Morning Roundup: January 3, 2024


Morning Roundup: January 3, 2024

At the SPAC of Dawn

Investors are about to get a pair of indicators today on the health of the US housing market heading into the new year with both the Mortgage Market and Mortgage Refinance indices announcing this morning.

Homebuilding has been a relatively niche sector for SPACs, but those that have dabbled in the space have generally come out better for it. LF Capital and DiamondHead inked combinations with traditional single-family home builders Landsea Homes (NASDAQ:LSEA) and United Homes (NASDAQ:UHG) in 2021 and 2023, respectively.

Those companies have weathered the market’s recent storms better than average and last closed at $13.14 and $8.83.

Demand for newly built homes could have downstream effects for pending deals as well, such as PHP Ventures‘ (NASDAQ:PPHP) combination with construction firm Modulex and Zalatoris II‘s (NASDAQ:ZLS) with building materials manufacturer Eco Modular.

News and Rumors

  • Law360: AST SpaceMobile (NASDAQ:ASTS) investors have filed a Delaware suit against the company and its SPAC partner New Providence, which took satellite broadband company public in April 2021, alleging disclosure lapses.
  • PR: Horizon Aircraft announced it expects to close its combination with Pono Three (NASDAQ:PTHR) by the end of the month and has nominated its Board for the post-merger entity. It will be chaired by existing founder and CEO Brandon Robinson and be joined by Pono Three Board member Trisha Nomura.
  • Maeil Business News Korea: SPACs may join a early 2024 rush of nine IPOs slated for the South Korean exchanges.
  • The National: Abu Dhabi’s International Holding Company, which sponsored the UAE’s first SPAC transaction in 2023, has raised a new $27.2 billion fund called 2PointZero, which will have the group’s SPAC initiatives under its umbrella.

Non-Redemption Agreements

  • Global Partner (NASDAQ:GPAC) signaled its intent to sign non-redemption agreements in an 8-K as it approaches a January 9 extension vote.