BurTech Acquisition Corp. (NASDAQ:BRKH) announced in an 8-K this morning that it has entered into non-redemption agreements with one or more investors covering up to 4,000,000 shares.
Its shareholders are heading to a vote at 11:30 am March 10 where they will consider extending the SPAC’s transaction deadline from March 15 to December 15. In exchange for not redeeming these shares in connection with the vote, the investors stand to gain a pro rata portion of 1,000,000 promote shares (12.1%).
BurTech notes that it is not done and its sponsor intends to engage in additional non-redemption agreements before the meeting. Its estimated redemption rate for the vote is $10.27.
On Monday, the SPAC announced that it has entered into a letter of intent (LOI) to potentially combine with sustainable natural gas producer CleanBay Renewables.
The deal would value CleanBay at $330 million and the parties expect to reach terms on a definitive agreement in the second quarter of 2023. So far, BurTech plans to fund the deal entirely from its $294 million in trust.
Stellar V (NASDAQ:SVCCU) has filed for a $150 million IPO with a sponsor team that has experience stretching back several SPAC cycles. Co-CEOs George Syllantavos and Prokopios Tsirigakis have steered SPACs as far back as Star Maritime Acquisition Corp, which IPO’d in 2005 and combined with shipping firm Star Bulk Carriers (NASDAQ:SBLK) in 2007. Star...
Athena Technology II (NYSE:ATEK) has entered into a definitive agreement to combine with Ace Green Recycling at an equity value of $250 million. Houston, Texas-based Ace Green has developed technology for low-emissions recycling to harvest lithium, lead and other valuable resources from lithium-ion batteries. The combined company is expected to trade on a US exchange...
At the SPAC of Dawn One of the last major pieces to fall into place for the new Trump administration has been the one that affects SPACs most directly – the chairmanship of the SEC. Paul Atkins has now been picked for the post and is set to succeed Gary Gensler who already announced his...
Shepherd Ave Capital Acquisition Corporation (NASDAQ:SPHAU) announced the pricing of its $75 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPHAU”, Thursday, December 5, 2024. The new SPAC intends to conduct a broad search for a combination target without a preference for a specific industry or region....
At the SPAC of Dawn SPACInsider has kept a close eye on how the new tariffs ushered in by a second Trump presidency could affect SPACs and their deals moving forward. But, there is a genre of SPAC deal that has cropped up in recent years essentially as a hedge to trade tensions and they...