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Morning Roundup: November 27, 2023

SPAC-morning-roundup

Morning Roundup: November 27, 2023

At the SPAC of Dawn

After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year.

Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be a record. Cyber Monday is meanwhile expected to top this with $12 billion in sales.

That’s cheerful news for the 19 ecommerce companies that have completed SPAC deals since 2016, many of which could use it after several quarters of skeptical trading on non-essential consumer brands amid inflation worries.


News and Rumors

  • Bloomberg: Signa Prime Selection AG joined its sister company in filing for insolvency Friday. Signa’s (NYSE:SSU) online sports retail unit, which was listed in 2021 via a $3.2 billion deal with Yucaipa, filed for insolvency last month after Benko’s Signa Holding withdrew a financing commitment.
  • SpaceNews: Astra (NASDAQ:ASTR) secured $2.7 million in bridge financing as a part of a debt restructuring and warrant sale that is designed to tide the company over to a larger take-private transaction. It went public in a merger with Holicity in July 2021, but now may be bought again by its founders, who have offered $1.50 per share.

International SPAC News

  • TCT Magazine: Frankfurt-listed SPAC SMG Technology Acceleration SE (F:7GG) has signed a non-binding letter of intent to combine with additive manufacturing firm BigRep following its acquisition of peer HAGE3D.

Non-Redemption Agreements

  • Coliseum Acquisition Corp. (NASDAQ:MITA) entered into non-redemption agreements with certain existing shareholders and other unaffiliated investors with respect to an aggregate of 2,045,000 Class A ordinary shares. In exchange for these commitments, the insider has agreed to forfeit 460,000 founder shares in consideration of the first extension, and if applicable, an aggregate of 153,375 shares in consideration for the second extension.

Terminations

  • Rose Hill (NASDAQ:ROSE) has mutually terminated its business combination with Inversiones e Inmobilaria GHC Ltd, effective as of November 22. If the SPAC determines that it is unable to complete a business combination prior to January 18, 2024, it will liquidate.

Liquidations

  • Crescera Capital (NASDAQ:CREEF) has decided to dissolve and liquidate its trust. As a result, it will redeem all of the outstanding Class A ordinary shares at an estimated per-share redemption price of approximately $10.96. As of the close of business on December 6, the shares will be deemed cancelled.
  • Beard Energy Transition (NYSE:BRD) has mutually terminated its combination with Suntuity and will liquidate on or about December 12. Its redemption rate is expected to be $10.74 per share.