Note from Dudley Pierce Baker, CommonStockWarrants.com
I just saw this article out today and wanted to share it will my followers.
If you follow the SPAC’s, blank check companies, this is the first offering
without a stock warrant. Only shares were issued, not units, and thus no warrants
which we frankly love to see as they are included in our database. I kind of doubt
this will become a trend but I will be watching.
Warrantless but not unwarranted: Therapeutics Acquisition prices first ever SPAC IPO of common shares
July 8, 2020
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 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
BOSTON–(BUSINESS WIRE)–Therapeutics Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 11,800,000 shares of Class A common stock at $10.00 per share. The shares will be listed on the Nasdaq Capital Market and trade under the ticker symbol “TXAC” beginning July 8, 2020. The Company expects the offering to be consummated on July 10, 2020.
The Company, sponsored by RA Capital Management, L.P., is led by Chairman and CEO Peter Kolchinsky PhD and CFO Matthew Hammond PhD. The Company is a blank check company formed for the purpose of effecting a business combination with one or more businesses in the healthcare industry.
Jefferies LLC is serving as the sole book runner for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,770,000 shares of Class A common stock at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from: Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10002, by telephone: 877-821-7388 or by email: Prospectus_Department@Jefferies.com.
Registration statements relating to these securities became effective on July 7, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
RA Capital Management, L.P.