Top 3 SPAC Targets – Singapore
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among Singapore-based companies. We look at why they are compelling and why each could be a fit for a blank-check merger. ...READ MORE
Software Acquisition Group III (SWAG) Adds $60M PIPE to Nogin Deal
Software Acquisition Group III (NASDAQ:SWAG) has added $60 million in convertible note financing to its combination with cloud software firm Nogin, which will cover the transaction’s $50 million minimum cash condition. ...READ MORE
Oaktree II (OACB) Adds Backstops of Up to $250M to Alvotech Deal
Oaktree Acquisition Corp. II (NYSE:OACB) has added up to $250 million to its combination with biosimilar drugmaker Alvotech through two facilities to replace potential redemptions.
The backstops are made up of an $150 million standby equity purchase agreement (SEPA) from YA II PN, an affiliate of Oaktree II’s sponsor, and a binding term sheet providing $75 million to $125 million in debt from Sculptor Capital Management. ...READ MORE
Dune Acquisition Corporation (DUNE) Files Lawsuit Against Its Target, TradeZero
Dune (NASDAQ:DUNE) announced this morning that it has filed a lawsuit in Delaware court alleging that its combination target TradeZero “fraudulently induced” it into entering the merger and has “materially breached” that agreement, causing “irreparable injury” to Dune. ...READ MORE
Top 3 SPAC Targets – Recession-Proof Companies
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among companies set to see increased demand among companies that could prove resilient of even benefit should the US tip into recession. ...READ MORE
Spring Valley Acquisition Corp. (SV) Adds $15M PIPE to NuScale Deal
Spring Valley (NASDAQ:SV) has added $15 million to the PIPE for its combination with nuclear power company NuScale, bringing the deal’s total PIPE proceeds to $236 million.
The transaction’s PIPE now exceeds Spring Valley’s $232 million trust and the parties had already secured the deal’s $200 million minimum cash condition with previous PIPE additions. ...READ MORE
MDH Acquisition Corp. (MDH) Terminates Olive.com Deal
MDH Acquisition Corp. (NYSE:MDH) has mutually terminated its combination agreement with digital auto insurance provider Olive.com.
The press release did not include a reasoning for the breakup, but like many deals in the first half of 2022, the general malaise in the current market was the likely culprit. ...READ MORE
Virgin Group II (VGII) Adds $50M Backstop to Grove Collective Deal
Virgin Group II (NYSE:VGII) announced it has added a $50 million backstop to its combination with sustainable home goods-maker Grove Collective.
Grove has also agreed to waive its minimum cash condition in exchange for the new agreements and Virgin Group II’s promote shares are no longer to be subject to earn-out terms. ...READ MORE
Top 3 SPAC Targets – Agriculture Amid Food Crisis
SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among companies set to see increased demand among companies that could see high demand in a time of rising food prices and scarcity. ...READ MORE
OnlyFans Reportedly Trying to Get into Bed With SPACs
Social content platform OnlyFans has reportedly engaged in talks with multiple SPACs, but has so far failed to seal the deal, according to a report in Axios.
The influencer platform, which is known primarily for hosting explicit sexual content, projected it could swell its income to $1.2 billion in 2021 and $2.5 billion in a March 2021 pitch deck reportedly obtained by the news service. ...READ MORE