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Morning Roundup: December 12, 2023


Morning Roundup: December 12, 2023

At the SPAC of Dawn

Tuesday is set to bring the last major US inflation readings before Christmas day with core CPI and other related indices being announced at 8:30 at ET. The demand side of the equation is typically hot for November consumer spending, which these numbers will track.

While they could be big for SPACs involved in the consumer sphere, everyone across the SPAC space should be tuning in to try and divine what it means for future interest rates. With time still left in the tax year to make liquidation or extension decisions, the SPAC calendar could see some shifts based on today’s pressers.

News and Rumors

  • Bloomberg: Lucid (NASDAQ:LCID) CFO Sherry House stepped down from the luxury EV maker, marking an abrupt shakeup atop the company. Lucid completed its combination with Churchill Capital Corp. IV in July 2021.

  • Business Wire: Airship AI Holdings has begun delivery on a $10.9 million contract for the Department of Homeland Security providing hardware to support real-time intelligence collection operations at US borders. Airship AI has a pending combination with BYTE (NASDSAQ:BYTS) that has a meeting for SPAC shareholder approval on Friday.

International SPACs

Non-Redemption Agreements

  • Pearl Holdings (NASDAQ:PRLH) and its sponsor entered into non-redemption agreements with certain existing shareholders regarding an aggregate of 1,875,000 of their Class A Ordinary Shares. The company will issue to such shareholders an aggregate of 420,000 additional Class A Ordinary shares. In addition, the sponsor intends to convert an aggregate of 3,000,000 of its Class B ordinary shares into Class A Ordinary Shares.

Scheduling Notes

  • Jupiter Acquisition Corporation (NASDAQ:JAQC) intends to again adjourn its special meeting to approve the Filament Health transaction scheduled for noon ET today and reconvene it at noon ET December 18.
  • On December 11, 7GC & Co. Holdings Inc. (NASDAQ:VII) reconvened and then further adjourned its meeting relating to its proposed business combination with Banzai International. The meeting has been further adjourned until 1 pm ET today.
  •  Nubia (NASDAQ:NUBI) has determined to postpone its meeting until 9 am ET, December 14 at to allow the SPAC and its target Honeycomb additional time to satisfy certain of the conditions to the closing of the combination.