At the SPAC of Dawn
Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee.
After a Halloween massacre that saw four SPAC deals get terminated in about 24 hours, we presaged that the bloodletting of long-running deals might continue into November. So far, it has.
Yesterday two more deals went down as Blockchain Coinvestors (NASDAQ:BCSA) canceled a deal with Qenta and Arogo (NASDAQ:AOGO) threw in the towel on its EON reality deal. Both were transactions in sectors that appear to have far less buzz today than when they were struck.
Qenta is attempting to create a physical gold-backed crypto currency and fintech platform, while EON provides metaverse-based training programs.
The deals had each been pending for a year or more, which continues to be the state for a large portion of SPACs with announced deals. As of November 1, the median time since announcement for such SPACs had already grown to 7.3 months.
One more SPAC, Healthwell I (NASDAQ:HWEL) terminated its deal with Starton Therapeutics on Monday after a shorter campaign, having announced it initially in late April. This still brings the 10-day total to seven terminations.
News and Rumors
- PR: Space venture Momentus (NASDAQ:MNTS) closed a sale of 2,904,269 warrants for about $6.5 million two years out from closing its combination with Stable Road. The warrants can be exercised to receive 5,808,538 shares at $2 per share.
- The Messenger: SoftBank Group reported a loss of $1.55 billion in its second quarter on Thursday after taking a significant hit from WeWork’s (NYSE:WE), which combined with BowX in 2021, bankruptcy filing earlier this week.
- PR: IoT company KORE (NYSE:KORE) announced a $150 million strategic investment from Searchlight Capital Partners that will reduce its leverage to 5.3x EBITDA from 7.3x. The company combined with Cerberus Telecom in 2021.
- GasWorld: New Era Helium Corp., which announced the signing of a non-binding LOI for a proposed business combination with Accretion Acquisition (NASDAQ:ENER), is one step closer to production at its Pecos Slope helium plant, having announced the signing of two new agreements with Keyes Helium Company and Badger Midstream Energy.
- Venture Beat: Skillz (NYSE:SKLZ) told a federal court on Monday that a federal grand jury was seeking access to information on AviaGames and its top executives in relation to Skillz’ allegations about defrauding players in skill-based games. Skillz completed its combination with Flying Eagle Acquisition Corp. in mid-December 2020.
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...