Vukota Capital Management LLP formation of VM Hotel special purpose acquisition corporation

Industry: Financial Services - Venture capital & private equity

Vukota Capital Management LLP (“Vukota”) formed a VM Hotel special purpose acquisition corporation, a SPAC incorporated under the laws of the B.C. for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization or any other similar business combination within a specified period of time.

VM Hotel Acquisition Corp. (“VM Hotel”) also announced a proposed initial public offering (the “Offering”) of US$100 million of Class A Restricted Voting units (“Class A Restricted Voting Units”). The proceeds from the distribution of the Class A Restricted Voting Units will be deposited into an escrow account and will only be released upon certain prescribed conditions.

This is the first hospitality SPAC in Canada. Work began in 2020, and initial prospectuses were filed on Jan. 25, 2021. The deal was closed on Mar. 1, 2021.

Goodmans LLP acted for Vukota in connection with the formation of the VM Hotel SPAC and in connection with VM Hotel’s preliminary prospectus with the securities regulatory authorities in all provinces and territories of Canada, except Quebec, with respect to its proposed initial public offering with a team led by
Stephen Pincus,
and which included
David Coll-Black,
Randy McAuley,
Steve Inglis,
Jon Northup,
Michael Royal.

Blake, Cassels & Graydon LLP acted as counsel to the underwriter with a team led by
Jeff Glass,
and which included
Norbert Knutel,
Liz Litwack-Landsberg,
Laura Robinson (securities),
Peter Lee (tax).

Lawyer(s)

David Coll-Black Stephen N. Pincus Jon Northup Michael Royal Jeff Glass Norbert Knutel Peter Lee