Compass Digital (NASDAQ:CDAQ) announced in an 8-K this morning that has sold the majority of its sponsor economics to HCG Opportunity.
The SPAC is parting with 3,093,036 promote shares (58.2%) and 3,000,000 private warrants (64.4%) and HCG will pay up to $300,000 to entities that are owed fees from Compass Digital. The SPAC’s original team is also to see its remaining 1,645,398 warrant count be reduced based on the final cash consideration in this deal.
The new team is one with serial SPAC experience. Daniel Hennessy is to be appointed as chairman, with Thomas Hennessy serving as CEO, Nick Geeza as CFO, while Kirk Hovde, Matt Schindel and Joseph Beck are to join the Board.
Daniel Hennessy has steered six SPACs that bore his name since 2014, while Thomas ran Proptech I and Proptech II. He recently also took over two (NYSE:TWOA) in a similar transaction.
The Hennessy-named SPACs have completed four deals, but Hennessy V liquidated in December and Hennessy VI (NASDAQ:HCVI) is still searching for a target. Proptechs I and II, meanwhile, each completed deals and two announced a combination last week under Hennessy’s management.
For now, Compass Digital has an estimated $221.7 million in trust and has not yet had to seek an extension, but it likely will before the new team completes a deal as its combination deadline is October 19.
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....
Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...
Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. $1 bln metals SPAC deal backed by Glencore, automakers collapses A $1 billion metals deal by blank-cheque fund ACG Acquisition Co has been terminated following delays when the different sides, which included a leading global miner and...