Morning Roundup: December 26, 2023

At the SPAC of Dawn

AlphaTime is the only SPAC with a vote scheduled for the day after Christmas, that being an extension vote, and the final week of the year is currently looking lighter in expected actions.

But, the final days of the year tend to bring the unexpected and the eve of the holiday weekend did just that last week. Going into last Friday, SPACs had only announced four new business combinations, the lowest-volume month since April 2020.

Naturally, the month’s count then more than doubled on Friday with five new deals announced just before the break. For now, Friday, December 29 has the most SPAC business on the docket with  eight votes, but Wednesday also has two completion votes and five extensions. However, additional teams may opt to stretch things into the final two trading days of the year.

Deals and Funding

• BurTech Acquisition Corp. (NASDAQ:BRKH) has entered into a definitive agreement to combine with AI-enabled edge computing firm Blaize at an enterprise value of $894 million.
• Digital World (NASDAQ:DWAC), as a part of its efforts to terminate previous PIPE commitments for its combination with Trump Media & Technology Group, noted in an 8-K that it has considered gathering up to $50 million in convertible notes that would convert to units at an $8 price, each containing a share and a 1/2 warrant.

News and Rumors

• PR: Cepton (NASDAQ:CPTN) has received a non-binding offer from existing investor Koito Manufacturing to acquire the remaining shares that it does not own. Cepton combined with Growth Capital in February 2022.
• PR: Forbion European‘s biotech target enGene (NASDAQ:ENGN) secured a $50 million debt facility with Hercules Capital (NYSE:HTGC) two months out from the close of its SPAC deal.
• Compliance Week: Brooge Energy (NASDAQ:BROG), which combined with Twelve Seas in 2019, was fined $5 million by the SEC for having misstated “between 30 and 80 percent of its revenues from 2018 through early 2021 in SEC filings” ahead of a secondary offering that raised $500 million.

Liquidations and Reversals

• Alpha Partners Technology Merger Corp. (NASDAQ:APTM) has decided to reverse its December 11 decision to liquidate as it has been approached by multiple parties interested in buying out its sponsor economics and completing a transaction.

• Fusion Acquisition Corp. II (NYSE:FSNB) has determined to redeem all of its outstanding shares of Class A common stock, effective as of December 28. As of the close of business, the shares will be deemed cancelled and will represent only the rights to receive the per-share redemption price of approximately $10.67.

Scheduling Notes