SPAC Roundtable: Will Terms Change?
July 20, 2021
Arnold & Porter Webinar
The current reset moment of the SPAC market has given market participants a time to reflect on the product and possible economic and legal changes to it—notwithstanding recent signs of a comeback of the market for SPACs. Please join us for our first in a series of SPAC roundtables as our experienced panelists dive into some of the key issues in the world of SPACs.
Topics
- What changes can we expect in the SPAC market and the basic structure of a SPAC and the de-SPAC'ed company given what has preceded us?
- What explains the wide-ranging difference in stock price performance in post-merger SPACs (the de-SPAC'ed company)?
- For example, in the future, will the market value SPACs and de-SPAC'd companies differently, by taking into account the degree of dilution represented by sponsors' shares and promote and the amount of fees charged? If so, will there be a shift in the allocation of value among sponsors, investors and target companies with respect to sponsor's promote and warrants?
- What economic impact will the expected rise in enforcement and litigation actions have on valuations?
- If the SEC begins to require enhanced disclosure regarding projections in the proxy statement/prospectus for the de-SPAC transaction, will deals change?
Panelists
- Jonas Grossman, President and Managing Partner, Chardan, an independent global investment bank specializing in SPACs
- Michael Klausner, Professor, Stanford University; co-author of "A Sober Look at SPACs"
- Thomas McHale, Co-Founder and Managing Partner, Gritstone Asset Management LLC
- Adam Sokoloff, Chief Executive Officer of USHG Acquisition Corp., a SPAC
- Eric Ver Ploeg, Venture-Focused SPAC Sponsor, LightJump Capital
Meet the Speakers
![](/-/media/images/events-external-speakers-pictures/2021/jonas-grossman.jpg?rev=abf20edd64644ec28c045ae1ee6d89c7&sc_lang=en&hash=82256C950935EC8054816C8D36845F04)
Jonas Grossman
President and Managing Partner, Chardan
![](/-/media/images/events-external-speakers-pictures/2021/klausner_michael.jpg?rev=d4e75d2cad324ce880993b1de8155398&sc_lang=en&hash=AE24FA305BB113985BE90244A5C783F9)
Michael Klausner
Stanford University, Professor
![](/-/media/images/events-external-speakers-pictures/2021/thomas-mchale.jpg?rev=a4ccc3c7c37b47feb42d50a205541e33&sc_lang=en&hash=FA0A2F77C9102459CFBAD3B883A8C7A3)
Thomas McHale
Co-Founder and Managing Partner, Gritstone Asset Management LLC
![](/-/media/images/events-external-speakers-pictures/2021/adam_sokoloff.jpg?rev=6c2ed763b056433da42e4ea8da58408e&sc_lang=en&hash=2B16DBB218751BC636AD718E31051B95)
Adam Sokoloff
USHG Acquisition Corp., Chief Executive Officer
![](/-/media/images/events-external-speakers-pictures/2021/eric-ver-ploeg.jpg?rev=53b489081a04412da21355dee07cdc52&sc_lang=en&hash=226155192FC5EBBDFF44B54A82446881)
Eric Ver Ploeg
LightJump Capital, Venture-Focused SPAC Sponsor