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NEW YORK, Feb. 17, 2021 /PRNewswire/ Tishman Speyer Innovation Corp. II (the Company ), a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, announced that on February 17, 2021 it closed its upsized initial public offering of 30,000,000 units at $10.00 per unit, for aggregate gross proceeds of $300 million. Each unit consists of one share of common stock and one-fifth of one redeemable warrant.
The Company s units are listed and trade on the Nasdaq Capital Market under the symbol TSIBU . BofA Securities and Allen & Company LLC acted as joint book-running managers for the offering.
/PRNewswire/ Tishman Speyer Innovation Corp. II (the "Company"), a blank check company whose business purpose is to effect a merger, capital stock exchange,.
SPACs are one of Wall Street’s biggest hits in recent years and have become a popular way for companies to go public. The vehicles raised more than $82 billion last year, according to Dealogic, accounting for half of U.S. initial public offerings. At least 66 SPACs have been launched this month.
“SPACs give the average guy a chance to be a venture-capital investor,” said a SPAC investor who requested anonymity. “The way I see it, there’s no risk and a chance to invest in a really good management team.”
SPACs are publicly traded shell companies that exist to buy private enterprises within two years or investors get their money back. The companies often are led by bold-faced names in the business world. At a time when seemingly anyone can sell a SPAC, the most successful operators are distinguishing themselves by doing it a second time or a lot more.
Tishman Speyer is one of the country’s biggest commercial landlords, with 78 million square feet of real estate. The company raised $300 million in October for its debut SPAC.
“We’ve been an industry that’s been technology-resistant for decades,” Tishman Speyer president and CEO Rob Speyer told
The Real Deal on Monday. “Our customers are demanding more and better.”
On Monday, its first SPAC, TS Innovation Acquisitions Corp., said it would merge with Latch to take the smart-lock maker public in a deal valued at $1.56 billion. That deal will give Latch $510 million in cash, including $190 million from new investors including Chamath Palihapitiya, BlackRock, D1 Capital Partners and Fidelity.