TKB Critical Technologies 1 (NASDAQ:USCT) announced a series of moves this morning that include terminating their combination with Wejo (OTC:WEJOQ), selling sponsor economics and postponing today’s extension meeting to 11:30 am ET June 28.
It comes as little surprise that the SPAC terminated its combination with Wejo, which completed an earlier SPAC deal with Virtuoso in 2021, but filed for insolvency in the UK last month. In recent months, it had been de-listed from the Nasdaq and its market cap had fallen below $2 million as of June 23.
TKB I has also agreed to sell much of its sponsor economics to Roth Capital Partners and Craig-Hallum Capital Group for an aggregate purchase price of just $1. These buyers are to receive 4,312,500 total shares including 75,000 promote shares and 8,062,500 of TKB I’s 10,750,000 private placement warrants.
In connection with the transfer, the SPAC’s full management team is set to resign. Roth and Craig-Hallum are to contribute $31,000 to the sponsor to pay outstanding invoices, $300,000 for certain liabilities and the incoming buyers are to be responsible for contributing the lesser of $60,000 or $0.03 per share for TKB I’s upcoming extension vote.
The SPAC has already postponed this vote, which would have taken place today, and TKB I’s redemption deadline has been extended to 5 pm ET today should any shareholder wish to reverse their decisions.
The extension proposal would allow TKB I to extend its deadline up to 16 times monthly up to October 29, 2024. So, an approval would give a new team a wide timeframe to execute a new deal.
At the SPAC of Dawn After an up-and-down week on the market, all eyes are set to be glued to this morning’s Consumer Price Index readouts for signs of where the Fed might take its rate-cut strategy. US exchanges had a slightly positive day in reaction to Core PPI coming in at 0.1% for December...
Ribbon Acquisition Corp. (NASDAQ:RIBBU) announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RIBBU”, Wednesday, January 15, 2025. The new SPAC intends to take a generalist approach in searching for a business combination, but will not consider targets located in China. Ribbon’s...
Plum Acquisition Corp. IV (NASDAQ:PLMKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PLMKU”, Wednesday, January 15, 2025. The new SPAC intends to take a broad approach in searching for a business combination that leverages its team’s global network of contacts....
At the SPAC of Dawn It has clearly taken some time for SPACs to break out from their niche, but SPACs and de-SPACs are suddenly everywhere in current events. As the Russian invasion of Ukraine drags on, one of the most prolific SPAC teams has stepped forward with a letter of intent to take Ukraine’s...
Live Oak Acquisition Corp. V (NASDAQ:LOKVU) has filed for a $200 million IPO that brings another serial SPAC team back to the mix for a generalist search but with a pair of technology deals already in their pocket. The new S-1 also puts Santander on the board for the 2025 SPAC market after it made...