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Morning Roundup: December 29, 2023


Morning Roundup: December 29, 2023

At the SPAC of Dawn

Christmas is for closers only in 2023, apparently, as the month has featured the most SPAC deals closed all year with 14.

In fact, this is the highest monthly total in two years since the doozy in December 2021 during which 24 deals were closed. This year’s tally could in theory still expand, however.

Nine more SPAC deals have secured shareholder approval but have not yet closed and many of them have not given any indication as to their timeline.

News and Rumors

  • PR: Velo3D (NYSE:VLD) raised $18 million from the sale of 36,000,000 shares at $0.50 per share and warrants to purchase 36,000,000 more at an exercise price of $0.565. The company last closed at $0.63, but has dropped -23% on market open two years after closing its combination with JAWS Spitfire.

  • PR: Sizzle Acquisition Corp. (Nasdaq: SZZL) announced that the SEC has declared effective the Registration Statement on Form F-4 filed by Critical Metals Corp.

  • Business NC: Kinston-based charter-flight operator flyExclusive (NYSE:FLYX) started trading on the NYSE yesterday, opening at $11.98, but dipped 40% on its first day, closing at $6.85 per share. Shares traded as low as $3.71 earlier in the day. The company completed its combination with EG Acquisition Corp.on December 27.

  • Innovation Village: Electric scooter company Bird (NYSE:BRDS), previously assessed at a value of $2.5 billion by investors, has declared Chapter 11 bankruptcy. Bird completed its combination with Switchback II in November 2021.

Non-Redemption Agreements

  • Innovative International Acquisition Corp. (NASDAQ:IOAC) entered into a non-redemption agreement with the Meteora group pursuant to which the investors agreed to reverse the redemption of 150,000 Class A ordinary shares of IOAC. Additionally, the SPAC, Cantor and J.V.B., in consideration of redemption levels by shareholders, entered into a fee modification agreement. IOAC also entered into a securities purchase agreement, and Zoomcar entered into a capital markets advisory agreement with Roth Capital Partners.
  • Bleuacacia ltd (NASDAQ:BLEU) and its sponsor entered into non-redemption agreements with three unaffiliated third parties, pursuant to which such third parties agreed not to redeem an aggregate of 384,929 Class A ordinary shares. In exchange, the sponsor agreed to transfer an aggregate of 115,479 Class B ordinary shares to such third parties immediately following consummation of a business combination.