{
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  "docSlug": "55e814900437c817",
  "documentTitle": "Merging with SPAC",
  "authorId": "PwC",
  "authorName": "Mayer Brown, PwC",
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  "slideType": "roadmap",
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  "notes": "The slide outlines a standard SPAC transaction timeline, comparing it to an IPO process.",
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      "text": "The process from announcement of a definitive agreement (and proxy/S-4 filing) to close may take between two and five months (not all that different from an IPO process).",
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      "text": "Step 1: Identifying a partner; Step 2: Preparation; Step 3: Signing and Announcement; Step 4: SEC review & marketing; Step 5: Closing process",
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      "kind": "list",
      "text": "Negotiate and sign Letter of Intent; Draft business combination agreement; Develop investor outreach plan; Wall cross investors; Initiate private investment in public equity (\"PIPE\") process (if applicable); Begin proxy/S-4 preparation",
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      "text": "File proxy statement/ S-4 with audited financials; Receive and respond to comments from SEC; Continue investor outreach; Hold analyst day; Set shareholder record and stockholder meeting date; Mail final proxy (3-4 weeks prior to vote)",
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      "kind": "list",
      "text": "Target prepares marketing materials; Target may engage in auction process using a \"teaser\"; NDA executed; Marketing materials and management presentations made; Potential SPAC partners submit indications of interest",
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      "text": "Execute business combination agreement; Execute PIPE subscription agreements; Announce transaction; Conduct announcement conference call and investor meetings",
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      "kind": "list",
      "text": "Conduct roadshow; Regular calls with banks and advisors to track large shareholders; Tabulate redemption requests (two days prior to vote); Hold vote; Close business combination; Close PIPE",
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      "text": "The process from announcement of a definitive agreement (and proxy/S-4 filing) to close may take between two and five months (not all that different from an IPO process)",
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      "evidence": "Process broken into 5 named phases.",
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      "evidence": "Each phase column uses identical bullet structure.",
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      "evidence": "Five-step chevron labeled Step 1-5 of SPAC merger transaction.",
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