SPAC IPO FILING: Sidhu Special Purpose Capital Corp. (SOV)

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After today’s close, we have yet another special purpose acquisition company, or SPAC, that has filed to come public.  Sidhu Special Purpose Capital Corp. filed for an initial public offering for $150 million in units.  Each unit will consist of one share of common stock and one warrant with a $7.00 strike price.  Sidhu will list on AMEX, although no ticker was designated.  Bear Stearns is listed as the sole underwriter.

WNH Holdings, LLC, is the sponsor company, and that is controlled by its chairman and chief executive officer, Jay S. Sidhu, who served as chief executive officer of Sovereign Bancorp, Inc. (NYSE: SOV) from 1989 to 2006.

While the company claims it will not be focused only in one sector, it will initially focus its efforts on identifying, performing due diligence on, and effecting a business combination with one or more businesses which operate in the depository institutions sector and other businesses which operate in the broader financial services industry.  The pool here looks rather large to choose from, as the filing noted that there are more than 6,100 privately held banks and thrifts in the U.S. and almost 1,400 publicly traded banks and thrifts.

Jon C. Ogg
March 3, 2008