This week is set to see SPACs rush to tie up business combinations nicely in a bow before the final two weeks of the year. Eight SPACs currently have completion votes on the docket this week, while there are currently just four more booked for the rest of 2023. ...READ MORE
This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. ...READ MORE
The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. ...READ MORE
Perception Capital Corp IV (NYSE:RCFA) has entered into a definitive agreement to combine with mining firm Blue Gold for $114.5 million in equity consideration.
London-based Blue Gold has been developed as a platform to acquire gold mining assets in Ghana. ...READ MORE
SPACs continue to love EVs, but the Biden administration is throwing cold water on at least some of the party as the US will no longer offer a $7,500 tax credit for EV purchases if their battery was produced in China. ...READ MORE
With Hanukkah kicking off the winter holiday season at the end of the week, SPACs are tying up a fair amount of loose ends through the next few days. ...READ MORE
TMT Acquisition Corp. (NASDAQ:TMTC) has entered into a definitive agreement to combine with eLong Power at an equity value of $450 million.
Ganzhou, China-based eLong Power makes lithium-ion batteries for EVs and specialty vehicles along with energy storage systems. ...READ MORE
APx Acquisition Corp. (NASDAQ:APXI) announced a letter of intent to combine with an unnamed biotech firm, but teased little other information as it heads into an extension vote on Friday.
Shareholders at the meeting are to decide whether to give APx the ability to extend its transaction deadline to a maximum of December 9, 2024 in exchange for monthly contributions of the lesser of $125,000 or $0.025 per share monthly. ...READ MORE
Although cryptocurrencies and SPACs are not directly related in any way beyond the 11 announced and completed deals in the space, the two have coincidentally seen their stars rise and fall virtually in concert over the past few years. ...READ MORE
There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today. ...READ MORE
Nukkleus (OTC:NUKK) announced “the completion of its strategic merger” with Brilliant (NASDAQ:BRLI) this morning, which has caused some ripples in the market, but it does not appear to represent an actual closing of the business combination. ...READ MORE
10x Capital Venture II (NASDAQ:VCXA) filed a variety of changes to its combination with African Agriculture while also postponing its completion vote to 8 am ET December 5.
The tweaks waive African Agriculture’s requirement to secure an offtake agreement and also shift 3,000,000 shares to a bonus pool for all combined company shareholders. ...READ MORE
Pono Capital Three (NASDAQ:PTHR) is the latest SPAC to try and bring an eVTOL target in for landing, and, as a part of its final flight checks, it dropped its first full investor presentation for its target Horizon yesterday. ...READ MORE
DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million.
Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions. ...READ MORE
Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week. ...READ MORE
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total.
The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. ...READ MORE
SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today.
It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination later today. ...READ MORE
