The Journal also reported that the founders will have a three-year waiting period to hold their shares before they can be released to sell. This differs from the one-year freeze that most SPACs set.
The firm’s underwriter is Evercore. They will be receiving 1% of the company size in fees, about half what most underwriters charge.
A new way to invest
Ryan is the most recent high-profile person to go “all-in” with this investment trend.
2020 is a record-breaking year for SPACs. Over 75 new special purpose acquisition companies have collectively raised over $30 billion. In all of 2019, $13.6 billion was raised from a total of 59 SPAC’s.
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