Ogier acts on IPO of Pacific Special Acquisition Corp

Friday 23 October 2015

Ogier has acted as BVI legal counsel on the $50 million IPO on the NASDAQ Capital Market of Pacific Special Acquisition Corp.

Pacific is a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities.

The Company is not obliged to limit its efforts to identify a target business to a particular industry or geographic region, although it is understood that Pacific intends to focus efforts on seeking a business combination with a company or companies that have their primary operations located in Asia, with an emphasis on China.

Ogier partners Simon Schilder, who practices  BVI law from Ogier’s Jersey office, and Michael Killourhy advised Pacific, while New York firm Ellenoff Grossman & Schole LLP acted as Pacific’s US counsel. Graubard Miller acted for the underwriters lead by EarlyBirdCapital, Inc.

Simon Schilder said: “The IPO of Pacific Special Acquisition Corp on NASDAQ is the latest of a number of SPAC IPOs which we as a firm have advised upon on either side of the Atlantic in recent years.

"We continue to see a strong pipeline of SPAC IPO instructions and, with a number of our SPAC clients now actively looking to implement their business combination transactions, this underscores the return in popularity of the use of SPACs in the private equity sector."

The Pacific IPO is the third successful SPAC IPO that Ogier in the BVI has acted on this year and overall is the office’s fifth public equity listing, as issuer counsel, in the BVI in the last 12 months.