Space4, a Special Purpose Acquisition Company promoted by Space Holding srl, announced yesterday that it has raised 500 million euros from Italian and international investors, reaching the maximum target allowed by its offering document, targeting a minimum of 350-400 million euros. The Spac will list at the Italian Stock Exchange on the Miv segment next Thursday Dec 21st (see here the press release and a previous post by BeBeez).
Space4 is the fourth Spac promoted by Space Holding srl, whose founders are Sergio Erede, Gianni Mion, Roberto Italia, Carlo Pagliani and Edoardo Subert. Space4’s Board of directors will be composed by Mr. Italia, Mr. Pagliani, Mr. Subert and three independent directos: Francesco Caio, Francesca Prandstraller and Margherita Zambon.
More in detail, 50 million ordinary shares have been issued at a price of 10 euros each. Four warrants every 10 ordinary shares have been assigned so a total of 20 million warrants ahave been issued. Ten of them are going to be negotiated starting next Thurdays Dec 21st too as well as Space4 shares, while the other 10 million market warrants are going to be negotiated when a business combination is finalized.
Space Holding subscribed special shares, which are not going to be listed, at the same price of 10 euros per share. So that Space Holding will own a total of 1.25 million special shares for a total value of 12.5 million euros. To those special shares, sponsor warrants are assigned which entitle their owners to subscribe Space4’s ordinary shares in a ratio of 2 sponsor for each special share for a total of 2.5 special warrants.
Goldman Sachs International and Intermonte are joint global coordinators and joint bookrunners. Intermonte act as sponsor too. BonelliErede is Space4’s legal advisor, while Clifford Chance is the joint global coordinators’ legal advisor.
In 2013 Space Holding promoted Space spa, the first Italian law Spac to be listed on the Miv segment of the Italian Stock Exchange. Space made a business combination with Fila (see here a previous post by BeBeez), a world leader in prodcution and distribution of drawing and painting materials. In 2015 Space Holding pronoted Space2, listed on the Miv too, which announced a business combination last April with Avio (see here a previous post by BeBeez), an international leader in making propulsion systems for space satellite launchers. Space 2 had been previously spun off giving birth to Space 3 (see here a previous post by BeBeez), which announced a business combination with Aquafil, a leading producer of synthetic fibres which has listed on the Italian Stock Exchange at the Star segment at the beginning of December (see here a previous post by BeBeez).
