in a SPAC merger will need to prepare itself for being a public company normally within a few months, which is a shorter timeline compared to a traditional IPO for substantially the same preparation.Lock-ups for SPAC IPOs typically last 180 days to one year.
Information Disclosure:A Form 8-K, with information equivalent to what would be required in a Form 10 filing of the target company (commonly referred to as the Super 8-K), must be filed with the US Securities and Exchange Commission (SEC)within four business daysof closing.
What is SPAC?
A special purpose acquisition company (SPAC) , also known as "blank check company", is a company with
No commercial operations
Raising capital through an initial public offering(IPO)
Purpose of acquiring an existing company
A special purpose acquisitions company is essentially a shell company set up by investors with the sole purpose of raising money through an IPO to eventually acquire another company.
SPACs have been around for decades, but their popularity has soared in recent years. In 2020, 247 SPACs were created with $80 billion invested, and in just the first quarter of 2021, a record $96 billion1 was raised from 295 newly formed SPACs. By comparison, only two SPACs came to market in 2010.In 2020, SPACs accounted for over 50% of new publicly listed companies in the U.S.
How does SPAC work?
There are three distinct phases in the lifecycle of a SPAC:
Firstly, creating a SPAC and searching for a target:
A SPAC’s IPO is typically based on an investment thesis focused on a sector and geography, such as the intent to acquire a technology company in North America, or a sponsor’sexperience and background.
Usually a SPAC is created, or sponsored, by a team of institutional investors, Wall Street professionals from the world of private equity or hedge funds, while even high-profile CEOs have jumped on the trend and formed their own SPACs.
SPAC IPOs are usually priced at $10 a share. Following the IPO, proceeds are placed into a trust account. In some cases, some of the interest earned from the trust can serve as the SPAC's working capital.
When a SPAC raises money, the people buying into the IPO do not know what the eventual acquisition target company will be. In creating a SPAC, the founders sometimes have at least one acquisition target in mind, but they don't identify that target to avoid extensive disclosures during the IPO process (This is why a SPAC is also often called "blank check company"). Institutional investors with track records of success can more easily convince people to invest in the unknown.
When the target is announced:
Once a target company is identified and a merger is announced, the SPAC’s public shareholders may alternatively vote against the transaction and elect to redeem their shares.
If the SPAC requires additional funds to complete a merger, the SPAC may issue debt or issue additional shares, such as a private investment in public equity (PIPE) deal.
De-SPACing: The SPAC typically has18-24 monthsto identify and complete a merger with a target company, sometimes referred to as de-SPACing.
If the SPACdoes notcomplete a merger within that time frame, the SPAC liquidates and the IPO proceeds are returned to the public shareholders.
Information Disclosure:"Once formed, the SPAC will typically need to solicit shareholder approval for a merger and will prepare and file a proxy statement (or a joint registration and proxy statement on Form S-4 if it intends to register new securities as part of the merger).
This document will contain various matters seeking shareholder approval, including a description of the proposed merger and governance matters.
It will also include a host of financial information of the target company, such as historical financial statements, management’s discussion and analysis (MD&A), and pro forma financial statements showing the effect of the merger."
When the merger is closed：
Recently, shareholders of a SPAC company Altimeter Growth Corp voted in favour of the merger between Grab, the ride-hailing and delivery giant, and the listed shell company, paving the way for Grab to list in the US on Thursday (Dec 2).
In general cases, once shareholders approve the SPAC merger and all regulatory matters have been cleared, the merger will close and the target company becomes a public entity. After an acquisition, a SPAC is usually listed on one of the major stock exchanges.
A target company in a SPAC merger will need to prepare itself for being a public company normally within a few months, which is a shorter timeline compared to a traditional IPO for substantially the same preparation.Lock-ups for SPAC IPOs typically last 180 days to one year.
Information Disclosure:A Form 8-K, with information equivalent to what would be required in a Form 10 filing of the target company (commonly referred to as the Super 8-K), must be filed with the US Securities and Exchange Commission (SEC)within four business daysof closing.
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US yogurt brandChobani filed on November 17th with the SEC. It plans to list on the Nasdaq under the symbol CHO.
According to Renaissance Capital's estimation, the company could raise up to $1.5 billion. The joint bookrunners on the deal includes Goldman Sachs, BofA Securities, J.P. Morgan, Barclays,etc.
In July, the company confidentially filed for an IPO, and Reuters reported its valuation could exceed $10 billion.
Business Overview
Chobani, founded in 2005, is a leading Greek yogurt brand in the US. Since 2007, it has maintained its position as the #1 Greek yogurt brand. It also provides a portfolio of high-quality yogurt products.
Chobani's products come in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the US. Its key customers include Wal-Mart, Whole Foods, Amazon, Target, Kroger, Publix, Costco and Safeway/Albertsons. It also sells its products to various other national and regional retailers and has an international presence.
Chobani values innovation. Its trusted brand and expertise in the food value chain also helps it convert into new high-growth categories,including oat milk, coffee creamer, ready-to-drink coffee and plant-based probiotic beverage lines.
The U.S. oat milk market has experienced explosive growth in recent years and is the fastest growing segment within plant-based milk. In the 52 weeks ended October 16, 2021, it was a $376 million category, growing 79.6% year-over-year.
Chobani Oat entered the oat milk market in December 2019 and has grown to 15.1% of total Nielsen reported U.S. market share for the 13 weeks ended October 16, 2021, gaining share more quickly than it did in the yogurt category.
For the 13 weeks ended October 16, 2021, total Nielsen reported sales of Chobani Oat have grown 68% year-over year, ahead of the category and several incumbents.
Chobani's in-house production capabilities across its three plants with 1,900 dedicated people. It has a manufacturing facility in New Berlin, New York, a state-of-the-art multi-platform factory in Twin Falls, Idaho, and an additional facility in Melbourne, Australia.
It plans to add capacity to the Twin Falls, Idaho facility for yogurt, oat milk, creamer and coffee products due to increased demand for the products.
Financial Performance
Chobani's revenue grew 5.2% to $1.4 billion from 2019 to 2020. However, its net loss reached $58.7 million, as it invested back into its business.
For the nine months ended September 25, 2021, it generated net sales, net loss and Adjusted EBITDA of approximately $1,213.0 million, $24.0 million and $142.2 million, respectively.
It achieved year-over-year net sales growth of 13.8%, Adjusted EBITDA decrease of 6.2% and an increase in net loss of 12.1%.
Click to view the prospectus
$Chobani(CHO.US$
According to Renaissance Capital's estimation, the company could raise up to $1.5 billion. The joint bookrunners on the deal includes Goldman Sachs, BofA Securities, J.P. Morgan, Barclays,etc.
In July, the company confidentially filed for an IPO, and Reuters reported its valuation could exceed $10 billion.
Business Overview
Chobani, founded in 2005, is a leading Greek yogurt brand in the US. Since 2007, it has maintained its position as the #1 Greek yogurt brand. It also provides a portfolio of high-quality yogurt products.
Chobani's products come in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the US. Its key customers include Wal-Mart, Whole Foods, Amazon, Target, Kroger, Publix, Costco and Safeway/Albertsons. It also sells its products to various other national and regional retailers and has an international presence.
Chobani values innovation. Its trusted brand and expertise in the food value chain also helps it convert into new high-growth categories,including oat milk, coffee creamer, ready-to-drink coffee and plant-based probiotic beverage lines.
The U.S. oat milk market has experienced explosive growth in recent years and is the fastest growing segment within plant-based milk. In the 52 weeks ended October 16, 2021, it was a $376 million category, growing 79.6% year-over-year.
Chobani Oat entered the oat milk market in December 2019 and has grown to 15.1% of total Nielsen reported U.S. market share for the 13 weeks ended October 16, 2021, gaining share more quickly than it did in the yogurt category.
For the 13 weeks ended October 16, 2021, total Nielsen reported sales of Chobani Oat have grown 68% year-over year, ahead of the category and several incumbents.
Chobani's in-house production capabilities across its three plants with 1,900 dedicated people. It has a manufacturing facility in New Berlin, New York, a state-of-the-art multi-platform factory in Twin Falls, Idaho, and an additional facility in Melbourne, Australia.
It plans to add capacity to the Twin Falls, Idaho facility for yogurt, oat milk, creamer and coffee products due to increased demand for the products.
Financial Performance
Chobani's revenue grew 5.2% to $1.4 billion from 2019 to 2020. However, its net loss reached $58.7 million, as it invested back into its business.
For the nine months ended September 25, 2021, it generated net sales, net loss and Adjusted EBITDA of approximately $1,213.0 million, $24.0 million and $142.2 million, respectively.
It achieved year-over-year net sales growth of 13.8%, Adjusted EBITDA decrease of 6.2% and an increase in net loss of 12.1%.
Click to view the prospectus
$Chobani(CHO.US$
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In 2021, Futu turns 9 years old. Having accompanied millions of users for 9 years.
As we celebrate our 9th birthday, we look back into the past and try to uncover memorable moments, and found that every unforgettable moment was spent with you—our dear users:
In 2012, Futu embarked on an exciting journey with you.
In 2019, we were listed on the Nasdaq.
In 2020, we onboarded our 10 millionth user.
In 2021, we advanced into more markets across the globe, welcoming more than 15.5 million users from over 200 countries and regions…
As we celebrate our 9th birthday, we feel ever more motivated by our founding vision: “make investing easier and not alone”. It is the millions of users in our community that make investing “not alone”. These 9 years with you are the best time that we have ever spent.
As we celebrate our 9th birthday, we would like you to know: We wish to continue accompanying you on your investing journey ahead, for the next 9 years or even 90 years.
As we celebrate our 9th birthday, we sincerely want to invite you - our dear users - to share your moomoo stories in the past years.
[About the Event]
We wish to invite our users to share their moomoo stories and 9 representative users will be selected. If you are interested, please send your moomoo story or your self-introduction to the official email address: futupr@futunn.com.
The email should include: (ideally 300-500 words, the more the better)
-Your name, moomoo ID, Nationality, Occupation
-Your moomoo story: When you started using Futu services and products via moomoo; what you want to share with us and fellow users
-A casual photo of yourself or a photo of you with a moomoo figurine (optional, less than 5M)
[What to Do If I Am Selected as a Representative User?]
① You should be willing to take an interview themed "My moomoo Story", which will be disseminated via global and Futu/moomoo official media channels in the form of image and text.
② You should be willing to take a photo against a pure-colored background or a photo that presents your daily life. The photo will be used for the poster of "Futu 9th Anniversary—Representative Users", which will be disseminated globally.
③ You should be willing to participate in a video filming. The video will be used for the video of "Futu 9th Anniversary—Representative Users", which will be disseminated globally.
*Detailed information on the specifications of the photos and videos will be further discussed with you by our staff.
[Application Period]
September 16 – September 22
[Gift Package for Selected Users]
If you are selected as a representative user, share your Futu story, and participate in the photo taking and video filming, you will receive a US$999 stock card*, and a lucky bag containing exquisite moomoo merchandise.
[Gift Package for Event Participants]
User that actively participated in the Event but are not selected will receive 999 points* as a thank you gift.
*T&Cs apply:
Singapore Users: tap to read full T&Cs
U.S. Users: tap to read full T&Cs
As we celebrate our 9th birthday, we look back into the past and try to uncover memorable moments, and found that every unforgettable moment was spent with you—our dear users:
In 2012, Futu embarked on an exciting journey with you.
In 2019, we were listed on the Nasdaq.
In 2020, we onboarded our 10 millionth user.
In 2021, we advanced into more markets across the globe, welcoming more than 15.5 million users from over 200 countries and regions…
As we celebrate our 9th birthday, we feel ever more motivated by our founding vision: “make investing easier and not alone”. It is the millions of users in our community that make investing “not alone”. These 9 years with you are the best time that we have ever spent.
As we celebrate our 9th birthday, we would like you to know: We wish to continue accompanying you on your investing journey ahead, for the next 9 years or even 90 years.
As we celebrate our 9th birthday, we sincerely want to invite you - our dear users - to share your moomoo stories in the past years.
[About the Event]
We wish to invite our users to share their moomoo stories and 9 representative users will be selected. If you are interested, please send your moomoo story or your self-introduction to the official email address: futupr@futunn.com.
The email should include: (ideally 300-500 words, the more the better)
-Your name, moomoo ID, Nationality, Occupation
-Your moomoo story: When you started using Futu services and products via moomoo; what you want to share with us and fellow users
-A casual photo of yourself or a photo of you with a moomoo figurine (optional, less than 5M)
[What to Do If I Am Selected as a Representative User?]
① You should be willing to take an interview themed "My moomoo Story", which will be disseminated via global and Futu/moomoo official media channels in the form of image and text.
② You should be willing to take a photo against a pure-colored background or a photo that presents your daily life. The photo will be used for the poster of "Futu 9th Anniversary—Representative Users", which will be disseminated globally.
③ You should be willing to participate in a video filming. The video will be used for the video of "Futu 9th Anniversary—Representative Users", which will be disseminated globally.
*Detailed information on the specifications of the photos and videos will be further discussed with you by our staff.
[Application Period]
September 16 – September 22
[Gift Package for Selected Users]
If you are selected as a representative user, share your Futu story, and participate in the photo taking and video filming, you will receive a US$999 stock card*, and a lucky bag containing exquisite moomoo merchandise.
[Gift Package for Event Participants]
User that actively participated in the Event but are not selected will receive 999 points* as a thank you gift.
*T&Cs apply:
Singapore Users: tap to read full T&Cs
U.S. Users: tap to read full T&Cs
![[Call for Stories] Futu Turns 9 and You Are Invited to Share Your “moomoo Stories”!](https://ussnsimg.moomoo.com/1631868222118-77777004-android-org.jpg/thumb)
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