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Morning SPAC News Roundup: February 14, 2024

SPAC-morning-roundup

Morning SPAC News Roundup: February 14, 2024

At the SPAC of Dawn

Yesterday, SPACInsider dove into some of the internal drama that now appears to be hampering Digital World‘s (NASDAQ:DWAC) ability to close its combination with Trump Media & Technology Group (TMTG).

Among the difficulties the SPAC was facing was in keeping up with the ballooning expenses it has accrued in two and a half years of trying to get the deal done. The added wrinkle was that most recently the majority owner of its sponsor, Patrick Orlando, has been refusing to issue new working capital loans from the sponsor to the SPAC to keep the lights on.

Well, today, Digital World announced in an 8-K this morning that it has been able to issue $770,000-worth of six promissory notes to accredited investors. Not all got the same deal, with two notes totaling $150,000 bearing a conversion price of $8, while the rest convert at $10. But, a little favoritism is part of the spirit of Valentine’s Day.

Don’t forget to join in our latest Let’s Settle This poll predicting which underwriter will price the most SPAC IPOs in 2024. Record your prediction HERE.


Deals and Funding

  • ARYA IV (NASDAQ:ARYD) has entered into a definitive agreement to combine with Adagio Medical at an enterprise value of $113 million. ARYA IV and its sponsor affiliates are expected to take a majority stake in the company and provide $20 million in convertible debt to Adagio and $22 million in equity investments including a backstop.

News and Rumors

  • JD Supra: Commercial bankruptcy filings increased by 19% in the US in 2023 with 25,627 in total according to Epiq AACER.
  • SpaceNews: Intuitive Machines (NASDAQ:LUNR) has cleared its lunar lander for its first launch at today with additional launch windows on February 15 and February 16.

Votes

  • OceanTech I (NASDAQ:OTEC) shareholders approved its combination with Regentis Biomaterials at its February 9 special meeting, but additional redemptions brought its final rate to 99.9%, leaving just 12,403 shares remaining. This is the smallest remaining share total ever recorded by SPACInsider, beating out Bison, which was left with 13,811 when it closed its deal in 2019.
  • Andretti (NYSE:WNNR) secured shareholder approval for its combination with Zapata AI and finished with 99% redemptions that left 225,438 shares remaining.

Scheduling Notes