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  "docSlug": "55e814900437c817",
  "documentTitle": "Merging with SPAC",
  "authorId": "PwC",
  "authorName": "Mayer Brown, PwC",
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  "notes": "The slide uses a callout/zoom-in visual to decompose the 'Specified Industry' segment of SPAC IPOs.",
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        "x": 0.035,
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      "kind": "callout",
      "text": "While some SPACs choose to be \"generalists\", most SPACs tend to focus on specific industries or geographic regions that highlight the specialized experience of founders and management teams",
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      "kind": "callout",
      "text": "SPACs typically do not engage with Target companies prior to their SPAC IPO as doing so could require additional disclosures of the Target company (e.g. financials)",
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      "kind": "chart",
      "text": "SPAC IPOs from 2012 to May 2021 YTD",
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      "text": "SPAC industry focus: 67.1%",
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      "kind": "paragraph",
      "text": "The investment thesis helps focus a SPAC's identification of a Target company and complete a merger.",
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      "kind": "source-note",
      "text": "Source: Dealogic as of 5/14/21. Excludes non-US offerings, non-SEC registrants, SPVs, closed-end funds, offerings less than $25 million, and offerings that took place on OTC or pink sheet exchanges. All dual listed POs include the US portion only for deal value.",
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      "kind": "title",
      "text": "SPAC investment thesis",
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      "evidence": "Pie + drill-down donut visually zooms from segment to detail.",
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