At the SPAC of Dawn
The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to IPO yesterday alone.
Other bellwethers of a rebound have so far stayed away like deeper involvement of bulge bracket underwriters and veteran SPAC sponsors jumping back in with both feet. But, the impressive amount of fresh grass on the meadow does break from the gloomy fog of much of the year.
It also doesn’t hurt that 2023 is going out with two transactions that price de-SPACs above their combination valuation in successive weeks – well above in Cerevel’s case, without even a need to adjust for stock split changes.
News and Rumors
- PR: AbbVie (NYSE:ABBV) has agreed to acquire neuroscience drug developer Cerevel Therapeutics (NASDAQ:CERE) for $45 per share at a $8.7 billion in one of the most lucrative de-SPAC exits of all time. The deal may well vault the Arya team up the serial sponsor leader board where it already sits as the sixth-most successful team having completed three biotech deals between 2020 and 2021.
- Axios: X-energy, which canceled a combination with Ares virtually at the altar in October, has now raised $80 million in a private Series C for yet undisclosed terms.
Liquidations
-
InterPrivate III Financial Partners (NYSE:IPVF) has determined to redeem all of its outstanding shares of Class A common stock, effective as of December 21. As of the close of business on the last day of trading, December 8, the shares will be deemed cancelled and will represent only the rights to receive the per-share redemption price of approximately $10.75.
Lake Superior (NASDAQ:LKSPU) has filed for a $100 million SPAC as its CEO attempts to go three-for-three with SPACs that led to completed deals. This new vehicle has one right to a 1/6 share in each unit and some common features of a SPAC underwritten by Cohen & Company in this current climate. Although the...
At the SPAC of Dawn De-SPACs were among the biggest movers in yesterday’s stock market rally, but most of this momentum came on the backs of direct earnings performance. Only three US-listed companies had bigger one-day gains than quantum computing firm D-Wave’s (NYSE:QBTS) +51.2% jump. This came as the company announced $15 million in revenue...
EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...