趋势:亚马逊在新的App图标中调整纸板箱磁带后,在某些方面看到希特勒的小胡子
现在,Spacs很热,其中一个原因是他们可以在创始人手中保持更多公平。(geekwire图/ canva图像,adrian825)

几周前,一个长期的Geekwire读者发了一份表达震惊的仓,即Sana Biotechnology联合创始人和首席执行官史蒂夫哈尔只要在IPO完成后拥有公司4.9%。

考虑到西雅图生物科技公司正处于股市首日大卖的风口浪尖上,目前估值超过60亿美元,我回答说,60亿美元中的4.9%对我来说似乎相当不错。毕竟,从一个大馅饼中分一小片通常比从一个小馅饼中分一大块在经济上要好。

这对话开始了一个有趣的是,关于他们在IPO时应该拥有多少创始人,这是一项讨论,这鉴于SPAC现象的讨论变狗万平台得更加有趣,这是通过启动和风险投资群体咆哮的撕裂。

这是因为SPAC——一家特殊目的收购公司——可以加快创始人、早期员工和高管的流动性之路。

Instead of pursuing a later-stage round of funding from venture capitalists or private equity investors — say a Series C or Series D round — a founder can choose to merge with a SPAC, essentially leapfrogging into the public markets earlier than they anticipated.

这种超级收费步伐的一个结果是,创始团队可以进入公开市场,保留更多的股权。这是一个吸引人的诱惑,也是这些所谓的“空头支票”公司在企业家群体中风靡一时的原因之一。

毕竟,那些后期阶段的资金回合经常导致创始团队失去权益。换句话说,他们的馅饼片缩小了。

创始人通常不喜欢这样。因此,当一个SPAC来敲门时,他们可以激励自己更快地跳入公开市场。

Sujal Patel
Veteran Seattle Entrepreneur Sujal Patel通过Spac将他的公司带走。

For example, take Seattle-based Nautilus Biotechnology. Last month, it决定通过spac公开led by Arya Sciences Acquisition Corp III that would ultimately value Nautilus at $900 million.

Founded in 2016 by veteran Seattle entrepreneur Sujal Patel and Stanford University professorParag MallickNautilus最近才开始分享其产品愿景的更多细节。帕特尔曾领导西雅图数据存储公司Isilon Systems进行IPO,后来以22.5亿美元的价格将其出售给EMC,告诉信息(需认购)上周表示,SPAC交易比向风险资本家讨价还价更快、效率更高。

Since the Nautilus deal is still in the works, the ownership structure is unclear. But given the stage of the company and the fact that Nautilus bypassed the later rounds of venture capital, it’s likely that Patel and Mallick are hanging on to a larger ownership slice than if they’d chosen the VC path. Patel declined to comment for this story.

Patel’s SPAC foray is interesting, in light of the last company he guided onto Nasdaq. Like Nautilus, Isilon also went public five years after it was founded. The 2006 Isilon IPO filing listed Patel’s stake at 5.8%. Meanwhile, Isilon’s venture capital backers together owned nearly 80%.

最近的创始人股权优势最近与Luminar Technologies一起出发,该技术在12月份通过Spac公开,现在估价为超过90亿美元。奥斯汀罗素,奥兰多的25岁的创始人兼首席执行官,弗拉。自治车软件制造商,举行了35% stake在股票上市的时候,在股票开始交易的那一天他就成了亿万富翁.

Porch CEO Matt Ehrlichman. (Porch Photo)

你可以在西雅图的一家软件公司ProchGroup看到这个通过SPAC上市在十二月。该9岁的公司现已评估为15.4亿美元,创始人兼首席执行官Matt Ehrlichman的20%股权价值1.38亿美元,如果企业家击中未来的里程碑,则通过赚取额外股份。

Spacs仍然淡化了创始人和首席执行官的所有权利益。例如,Ehrlichman在公司SPAC合并之前拥有43%的Porch集团。

However, the speed at which SPACs happen and when they occur in a company’s life cycle means entrepreneurs can hop into the public markets holding more equity.

例如,看看华盛顿州的创始人和首席执行官们在过去两年中引导公司进行更传统的首次公开募股(ipo)的持股情况。

  • Adaptive Biotechnologies CEO Chad Robins:6.3%在IPO之前的所有权。(产品后5.5%)
  • Accolade CEO Raj Singh:6.4%在IPO之前的所有权。(5.2% after the offering)
  • Athira Pharma co-founder and CEO Leen Kawas:9.3%在首次公开募股之前。(发行后5.8%)
  • Sana Biotechnology co-founder and CEO Steve Harr:5.6%在IPO之前。(发售后4.9%)
  • Silverback Therapeutics首席执行官劳拉·肖弗:3.6%在IPO之前。* (2.5% after the offering)
  • Zoominfo联合创始人兼首席执行官亨利·舒克:22.4%IPO前(发行后为23.2%)。注:合并有表决权股份)

*Note: Shawver was named CEO eight months prior to the IPO. The company’s co-founder Peter Thompson, who previously served as CEO and works as a venture capitalist at Silverback investor OrbiMed Advisors, held a 35% stake.

Russell和Ehrlichman所看到的纸上发薪日类型突出了SPAC对创始人如此有吸引力的原因之一。它们通常速度更快,重量更轻,在某些情况下允许执行团队在股票稀释开始之前更快地获得流动性。

这取决于更大的问题:创始人在IPO或SPAC时持有的适当所有权是什么?

That’s complex, notes Seattle venture capitalist Greg Gottesman.

Gottesman是Pioneer Square Labs和共同创立的流浪者的董事总经理,计划加入公共市场通过一个spac.在线宠物看护业务估值13.5亿美元。

“Your percentage as a founder can vary meaningfully for a number of reasons,” notes Gottesman.

Those factors include:

  • 创始人的数量
  • 公司是否启动或筹集外部资金?
  • 在SPAC或IPO之前,有多少轮外部融资?
  • 公司是否以创业室或加速器的一部分成立?
  • 上市花了多长时间?
  • 董事会是否通过新的期权授予更新了创始人的股权?

在这种疯狂中,戈特斯曼提供了一些令人清醒的建议。

“The other key thing to remember is that an IPO is a financing event, just one with a lot more fanfare,” he said. “It still may take a long time for the CEO or investors to achieve liquidity post-IPO, so focusing on the percentage or value of a founder’s equity stake post-IPO is interesting but may have little to do with ultimate value.”

他指出,亚马逊创始人杰夫·贝佐斯在首次公开募股之后不是世界上最富有的人,指出“他的公平的价值随着时间的推移急剧增加。”

Even still, SPAC mania continues. Just today, GeekWirereported on another SPAC, this one being led by Seattle entrepreneur Mark Vadon, the co-founder of Zulily and Blue Nile. And former Zillow CEO Spencer Rascoff today led a3亿美元SPAC以Supernova Partners收购公司II的名义上市。

SPACinsider追踪去年有248家SPAC,比2019年增长了4倍多。今年,SPAC的狂热正在加速,204家SPAC产生了640亿美元的总收益。(需要我提醒你的是,我们离2021年只有两个月零两天了)。

在一个在纽约时报的故事过去的周末标题为Anyone Who’s Anyone Has a SPAC Right Now,reporter Steven Kurutz noted that Ciara Wilson, Serena Williams, Billy Beane and other celebrities are involved in SPACs, with the subhead of the story noting that the “once obscure financial maneuver becomes a celebrity flex.”

The buzz is indeed growing. A Seattle area investment manager bluntly told me last month: “this SPAC thing is off the charts.” We’ve chatted with startup attorneys and venture capitalists who say they can’t recall a time when things were so busy, in part due to the SPAC boom.

事实上,我为这篇报道联系到的一位企业家和投资者为几天没有回我的邮件道歉。

The reason? He was too busy working on a SPAC.

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