Morning Roundup: December 15, 2023

At the SPAC of Dawn

One of the low-flying themes of 2023 became the prevalence of the adjournment and postponement. With redemptions high and risk appetites low, every vote has been a bit of a struggle for SPAC teams this year.

But, for those hoping to hold on until a rosier environment to put proposals to their shareholders, December has turned out to be a good bet. Concrete signals of rate cuts have finally arrived and S&P 500 futures are approaching record levels. That’s good news for the 32 SPACs with votes still on the calendar for the last two weeks of the year.

All things ebb and flow, but three SPACs – Target Global I (NASDAQ:TGAA), Nubia Brand (NASDAQ:NUBI) and Atlantic Coastal II (NASDAQA:ACAB) – get to enjoy an optimistic day for their extension votes today while BYTE (NASDAQ:BYTS) hopes this macro sentiment will send it on its way as it holds a vote to complete its combination with Airship AI later today. It spent all of the month leading into its redemption deadline trading above its $10.70 redemption rate.

News and Rumors

• PR: Utility-scale battery maker Eos Energy (NASDAQ:EOSE) raised $50 million in a public offering of 34,482,759 shares and warrants at $1.45 per pair. The warrants may be exercised at $1.60 per share. Eos complated a combination with B. Riley Principal II in 2020.
• Just The News: Pennsylvania Republican Rep. Dan Meuser on Thursday urged the SEC to quickly consider the long-pending Trump Media & Technology Group merger with Digital World (NASDAQ:DWAC).

Scheduling Notes