ShiftPixy-backed SPACs aim to raise over $1 billion via U.S. listings
Staffing services company ShiftPixy Inc is looking to raise a total of $1.25 billion through four blank-check firms, according to regulatory filings on Thursday.
The special purpose acquisition companies (SPACs), TechStackery Inc, Vital Human Capital Inc and Industrial Human Capital Inc, are looking to raise $250 million each through the sale of shares and warrants on the New York Stock Exchange, while Insurity Capital Inc has filed to raise around $500 million.
Once confined to the backwaters of Wall Street dealmaking, SPACs have surged in popularity over the past year as they allow companies to sidestep a traditional IPO and the hassles and scrutiny associated with it.
The latest SPAC launches come in the middle of an unusually slow period for blank-check dealmaking, which has been come under regulatory scrutiny and a slump in investor demand that has hit PIPE (private investment in public equity) rounds.
The regulator is now also considering new guidance to rein in growth projections made by listed blank-check companies and clarify when they qualify for certain legal protections, Reuters reported earlier this week.
Alliance Global Partner was the sole book-running manager for all the offerings.Read more