Morning Roundup: December 22, 2023
At the SPAC of Dawn
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 Capital Corp. (PRSR) Closes LeddarTech Deal
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
Morning Roundup: December 21, 2023
At the SPAC of Dawn
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. (EGGF) Secures Shareholder Approval for flyExclusive, Postpones Close
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
Morning Roundup: December 20, 2023
At the SPAC of Dawn
“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
ProSomnus (OSA) Shoots Up on Validating Study Results
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 Acquisition Corp. (BYN) Signs Term Sheet for $50M in Notes Funding
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 (CLAY) Adds $17M PIPE to Mobix Labs Deal
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. (FLME) Expands Sable Offshore PIPE to $180M
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
Morning Roundup: December 19, 2023
At the SPAC of Dawn
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 Acquisition Corp. III (RMGC) Cuts H2B2 Valuation in Deal Tweaks
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 Acquisition I Co. (LATG) Signs Potential Merger with Femco Steel
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
Morning Roundup: December 18, 2023
At the SPAC of Dawn
The annual flurry of SPAC activity to complete deals or make extension/liquidation decisions has been in full swing so far in December. But, the one activity missing in action somewhat has been deal announcements themselves. ...READ MORE
Morning Roundup: December 15, 2023
At the SPAC of Dawn
One of the low-flying themes of 2023 became the prevalence of the adjournment and postponement. With redemptions high and risk appetites low, every vote has been a bit of a struggle for SPAC teams this year. ...READ MORE
Athena Technology II (ATEK) Terminates Air Water Ventures Deal
Athena Technology II (NYSE:ATEK) has terminated its combination with Air Water Ventures, but plans to continue to seek an alternative business combination.
The transaction was well past its extended outside date of August 21, after which Air Water Ventures had the right to terminate if it appeared there was not a reasonable likelihood of Athena Technology II gathering a PIPE of at least $30 million. ...READ MORE
Morning Roundup: December 14, 2023
At the SPAC of Dawn
A broad range of de-SPACs benefited from the sudden swing to green yesterday as Fed Chairman Jerome Powell gave the first hint of rate cuts on the horizon. ...READ MORE
Morning Roundup: December 13, 2023
At the SPAC of Dawn
When Flame Acquisition Corp. (NYSE:FLME) initially announced its combination with energy company Sable Offshore in November 2022, there was quite a bit of uncertainty in the business it was putting forward. ...READ MORE
Morning Roundup: December 12, 2023
At the SPAC of Dawn
Tuesday is set to bring the last major US inflation readings before Christmas day with core CPI and other related indices being announced at 8:30 at ET. ...READ MORE
Morning Roundup: December 11, 2023
At the SPAC of Dawn
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