At the SPAC of Dawn
Public companies of all stripes tend to bury news ahead of holidays and SPACs are no different.
Four SPACs have announced their intent to liquidate since market close on Friday and three of these had previously agreed to business combinations. The last cluster of broken deals and liquidated SPACs this dense similarly landed on a festive occasion during Halloween.
One hundred eighty more SPACs that have either announced a combination or are still searching have a month or less left on their initial deadlines. Most of these can either auto-extend or have votes already on the calendar, but this week could see still more news of things coming to an end with SPAC teams as much of the country is passing the casserole.
News and Rumors
- Bloomberg: Tim Hortons (NASDAQ:THCH), which completed its combination with Silver Crest (NASDAQ:SLCR) in 2022, opened its first outlet in Singapore Friday as the iconic Canadian chain joins a host of coffee brands expanding in the wealthy city-state.
- PR Newswire: ScanTech Identification Beam Systems, which announced its combination with Mars (NASDAQ:MARX) in September, has entered into a definitive contract with Visiontec Systems to provide CT screening systems to one of the largest, most diverse power producers in North America.
- Verge: Sam Altman, who serves as CEO of the SPAC AltC and chairman of nuclear power firm Oklo, which are merging with each other, was abruptly fired Friday from another executive post as CEO of OpenAI.
- BBC: Moving quickly, Microsoft (NASDAQ:MSFT) snapped up Altman, announcing that he will lead the company’s new advanced AI research team.
- World View and Leo Holdings Corp. II (NYSE: LHC) intend to mutually agree to terminate their previously announced business combination agreement. As a result, Leo intends to liquidate and will redeem all of the outstanding Class A Ordinary Shares on or about December 4 for $10.95 per share.
- Fat Projects Acquisition Corp (NASDAQ: FATP) has terminated its combination with Avanseus Holdings and will liquidate. As of the close of business on November 15, the shares will be deemed cancelled and will represent only the right to receive the redemption amount of approximately $10.96.
- Churchill Capital Corp VI (NYSE: CCVI) has determined to liquidate and redeem all of its outstanding shares of Class A common stock for $10.49. The last day that the company’s securities will trade on the NYSE will be December 1.
- Healthwell Acquisition Corp. I (NASDAQ:HWEL) has canceled its December 4 extension vote and will liquidate at about $10.50 per share. Earlier this month, Healthwell I terminated its combination with Starton Therapeutics.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...