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After the Closing Bell: New 1/2 Warrant SPAC, TOTA, TIBR


After the Closing Bell: New 1/2 Warrant SPAC, TOTA, TIBR

Mar 17, 2020 INTEL by Kristi Marvin


Tonight’s notable news below.


In “Wow! They’re filing now??” news, Sustainable Opportunities Acquisitions Corp. (SOAC.U), a $300 million SPAC focused on the sustainability sector, filed to IPO.  Keep in mind that Social Capital Hedosophia, which arguably had one of the most successful SPACs, has delayed the pricing of it’s follow-up IPOs (IPOB.U and IPOC.U).  And yet, we’re still seeing SPACs get filed in the midst of an unprecedented global shutdown thanks to the Coronavirus.

Nonetheless, SOAC.U is a 24 months, 100% in trust, 1/2 warrant SPAC being underwritten by Citigroup. 1/4 warrant deals have been getting all the headlines lately, but it’s not altogether unsurprising to see a 1/2 warrant SPAC get filed right now.

This SPAC will be led by Scott Leonard, as CEO and Director, and Scott Honour, as Chairman. Interestingly, Mr. Honour, who is a Managing Partner of Northern Pacific Group (“NPG”), the private equity firm, also has 10 years of experience working for The Gores Group, of Gores SPACs fame.

Check back tomorrow for more info after I give the prospectus a thorough read.


Tottenham Acquisition I Limited (TOTA), filed a proxy this evening to extend their completion deadline six months from May 6, 2020 to November 6, 2020.  Considering the current market conditions and the questionable timeline as to when the coronavirus quarantines will end, asking for a six month extension seems smart.  TOTA will be contributing $0.10 to trust for non-redeeming shareholders for two 3-month extensions.  That means, if TOTA needs to use all six months, they will be contributing an additional $0.20 to trust.

The vote date has been set for April 9, 2020, with a record date of March 6, 2020.  The redemption deadline is April 7th.


Tiberius Acquisition Corp. (TIBR), announced earlier today that it has consummated it’s business combination with International General Insurance Holdings Limited (“IGI”).  The business combination was previously approved by Tiberius stockholders at a Special Meeting of Stockholders on Friday, March 13, in what was quite possibly one of the most difficult weeks for the capital markets, ever.

The newly combined company will be renamed IGI Holdings Ltd., and the shares and warrants will commence trading on the Nasdaq Capital Market tomorrow morning under the symbols “IGIC” and “IGICW”, respectively.

The Tiberius extension vote, that was scheduled for March 19th, is now cancelled.