Christmas is for closers only in 2023, apparently, as the month has featured the most SPAC deals closed all year with 14.
In fact, this is the highest monthly total in two years since the doozy in December 2021 during which 24 deals were closed. ...READ MORE
AIB Acquisition Corporation (NASDAQ:AIB) has entered into a definitive agreement to combine with Hong Kong-based logistics service provider PSI Group at an enterprise value of $200 million, or 1.5x its 2021 revenue. ...READ MORE
Among the de-SPACs buffeted by the month’s tip into positive economic sentiment was one of the companies that helped boost the enthusiasm of the last SPAC cycle in the first place in MP Materials (NYSE:MP). ...READ MORE
BurTech Acquisition Corp. (NASDAQ:BRKH) has entered into a definitive agreement to combine with AI-enabled edge computing firm Blaize at an enterprise value of $894 million.
El Dorado Hills, California-based Blaize makes smart-vision hardware for the automotive, retail and software industries. ...READ MORE
AlphaTime is the only SPAC with a vote scheduled for the day after Christmas, that being an extension vote, and the final week of the year is currently looking lighter in expected actions. ...READ MORE
Screaming Eagle (NASDAQ:SCRM) has entered in to a definitive agreement to combine with Lionsgate Studios at an enterprise value of $4.6 billion.
Lionsgate Studios will be made up of the TV studio and film production portions of its parent Lionsgate Entertainment (NYSE:LGF.A, ...READ MORE
Chavant Capital (NASDAQ:CLAY) has closed its combination with semiconductor maker Mobix Labs and the combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “MOBX” and “MOBXW” later today. ...READ MORE
Many companies may be packing it in for the year today as it is the last trading day before Christmas, but SPACs still have plenty left on their docket. ...READ MORE
Prospector (NASDAQ:PRSR) closed its combination with autonomous driving firm LeddarTech and the combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “LDTC” and “LDTCW” at the opening bell December 22. ...READ MORE
December has been a good month for de-SPAC exits.
Two weeks ago today, AbbVie (NYSE:ABBV) agreed to acquire neuroscience drug developer Cerevel Therapeutics (NASDAQ:CERE) for $45 per share three years after its combination with ARYA II, making it one of the most lucrative de-SPAC exits of all time. ...READ MORE
EG Acquisition Corp. (NYSE:EGGF) shareholders approved its combination with private aviation firm flyExclusive, but the SPAC has delayed its scheduled takeoff into the public markets.
The SPAC had previously expected the transaction to close today, but it is still on the tarmac as its application to list on the NYSE American is still under review and it is waiting for all closing conditions to be waived or satisfied. ...READ MORE
“Go north, young man” could be the new refrain for EV companies looking to growth as Canada this week passed a law requiring all new vehicles to be emissions-free by 2035. ...READ MORE
Like many de-SPACs working their way through commercialization, ProSomnus (NASDAQ:OSA) has spent the first year of its public company life dealing with the turnover of shareholders coming out of the de-SPAC process and waiting for a patch of good news to generate some upward momentum. ...READ MORE
Banyan (NYSE:BYN) has signed a non-binding term sheet for $50 million in convertible notes on a five-year term for its combination with hospitality venture Pinstripes.
These are to be issued no later than December 29 and the parties expect the business combination will close by then. ...READ MORE
Chavant Capital (NASDAQ:CLAY) announced in an 8-K this morning that it has added $16.9 million in PIPE commitments to its merger with semiconductor maker Mobix Labs through a pair of instruments and it is working to tack on more. ...READ MORE
Flame Acquisition Corp. (NYSE:FLME) has expanded the PIPE for its combination with Sable Offshore to $180.4 million, making it the year’s largest.
The new investments by Metamorphic Pecan match those made by investors in the deal’s existing $74.5 million in PIPE commitments at $10 per shares. ...READ MORE
With 282 SPACs holding pending deals or still searching for a target and 37 more on file, it’s hard to say that the SPAC boom has run its course, but there have been increasing signs that the cycle is beginning to come full circle as 2023 comes to an end. ...READ MORE
RMG III (NASDAQ:RMGC) slashed its purchase price of hydrogen power firm H2B2 Electrolysis by nearly half in a raft of deal amendments filed today.
H2B2 will now receive a purchase valuation of $400 million, down from $750 million, and RMG III will no longer be required to maintain at least $5 million in cash available in order for the deal to close. ...READ MORE
Chenghe I (NASDAQ:LATG) has signed a potential combination with Taipei-listed golf club manufacturer Femco Steel Technology (TWO:6731) for yet undisclosed consideration.
The parties have not yet released any terms for the agreement, but Femco has an existing market cap of about $45 million. ...READ MORE