WHAT ABOUT A QUASI-FUNDED SEARCH?
Probably a more appropriate name for it, but have any searchers pursued what I’ll term a “quasi-funded search,” e.g. funding your search via non-institutional investors who do not plan to participate in the acquisition capital raise? In this case the search capital would convert into the deal based on acquisition capital terms at a stepped up basis. The main potential benefit would be that the searcher could potentially negotiate more attractive terms on the acquisition capital with investors who did not fund the search.