Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Abu Dhabi royal-backed firms to merge in region’s first SPAC deal
ADC Acquisition Corporation (ADC.AD), a blank-cheque company backed by a prominent Abu Dhabi royal, has agreed to acquire state investment fund ADQ’s United Printing & Publishing, in what would be the first such deal in the Gulf region.
The transaction gives UPP an enterprise value of 623 million dirhams ($169.63 million), according to an ADC statement, and it will merge with ADC for the combined entity to become a publicly-listed company on the Abu Dhabi Securities Exchange.
ADC was set up as a special purpose acquisition company (SPAC) by ADQ, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the UAE president, and Chimera Investments – part of Royal Group, Sheikh Tahnoon’s private investment conglomerate, in April last year.
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Scooter consolidation continues with Bird’s acquisition of Spin
San Francisco-based scooter rental company Spin has become the industry’s “hot potato.” Its rival Bird just acquired it from European peer Tier, which acquired it just 18 months ago from Ford, which acquired it in 2018.
In the earlier years of so-called “micromobility” (aka scooters and bicycles) new companies cropped up around the world, some with a regional focus, and some with more global ambitions. And since Bird went public in 2021 by merging with Switchback II, it’s struggled as well.
Bird paid $19 million, “including $10 million in upfront cash, $6 million in a vendor take back and $3 million as a hold back,” per the press release.
Cazoo Debt Deal Hands Creditors Control of UK Online Car Seller
UK online car retailer Cazoo Group Ltd, which combined with AJAX I in 2021, has struck a restructuring deal that will hand control of the company to its creditors.
Cazoo’s $630 million of convertible notes will be exchanged into shares equivalent to 92% of the company’s total equity along with $200 million of new convertible debt, the company said in a statement Wednesday.
The debt-to-equity conversion will boost the stake of US-based Viking Global Investors, while current shareholders including Mubadala Investment Company, D1 Capital and Willoughby Capital also own the convertible notes. Existing shareholders will retain 8% of the company when the deal closes.
Envoy Medical Announces Proposed Board Slate of Experienced Medical Device and Financial Leaders
Envoy Medical, a hearing health company, today announced the proposed slate of seven directors to be voted on during the special meeting of stockholders to be held by its merger partner, Anzu Special Acquisition Corp (NASDAQ: ANZU) (NASDAQ: ANZUU) (NASDAQ: ANZUW) (“Anzu”), which is expected to be held on September 27, 2023. The director nominees bring medical device industry, financial and equity capital markets expertise, including alumni of Abbott, Medtronic, Boston Scientific, Johnson & Johnson, PwC, and BCG.
“We are excited that these directors will bring a wealth of experience to Envoy as we become a publicly traded company and disrupt the hearing implant industry with our fully implanted cochlear implant,” stated Brent Lucas, Chief Executive Officer of Envoy. “We believe these individuals will provide excellent guidance, tremendous knowledge, and diligent governance to help drive business success and shareholder value. We have benefitted from a tremendous private board to help us get to this point, and we believe the new public board will carry that momentum forward.”
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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....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...