cover of episode Primer on SPACs with Kevin Hartz and Troy Steckenrider of A* and AONE

Primer on SPACs with Kevin Hartz and Troy Steckenrider of A* and AONE

2020/8/25
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Kevin Hartz 和 Troy Steckenrider 详细解释了 SPAC 的运作机制，从组建 SPAC 团队、起草 S-1 文件、进行 IPO 到寻找目标公司、进行尽职调查、最终完成合并交易的整个流程。他们强调 SPAC 与传统 IPO 的区别在于，SPAC 的 IPO 资金进入信托账户，在完成合并交易前对发起人团队不可访问，这降低了投资风险。此外，他们还讨论了 SPAC 中的认股权证、套利交易以及 PIPE 交易等重要概念。他们认为 SPAC 正在从套利交易工具转变为与管理团队建立长期合作关系的一种方式，并指出 SPAC 的优势在于速度快、对公司运营干扰小、信息披露更充分等。他们还谈到了 SPAC 的经济模式，指出当前的模式存在问题，需要调整以更好地与公司业绩挂钩，并表示他们致力于改革 SPAC，使其成为主流的融资工具。 Troy Steckenrider 详细介绍了 SPAC 的运作机制，包括 IPO 流程、PIPE 交易、尽职调查等。他指出，SPAC 的定价通常为每股 10 美元，投资者购买的是一个单位，包含股票和认股权证。他解释了认股权证的作用以及如何降低资本成本和稀释程度。他还讨论了 SPAC 的历史演变，指出 SPAC 正在从套利交易工具转变为与管理团队建立长期合作关系的一种方式。他强调了 PIPE 交易的优势，即允许投资者在尽职调查后投资，这比传统的 IPO 流程更有利于投资者。此外，他还解释了 SPAC 合并交易中的赎回机制，以及如何通过 PIPE 交易来补充赎回资金。

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The episode introduces SPACs as an alternative to traditional IPOs, explaining their mechanics and the recent surge in their popularity.

Shownotes Transcript

We dive into everything you need to know about SPACs — what they are, why they're a compelling alternative to IPO/DPOs, and how they might play an even more important role in startup financing going forward — with two of the very best people to teach us: Kevin Hartz and Troy "SPAC Professor" Steckenrider of the newly-minted $200m SPAC, AONE.

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TLDR:

  • SPACs are an alternative path for companies to go public, however until recently they were mostly obscure and little-known/used.
  • Meanwhile, the traditional IPO process has become onerous and broken: it takes 9+ months of company time, yet investors get only 15 minutes of management access and must make a decision in

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