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Morning Roundup: December 18, 2023

SPAC-morning-roundup

Morning Roundup: December 18, 2023

At the SPAC of Dawn

The annual flurry of SPAC activity to complete deals or make extension/liquidation decisions has been in full swing so far in December. But, the one activity missing in action somewhat has been deal announcements themselves.

2023 has seen 131 deals announced but more SPACs than that – 137 – are still looking for a target. The back end of the year has seen a slowdown in fresh transactions. After 12 deals were announced in October, just eight hit the presses in November and December is trending for a smaller number with four so far and nine trading days to go.

It does not appear that SPACs are about to go on a last-minute shopping spree, but there are some sounds of dealmaking in the distance (below). For anyone in SPACland working with multiple SPACs, however, the focus going into the week appears to still be on those year-end decisions for those already listed or with deals in hand.

Today alone is set to feature five completion votes, four of which were originally scheduled for earlier in the month but have been adjourned or postponed.


Deals and Funding


News and Rumors

  • Bloomberg: Slam Corp (NASDAQ:SLAM) has reportedly signed a letter of intent to to combine with telecom Lynk Global at a valuation of $800 million or more. Slam has about $258 million in its current trust after having seen 55.9% shares redeemed thus far.
  • PYMNTS: OpenDoor (NASDAQ:OPEN) co-founder and former CEO will leave his remaining roles as president of marketplace and Board member effective January 1. The digital real estate marketplace went public with Social Capital II in December 2020.

Scheduling Notes

  • Zalatoris (NYSE:TCOA) announced in an 8-K filing that it will postpone its December 18 extension vote to 10 am ET, December 29. It has a pending $220 million combination with AnyTech365 and J. Streicher. Shareholders have until 5 pm ET, December 28 to make final redemption decisions.
  • BYTE (NASDAQ:BYTS) adjourned its December 15 vote to approve its combination with Airship AI and will reconvene it at 4:30 pm ET December 18. The redemption deadline has also been extended to 4 pm ET that day.
  • Roth CH (NASDAQ:USCT) adjourned its Friday vote to reduce its monthly extension contributions from $60,000 per month to the lesser of $30,000 or $0.02 per share. The SPAC, known as TKB 1 before a sponsor takeover, has about $22.5 million in its trust after seeing 90.8% of shares redeemed in earlier votes.

Liquidations

  • OPY Acquisition Corp I (NASDAQ:OHAA) has decided to liquidate its trust before the end of the year with its final trading day set for December 27. The SPAC had a redemption rate of $10.48 as of its last vote in October.