During 2020 and continuing in 2021, the growth in the importance of SPACs in capital markets has been extraordinary. Cadwalader has played a significant role in the increasing size and sophistication of this market. First, the firm has represented numerous SPACs in their initial public offerings, most notably advising Pershing Square Tontine Holdings, Ltd. in its $4 billion IPO, the largest-ever IPO by a SPAC, and Thoma Bravo in the $1 billion IPO of its SPAC, Thoma Bravo Advantage. Second, the firm has been a thought leader in developing unprecedented, market-moving SPAC structures for our clients, with two of our partners being recognized as “Dealmakers of the Year” by The American Lawyer for such work. Notably, Cadwalader is the only firm recognized by The American Lawyer for a SPAC IPO in this “year of the SPAC.” We have also advised SPACs, companies and investors on business combinations (or “de-SPACs”) of all sizes and across multiple industries. Finally, by being selective in its choice of SPAC sponsors, we have been able to provide high-level attention to the clients in each SPAC situation. In short, the Cadwalader emphasis on quality not quantity has demonstrably benefitted our clients.