Cowen

Cowen appears on the underwriting syndicate of 29 special purpose acquisition company IPOs in our index, including Chain Bridge I (CBRRF), Arena Fortify Acquisition Corp., DP Cap Acquisition Corp I and DA32 Life Science Tech Acquisition Corp.. The full list, with the role credited on each cover page, is in the mandates table on this page.

Cowen was credited as a book-running manager on 23 of its 29 SPAC mandates, 79% of them. The remainder are co-manager or syndicate positions, where the economics and the sponsor relationship sit elsewhere.

$7.7B of gross proceeds across every offering Cowen was named on. That is the conventional league-table measure, which credits the full deal to each syndicate member. The narrower figure is its own allocation: $4.1B, being the units the underwriting agreements assigned to Cowen specifically, priced at the $10 standard SPAC unit.

Longview Acquisition Corp. II, which raised $690M in Mar 2021. Cowen was credited as a syndicate member on that offering.

20 of the SPACs Cowen underwrote closed a combination: EQRx, Inc., Longview Acquisition Corp. II, Stratim Cloud Acquisition Corp., AdTheorent Holding Company, Inc., Sable Offshore Corp. and P3 Health Partners Inc.. Closing means the vehicle filed a current report reporting completion of the acquisition. That is an outcome, not a return.

1 vehicles Cowen took public are still live, either searching or working towards an announced combination: Chain Bridge I (CBRRF). Their combination deadlines are on each profile.

71.4%. Of the 28 vehicles Cowen underwrote that have already resolved, 20 closed a business combination and 8 liquidated. The market-wide figure is 59.5%, so Cowen sits above it. SPACs still searching are excluded, because an unfinished clock is not a result. The rate measures the vehicles, not the bank: a syndicate has no control over whether a sponsor finds a target.

Measured against the $10.00 the units were sold at, the only baseline every SPAC shares, the strongest of Cowen's closed deals currently is Butterfly Network, Inc. (BFLY) at $7 a share, ahead of NUSCALE POWER Corp and AerSale Corp. Treat that as a snapshot, not a return: it ignores dividends, splits, warrant exercise and anything that happened in between, because historical price series are not part of our data. For a proper total-return comparison use your market-data provider with the post-merger tickers.

Spartan (2 deals), VectoIQ (2 deals), EcoR1 Panacea (2 deals), Longview Investors (2 deals) and Chart (1 deal). Sponsor franchises are resolved from the sponsor entity named in each prospectus, so repeat issuers group together even though every vehicle is a separate legal entity.

Most often Siebert Williams Shank (4), Mitsubishi UFJ (3), Morgan Stanley (3), UBS (3) and Stifel (2). Syndicate composition is read from the prospectus cover and the underwriting section, so these are co-appearances on the same offering, not a commercial relationship we have any other visibility into.

Its first SPAC IPO in our index priced Dec 14, 2012 and the most recent Nov 12, 2021. 1 of its vehicles are still live, so the franchise is active.

2021, with 16 mandates worth $4.6B of gross proceeds. The chart on this page shows the full year-by-year run, which for most houses traces the 2020-21 boom and the retreat that followed.

The average offering it has been named on raised $266M, against a range from $8.1M to $690M. Deal size is a reasonable proxy for where a house sits in the market: the bulge bracket concentrates on larger trusts, the SPAC specialists on smaller ones.

Technology (11), Healthcare (7), Consumer (3), Generalist (3) and Industrials (3). Mandates are read from charter language in the prospectus and are often deliberately broad. Many SPACs reserve the right to pursue any industry, in which case no sector is tagged at all.

NYSE (5), OTC (2) and Nasdaq (2). Listing venue is taken from the exchange record on the registrant's SEC profile.

8. A liquidation means the vehicle reached its combination deadline without closing a deal and returned the trust to public shareholders. That is the mechanism working as designed, not a default. Holders who did not redeem got their pro-rata share of the trust back.

Every figure is read from filings the registrants made with the SEC. Syndicate membership and role come from the prospectus cover and the underwriting section of each IPO prospectus (Form 424B4); outcomes come from the filing record: a current report announcing completion, or a delisting notice ending a liquidation. Nothing here is sourced from press coverage or from Cowen itself.