Mount Rainier Acquisition Corp (NASDAQ:RNER) announced in an 8-K this morning that it is pushing its vote to complete its combination with HUB Cyber Security that was originally scheduled for December 30.
The special meeting is now set to occur at 10 am ET January 4 and the redemption deadline has been reset to December 30 to give shareholders additional time to consider reversing redemption requests.
A number of SPACs are working to massage their final vote and redemptions situation towards the end of the calendar year as redemption rates have been high. The five SPACs that have thus far released the results of their completion votes this month had an average redemption rate of about 96.3%.
Those still in the Announced or Searching columns that have held votes of one kind or another so far in December have seen about 87.2% of shares redeemed. One way or the other, this transaction’s $50 million minimum cash condition is fully covered by the $50 million PIPE that Mount Rainier arranged at announcement.
Tel Aviv-based HUB Security was founded by veterans of Israeli intelligence units to develop and market computing solutions and services to disrupt cybersecurity for enterprises and governments. It announced its $1.3 billion combination with Mount Rainier in March.
HUB reported about $34.6 million in revenue for the first half of 2022 with a net loss of -$18.4 million. It said this was mostly attributable to SPAC transaction costs and it expects to be profitable on an adjusted EBITDA basis in full year 2022.
Terms Tracker for the Week Ending January 27, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re coming up on the end of January, the first month of the year, and to-date no new S-1s have been filed. Additionally, the number...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Circle spokesperson denies blaming SEC for failed deal, BuzzFeed CEO says AI-powered content will be part of core business, and FaZe Clan faces possible delisting Circle Spokesperson Denies Blaming SEC for Failed $9 Billion Deal...
Health Sciences 2 (NASDAQ:HSAQ) announced that it closed its combination with Orchestra BioMed on January 26. HSAQ ahead of its vote pre-announced redemption figures of 1,597,888 shares equating to 67.7% redemptions, however, that’s still subject to change. However, today it was noted that Orchestra BioMed is to receive $70 million in gross proceeds including $20...
Carbon capture technology has long been talked about, and it is finally in operation with LanzaTech among the pioneers. Its plants are turning potential emissions into clothing, household goods and sustainable fuels. SPAC cash is now also an accelerant in this new process as the company announced a $1.7 billion combination with AMCI II last March. This week, we caught up with...
In this series we’ll be examining successful SPAC deals from the past both in the terms and circumstances of their de-SPAC processes and how they have weathered the storms that have followed after their public listings with research from SPACInsider contributor Anthony Sozzi. Thirty months does not sound like that long, but it’s been a...