STOP THE WAR! Let’s support Ukraine Together

Morning Roundup: December 5, 2023

SPAC-morning-roundup

Morning Roundup: December 5, 2023

At the SPAC of Dawn

With Hanukkah kicking off the winter holiday season at the end of the week, SPACs are tying up a fair amount of loose ends through the next few days.

This week features seven completion votes and nine special meetings for extensions. Monday already saw Dune (NASDAQ:DUNE) secure shareholder approval as the last major hurdle in a long, winding journey. It was joined by Clean Earth (NASDAQ:CLIN) in announcing Meteora Capital’s forward-purchase agreements at the buzzer, but Clean Earth has yet to announce the results of its 10 am vote yesterday.

Today will have a similarly busy docket with 10X Capital II (NASDAQ:VCXA) and 7GC & Co. (NASDAQ:VII) holding votes to complete while Investcorp Europe I (NASDAQ:IVCB), Oxus (NASDAQ:OXUS) and RCF (NYSE:RCFA) each seek shareholder consent to extend deadlines.


News and Rumors

  • Bloomberg: Rigel Resource (NYSE:RRAC) is reportedly in talks to combine with South African firm Blyvooruitzicht Gold Mining at a $425 million valuation.
  • PR: Vietnamese EV maker VinFast (NASDAQ:VFS) has signed a letter of intent to take on a $500 million loan from the US International Development Financial Corporation to build a lithium-ion battery factory in the country about four months after closing its combination with Black Spade.
  • TechCrunch: 23andMe (NASDAQ:ME) announced that a data breach affected far more customers than originally disclosed. In total, about 6.9 million individuals had portions of their DNA information accessed by the hackers, about two and a half years after 23andMe merged with VG.

Liquidations

  • Khosla Ventures (NASDAQ:KVSA) will redeem all of its outstanding shares of Class A common stock, effective as of the close of business on December 11. The per-share redemption price for the public shares will be approximately $10.75.
  • Acropolis Infrastructure (NYSE:ACRO) will liquidate effective December 19 and is expected to return $83.9 million in trust funds to shareholders at approximately $10.49 per share.

Scheduling Notes

  • Jupiter Acquisition Corporation (NASDAQ:JAQC) intends to convene and then adjourn, without conducting any business, its completion vote scheduled to occur on Tuesday, December 5, at 12:00 p.m. ET, until Tuesday, December 12, at 12:00 p.m. ET.