The Latest SPAC News and Rumors: January 17, 2023

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: FTX Japan draws interest from Monex, Caravelle announces preliminary record-breaking financials for 2022, and Melia Hotels and Falcon Beyond open new resort

Monex Indicates Interest in FTX Japan

As FTX battles with its bankruptcy proceedings, one of the four assets it put on sale, FTX Japan, has caught the interest of Tokyo-based financial services company Monex Group.

Even as there is no solid evidence of bidding for FTX Japan, Monex is taking the position to expand its horizon and push to the top of the table. The company has a major stake in the Japanese wallet and exchange service Coincheck. Per its expansion efforts, Monex planned to list the exchange service on Nasdaq. The listing interest came after the crypto company merged with Thunder Bridge Capital Partners IV.

Caravelle International Group Announces Preliminary Record-breaking Financials for 2022 with 64% Revenue Growth and 290% Earnings Growth

Caravelle International Group (NASDAQ:CACO), a global ocean technology company, today announced preliminary unaudited financials for its fiscal year ending October 31, 2022, with revenue of approximately $200 million and earnings of $40 million representing a growth of 64% and 290% respectively over 2021 results. Caravelle benefited from strong fundamentals for the shipping industry in 2022 as shipping rates were attractive and volumes were high.

Caravelle completed its business combination with Pacifico in November 2022.

Meliá Hotels International and Falcon’s Beyond Debut Falcon’s Resort by Melia

Meliá Hotels International (BME: MEL), one of the world’s leading leisure hotel companies operating more than 380 hotels throughout 40 countries, and its joint venture partner Falcon’s Beyond, a global entertainment development company, today announces the opening of Falcon’s Resort by Meliá | All Suites Punta Cana. It is the first resort to open under the new leisure and entertainment-based brand, Falcon’s Resorts by Meliá that offers a unique “resortainment” hospitality experience.

On July 12, 2022, Falcon’s Beyond announced plans to become a publicly listed company on Nasdaq through a definitive merger agreement with FAST Acquisition Corp. II (NYSE: FZT), a special purpose acquisition company founded by Doug Jacob and headed by Sandy Beall.

IPO Bust Sends Big Law Work Plummeting 95% From Record Year

It was a dismal 12 months for US initial public offerings, which raised just more than $18 billion last year, according to data compiled by Bloomberg. That’s down more than 95% from the record $275 billion raised in 2021, propelled by a boom in blank-check companies that have since fallen off the map.

In deal count terms, only two firms, Ellenoff Grossman and Loeb & Loeb, advised on more than 10 underwriter-side IPOs last year. Maples & Calder, which specializes as local Cayman Islands counsel for SPAC IPOs, and Loeb & Loeb were the only two firms to advise on more than 10 issuer-side offerings, according to the Bloomberg data.

Douglas Ellenoff, a partner at Ellenoff Grossman, said despite the turmoil SPACs have proven they’re a “viable, legitimate way of going public.” Still, he acknowledged it was “a rough year” and that SPACs and traditional IPOs alike need to see better trading performance.