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Morning Roundup: January 5, 2024


Morning Roundup: January 5, 2024

At the SPAC of Dawn

Today could see news of the first 2024 completion votes, as Revelstone (NASDAQ:RCAC) hosts its previously adjourned meeting and Pono Capital Three (NASDAQ:PTHR) could provide an update on its vote to complete yesterday.

This would end a week in which the SPAC market was getting in its stretches and regaining its post-holiday form during a relatively quiet week before 2024 week begins anew. The next 10 trading days will host an average of 7.1 completion votes, extension votes or automatic extension decisions per day and February is shaping up to be no lighter.

News and Rumors

  • Bloomberg: Vivek Ramaswamy sold about $33 million worth of shares in his biotech company Roivant Sciences Ltd. (NASDAQ:ROIV), continuing to largely fund his presidential campaign with his own money. Roivant was founded in 2014 and went public in 2021 after merging with Montes Archimedes.
  • PR: ICR, which serves many SPACS as an advisor and communication consultant, released its own data on the state of the SPAC market and its 2024 outlook.

Scheduling Notes

  • Hennessy VI (NASDAQ:HCVI) announced the postponement of its meeting from 3 pm ET, January 8 to 3 pm ET on January 10.

Non-Redemption Agreements

  • bleuacacia (NASDAQ:BLEU) has signed a non-redemption agreement with an investor covering 150,000 shares in exchange for 45,000 promote shares given over as an incentive. The SPAC has now racked up 534,929 shares covered by such agreements in exchange for 160,479 in incentive shares.
  • Future Health ESG (NASDAQ:FHLT) secured a non-redemption agreement covering 800,000 shares through an extension moving its transaction deadline up to December 31, 2024, but 655,090 other shares were redeemed in connection with the vote, leaving it with about $10 million in trust.