Ogier BVI has advised on the IPO of Global Cornerstone Holdings Limited, a special purpose acquisition company (“SPAC”) on the Over-the-Counter Bulletin Board (“OTCBB”)

This IPO is significant as it is one of the first offshore domiciled SPACs to IPO using the new “SPAC” structure which eliminates the shareholder vote requirement for the eventual business combination, by alternatively offering shareholders the opportunity to redeem on consummation of the business combination through a tender offer under Regulation 14E and Rule 13c-4 of the US Exchange Act.

The Ogier team was led by Corporate Partner Simon Schilder and Senior Associate Marie-Claire Fudge and worked with Ellenoff Grossman & Schole LLP, as the issuer's counsel on the IPO.  Akin Gump Strauss Hauer & Feld LLP advised the underwriters (Citi, Deutsche Bank and Ladenburg Thalmann & Co Inc).