Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K this afternoon that it has re-worked its combination with sustainable energy firm Global Hydrogen.
The parties amended the purchase agreement yesterday, pursuant to which the aggregate share consideration to be paid to the sellers was reduced from $57.5 million to $48 million. The parties have not yet given an indication of what prompted the revision, but this drops the company’s equity value by about -16.5%.
Dune raised $172.5 million during its IPO in December 2020, and initially intended to combine with equities trading platform TradeZero in a deal valued at $556 million. But, its first proposed merger ended after the deal was terminated. Dune launched a lawsuit against its former combination target partner, while the SPAC’s Board recommended shareholders vote against the deal.
In December, Dune was able to recoup a $5 million settlement from TradeZero as part of the break-up.
After seeing 93.15% of its trust redeemed during a previous extension vote in June 2022, the SPAC is now left with $11.9 million in its trust and has a completion deadline of December 22.
It initially announced the business combination with Global Hydrogen on May 15 and has not yet supplemented it with additional outside capital. The combined company is expected to list on the Nasdaq under the ticker symbol “HGAS” once the deal is completed. New York-based Global Hydrogen is working to develop a business capturing industrial gasses from offtakers that can be converted into sustainable fuels.
Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...
Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...
Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...
Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...