Morning Roundup: January 8, 2024

by Nicholas Alan Clayton on 2024-01-08 at 8:07am

At the SPAC of Dawn

While the SPAC market continues to await movement on any new SPAC rules, this week could bring an SEC decision on bitcoin ETFs. A half dozen investment firms updated their S-1s for their prospective exchange-traded crypto funds this morning and there is speculation that the commission could make a broad ruling on the formations January 10.

A thumbs up or down on crypto ETFs would not impact many SPACs directly, but any signal of a more welcoming regulatory environment could help revive crypto as an area of focus for still-searching SPACs. Only one SPAC deal was announced in crypto in 2023 – Global Blockchain‘s (NASDAQ:GBBK) pending combination with Cardea – following three in 2022 and six in 2021.

Two more SPACs, Blockchain Coinvestors I (NASDAQ:BCSA) and Goldenstone (NASDAQ:GDST), remain on the hunt for crypto targets specifically.

Deals and Amendments

ClimateRock (NASDAQ:CLRC) has entered into a definitive agreement to combine with its sponsor’s subsidiary GreenRock for about $446 million in share compensation.
AlphaTime Acquisition Corp (NASDAQ:ATMC) has entered into a definitive agreement to combine with Hong Kong-based insurance broker HCYC Group for $75 million in share compensation.
HCM Acquisition Corp (NASDAQ:HCMA) amended the lock-up period for key holders of the company. It has been extended until the earliest of two years post-merger, when the company;s share price reaches or exceeds $12.00 for 20 days in a 30-day period starting 150 days after the merger, or when it liquidates.

News and Rumors

Bloomberg: After years of testing, Aurora Innovation Inc. (NASDAQ:AUR) expects to remove safety drivers from trucks that are being guided by software and an array of sensors including cameras, radar and lidar, in a major step towards true automation. Aurora completed its combination with Reinvent Technology Partners Y in 2021.
Firstpost: VinFast (NASDAQ:VFS) has agreed to invest $2 billion towards building out a new factory in India with an annual production capacity of 150,000 cars five months after closing its combination with Black Spade.
TheEdge: Capital A CEO Tan Sri Tony Fernandes is to meet the Thai prime minister January 10 to discuss a possible divestment of a stake in its short haul airline business to meet local law restrictions on foreign ownership as it is rumored to be negotiating a combination with Aetherum Acquisition Corp. (NASDAQ:GMFI).