Afternoon SPAC News Roundup: February 15, 2024

Feb 15, 2024 SPACs in the News by Nicholas Alan Clayton

Integrated Wellness (NYSE:WEL) has signed a letter of intent to combine with Btab Ecommerce Group (OTC:BBTT) at an initial enterprise value of $250 million.
Tevogen Bio (NASDAQ:TVGN), which yesterday closed its combination with Phoenix Biotech (NASDAQ:PBAX), has signed a securities purchase agreement under which the investor will pay $8 million for Series A Preferred stock that is convertible into 2,000,000 shares ($4 per share). The preferred shares carry a 5% annual dividend that increases by 2% each year, but Tevogen may call these shares if its shares trade at a 20-day VWAP above $5.

PR: Montreal-based biotech firm enGene (NASDAQ:ENGN) expects to close an oversubscribed $200 million private placement at $10 per share on February 16. enGene combined with Forbion European in October 2023.
Reuters: Archimedes Tech‘s 2022 de-SPAC SoundHound AI (NASDAQ:SOUN) has surged +70% in morning trading, with over 134 million shares changing hands in the first hour after NVIDIA (NASDAQ:NVDA) disclosed it holds a minority stake in the company.
PR: Gorilla Technology (NASDAQ:GRRR) has raised $10 million from the sale of 10,000 Series B convertible preference shares, each of which is convertible into ordinary shares at $1.10 per share and investors were also issued warrants to purchase up to 8,250,000 shares at an exercise price of $1.50. Gorilla combined with Global SPAC in July 2022.
CNBC: Digital World (NASDAQ:DWAC) shares shot up 15% on news that the SEC has approved the S-4 for its business combination with Trump Media and Technology Group.