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
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 (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. (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 (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
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
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
Poema Global (NASDAQ:PPGH) announced this morning that it expects to close its combination with two-wheeled EV battery charging network Gogoro on April 1, following a shareholder vote at 9:30 am ET tomorrow. ...READ MORE
Spring Valley (NASDAQ:SV) has added $10 million to its PIPE from investment firm SailingStone Capital Partners at $10 per share for its combination with small-scale nuclear fission reactor-maker Nuscale.
This amount brings its total PIPE proceeds to $221, which is more than enough to fulfill the deal’s $200 million minimum cash condition, adding to Spring Valley’s roughly $232 million in trust before redemptions. ...READ MORE
FirstMark Horizon (NASDAQ:AMAO) announced this morning that it is working to close its combination with internet service provider Starry, but has made significant changes to the deal.
Shareholders voted to approve the transaction two weeks ago on March 16, but most likely redemptions and a decision that the post-transaction company would hold certain levels of debt prompted a re-negotiation with PIPE investors. ...READ MORE
Gesher I (NASDAQ:GIAC) announced changes to its forward-purchase agreement (FPA) in an 8-K filed this morning while adding a $10 million backstop.
The SPAC listed in October 2021 with a $45 million FPA and has amended this to note that its “lead forward purchaser” is in for $40 million in units at $10 per unit, but it is unclear if this is a change in the total amount of the FPA. ...READ MORE
Emerging Markets Horizon Corp. (NASDAQ:HORI) has announced management changes to avoid being caught up in the sanctions against Russia.
The SPAC had formerly been partially sponsored by VTB Bank, one of several Russian banks sanctioned by the US and others. ...READ MORE
