Friday evening, we had SPAC #51 for the year file for IPO with Juniper Industrial Holdings, Inc. (JIH.U), a $300 million SPAC focused on the industrial sector. Juniper will be led by by Roger Fradin, as Chairman and CEO, and Brian Cook, as CFO and Director. ...READ MORE
Greenland Acquisition Corp. (GLAC), announced today that they had adjourned their shareholder vote to complete their combination with Zongchai Holdings. The new shareholder vote date will be on Thursday, October 24th. ...READ MORE
Union Acquisition Corp. II (LATNU), announced the pricing of their $175 million SPAC IPO this evening. Union II’s units are expected to begin trading tomorrow, Friday, October 18th, under the symbol NASDAQ: LATNU. ...READ MORE
Galileo Acquisition Corp. (GLEO.U), announced the pricing of their upsized $120 million SPAC IPO this evening. Galileo’s units are expected to begin trading tomorrow, Friday, October 18th, under the symbol NYSE: GLEO.U. ...READ MORE
A quick note on TKK Symphony (TKKS) and this morning’s announcement of their Tender Offer since there seems to be some confusion out there around why TKKS is not doing a standard shareholder vote and redemption. ...READ MORE
This afternoon, Pure Acquisition Corp. (PACQ), released the results of its warrant tender offer and warrant holders overwhelmingly said, “Nah. Let’s wait.”
Of Pure’s 20,700,000 outstanding Public Warrants, only 248,000 opted to Tender for $1.00 per Warrant, or just 1.2%. ...READ MORE
In no particular order, the below is a round-up of current SPAC news. ...READ MORE
This afternoon, Pure Acquisition Corp. (PACQ), released the results of their shareholder vote to approve their new extension deadline from October 17th, 2019 to February 17, 2020, however there wasn’t a lot of detail included in the 8-K. ...READ MORE
Chardan Healthcare Acquisition Corp. (CHAC) filed an 8-K on Friday evening announcing a number of amendments to their merger agreement with BiomX Ltd. The details, of which, are the following:
Late Friday evening, we had a second SPAC file for IPO with FinServ Acquisition Corp. (FSRVU). FinServ is a $200 million financial services and fintech-focused SPAC being led by Lee Einbinder, who is the former Vice Chairman of Barclays. ...READ MORE
Friday evening, the Osprey team filed their second SPAC with the $250 million Osprey Technology Acquisition Corp. (SFTW.U). Osprey Tech will be focused on the technology sector and in particular, Software-as-a-Service companies (SaaS). ...READ MORE
Updates in blue, below:
Tiberius Acquisition Corp. (TIBR), announced very late last night that it had signed a definitive agreement to combine with International General Insurance Holdings Ltd. (“IGI”). IGI is an A (Excellent) AM Best rated international specialist (re)insurer underwriting a worldwide portfolio of energy, property, construction & engineering, ports & terminals, financial institutions, casualty, legal expenses, general aviation, professional indemnity, marine liability, political violence, forestry and reinsurance treaty business through its presence in Bermuda, London, Amman, Dubai, Labuan and Casablanca. ...READ MORE
Just when you thought Gig was done making arrangements to close their combination……nope. They’re back with another. This time with Glazer Capital, LLC (“Glazer”). This new, non-binding LOI with Glazer is similar to yesterday’s non-binding LOI with Nomura, with a few tweaks. ...READ MORE
We’ve talked before about how challenging the de-SPACing process is and the importance of marketing a combination. Specifically, if sector/long-only investors do not know a SPAC combination exists, how will they ever know they want to own the stock? ...READ MORE
We have more Gig news….and for the record, there has been a Gig announcement nearly every day for the past week as it moves towards closing its combination with Kaleyra. Yesterday’s news, however, involves a non-binding letter of intent with an affiliate of Nomura Securities International, Inc. ...READ MORE
This morning, Merida Merger Corp. I (MCMJU). filed for a $100 million cannabis-focused SPAC, bringing the count to six for the number of SPACs we have on file to IPO. ...READ MORE
GigCapital (GIG) announced this morning that it will be going forward with its cash tender offer for its Rights. The offer is to purchase up to 14,873,256 Rights, which includes the 498,256 Rights included in the Founders Units, at a purchase price of $0.99 per Right, for a total aggregate purchase price of up to $14,724,523.44. ...READ MORE
On Monday evening, we had another new IPO filing to round out the current four we have on file with LGL Systems Acquisition Corp., (DFNSU), a $125 million SPAC focused on the aerospace, defense and communications industries. ...READ MORE
For your daily Gig News, GigCapital (GIG) made yet another arrangement for both its Rights and its Shares, this time with Yakira Capital Management (“Yakira”). However, the real take-away here is that Gig now has three agreements that will effectively (if all three max out their purchases) remove the Rights from its Business Combination equation. ...READ MORE
In today’s Gig News (seriously, it feels like an 8-K is filed at least once a day lately), GigCapital (GIG) put out a new filing this morning correcting a typo in their previously released 8-K regarding the additional Forward Purchase Agreement with Kepos Alpha Fund L.P. ...READ MORE