At the SPAC of Dawn
This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017.
The billing software company has gone on to do another SPAC deal on November 29, this time spinning off its European operations into a new entity called XBP Europe (NASDAQ:XBP) in a combination with CF VIII. XBP Europe has soared since the completing the spinoff and last closed at $19.41.
Its de-SPAC parent, Exela, has faired less well, last closing at $3.35, but it nonetheless reported $272.9 million in revenue and $40.9 million in adjusted EBITDA in the second quarter of 2023.
Deals and Funding
- Achari Ventures (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso (OTC:VASO) at an equity value of $176 million. Achari has about $6.7 million remaining in its trust after seeing 93.6% of shares redeemed in extension votes.
News and Rumors
- Bloomberg: Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co. (NASDAQ:GELYF), is exploring the possibility of a spinoff US IPO in February. Zeekr would be the third carmaker that Geely takes public in short order, including Lotus Technology, which is aiming to complete its merger with L Catterton Asia (NASDAQ:LCAA) before year-end.
- PR: Nickel miner Lifezone Metals (NYSE:LZM), which combined with GoGreen Investments in July, announced that it has discovered 69% more measured and indiciated resources at its Kabanga drilling site and 20% more inferred resources.
Liquidations
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Thunder Bridge Capital Partners III, Inc. (NASDAQ:TBCPU) has announced its intent to liquidate. The company expects to redeem all of the outstanding shares for an estimated redemption price of approximately $10.22 per share. The last day of trading will be on December 11.
New SPACs
- Legato Merger Corp. III– $175 million offering being underwritten by BTIG. 1/2 warrant, 24 months (+3 with signed LOI/DA), 100% held in trust.
Cantor Equity Partners II, Inc. (NASDAQ:CEPT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPT”, Friday, May 2, 2025. The new SPAC intends to combine with a target in the financial services, healthcare, real estate services, technology, or software industries....
Gores Holdings X Inc. (NASDAQ:GTENU) announced the pricing of its upsized $312 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTENU”, Friday, May 2, 2025. The new SPAC aims to combine with a target company in the industrials, technology, healthcare, or consumer sectors. Gores X’s management team...
Wen Acquisition Corp. (NASDAQ:WTENNU) has filed for a $261 million SPAC to hunt for a crypto or financial services target with a team staffed by former advisors to the FinTech SPAC series. The new SPAC is not overfunded and will have a 1/2 warrant in each unit with 24 months to initially complete a business...
April highlighted two defining trends in the SPAC market: an increased reliance on extended deadlines and a surge in announced transactions. Extension votes doubled compared to March, while the number of De-SPAC deals disclosed reached nine in April alone. These developments underscore a market that remains active but continues to rely on deadline extensions, largely...
D. Boral ARC Acquisition Corp. I has filed for a $250 million SPAC to be David Boral’s first in-house SPAC since the internal split at the firm formerly known as EF Hutton. Before that split, Boral and his former partner Joseph Rallo served as executive managers for the EF Hutton I SPAC, which ultimately combined...