Credit: ©Sergey Nivens – stock.adobe.com.
In mid-February, Christian Angermayer submitted the documents for his SPAC Frontier Acquisition Corp. filed with the US Securities and Exchange Commission. The IPO of the wallet on New York’s Nasdaq followed yesterday.
The SPAC set up Angermayer together with the US investor Falcon Edge. The target object of the shell company is a promising biotech. Angermayer is the predestined sponsor for a SPAC in the biotech sector. He has financed numerous biotechs and, with his family office Apeiron, initiated the IPO of Sensei Biotherapeutics, among other things. Apeiron is now also an investor in SPAC. Credit Suisse and Berenberg act as underwriters.
Angermayer is CEO of the wallet, and Rick Gerson and Ryan Khoury are also on the board. David A. Sinclair and Peter Attia as well as Jonathan Christodoro sit on the supervisory board. Sinclair is a genetics professor at Harvard Medical School and has set up various biotechs.
You can read more information about SPACs in our current e-magazine.
The Frontier Acquisition Corp. wanted to raise $ 200 million by issuing 20 million units of $ 10 each. One unit consists of a Class A share and a quarter of an entitlement certificate. Each full warrant allows the owner to convert it into one Class A share at the price of $ 11.50. There is also an over-allotment option of 3 million units. According to media reports, the greenshoe option could also be fully exploited due to high demand, so Frontier Acquisition Corp. Raised $ 230 million. The paper is currently at USD 10.13.
Angermayer uses the optimal momentum with its shell company: SPACs are the trend on the capital market in the USA. The wallets are experiencing an extreme hype. There were 248 SPAC IPOs in the United States last year. This year there are already 186 in mid-March. Several German investors are also jumping on the bandwagon: Oliver Samwer is listing a SPAC on the US stock exchange, and Hellofresh boss Dominik Richter is planning a US SPAC together with Lesara founder Roman Kirsch.
The trend has now also arrived in Europe and Germany. Lakestar founder Klaus Hommels launched the first SPAC in more than ten years, the Lakestar SPAC I, on the Frankfurt stock exchange in February. In a private placement, the shell company issued 27.5 million units, consisting of a share (ticker LRS1) and 1/3 warrant (ticker LRSW), at a price of EUR 10 each to institutional investors, generating gross proceeds of EUR 275 million . EUR. In the trade the paper is currently at 10.82 EUR. The shares are traded in the Prime Standard, the warrants in the General Market.
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