Avalon Acquisition Inc. (NASDAQ:AVAC) has secured shareholder approval for its combination with financial services firm Beneficient with about 87% of shares redeemed at the final vote.
The redemptions removed all but $27.9 million from Avalon’s trust, but the transaction did not include a minimum cash condition beyond the $5 million required for listing purposes. Avalon also added a $25 million forward-purchase agreement with RiverNorth SPAC Arbitrage Fund earlier this week, which was designed to scoop up some shares headed for redemption.
This led to the seventh-lowest redemption rate among the 33 SPACs that have made it through completion votes in 2023. Only $5 million of the FPA amount is to be distributed to Beneficient at close, however.
Beneficient shares and warrants are expected to begin trading on the Nasdaq today under the symbols “BENF” and “BENFW”, but the company’s Series A preferred stock is to remain unlisted.
The SPAC originally inked its $3.5 billion deal with Ben in September 2022. The Dallas-based company provides customers options to exit alternative investments early via structures designed for high-net-worth individuals and small institutions.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....