Morning Roundup: November 24, 2023


Morning Roundup: November 24, 2023

At the SPAC of Dawn

Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively.

At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green for traders emerging from their feast-induced slumbers.

For the 20 ecommerce companies that have gone public via SPACs since 2016, however, more attention will be on Black Friday sales flow.

Of this group, Nebula Caravel‘s 2021 pet products target Rover (NASDAQ:ROVR) and ticket-seller Vivid Seats (NASDAQ:SEAT), which went public with Horizon, have had the fullest plates thus far this year. Both last closed above $8 and Vivid Seats recently raised its year-end guidance to $136 million to $142 million in adjusted EBITDA.

Rover, meanwhile, has proven to be more profitable than many of its ecommerce pals heading into Black Friday with $17.5 million in adjusted EBITDA in the third quarter of 2022.

News and Rumors

  • PR: Psychedelic drug developer Filament (NEO:FH), which has a pending combination with Jupiter (NASDAQ:JAQC), has signed a non-binding term sheet for $14.4 million in convertible note funding that is expected to close concurrent with the merger.
  • Best Stocks: Baird Medical’s subsidiary, Betters, obtained FDA clearance to market its innovative microwave ablation systems in the United States. This breakthrough comes shortly after Baird Medical’s strategic decision to merge with ExcelFin (NASDAQ:XFIN).

International SPAC News

  • The National News: United Printing and Publishing (ADX:ADC), the UAE-based security systems and sustainable packaging company, is relaunching under the new brand E7 Group. ADC Acquisition completed its deal with UPP earlier this month.

Deal Amendments

  • Banyan Acquisition Corp. (NYSE:BYN), which is combining with Pinstripes, reduced the deal’s equity value to $336.2 million from about $379.4 million. The parties also amended the deal so that a number of shares equal to the number of shares forfeited by the SPAC’s sponsor will be issued to holders of outstanding common stock of Pinstripes. Holders of outstanding common stock of Pinstripes will receive an aggregate of 4,000,000 shares of class B common stock of the post-closing combined company, which will be subject to vesting conditions.