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
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
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 (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
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
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
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
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
