At the SPAC of Dawn
So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general.
Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of the time, according to Yahoo Finance data. That has included some some particularly big bounces in times lacking in cheer.
Over the 61-year sample, the biggest Thanksgiving surge came in the form of a +12% week in 2008 amidst the financial crisis.
The financial services sector itself has fared the worst during this time, but energy companies have consistently come out with gains on the week 74% of the time perhaps helped by the growing chills hitting Northern Hemisphere regions simultaneously.
News and Rumors
- SpaceNews: Satellogic (NASDAQ:SATL) received its remote sensing NOAA license, which is key to its bid to move operations from Uruguay to the US, having closed its combination with CF V in January 2022.
- TechCrunch: Luminar (NASDAQ:LAZR) founder and CEO Austin Russell’s bid to buy Forbes Global Media Holdings has been terminated the agreement after failure to secure investors. Forbes had planned to go public through a merger with Magnum Opus Acquisition Limited (NYSE:OPA), but called off the agreement in June 2022.
- Digital Music News: Anghami (NASDAQ:ANGH), which completed its merger with Vistas Media in 2022, formally unveiled its plans to merge with OSN+, a division of the namesake Panther Media Group-owned OSN.
- AOL: Donald Trump’s Truth Social platform has filed a lawsuit against 20 media organizations for making what it claims to be defamatory statements about the company’s financial losses. Truth Social announced its combination with Digital World (NASDAQ:DWAC) in 2021.
- Bloomberg: Athena Capital, the firm founded by Isabelle Freidheim, is seeking to raise $500 million for an equity and debt capital fund. The fund led by Freidheim, a venture capitalist and chair of three SPACs, plans to invest in both private and public mission-driven companies,
Terminations and Liquidations
- KnightSwan Acquisition Corporation (NYSE: KNSW) will redeem all of its outstanding shares of Class A common stock. As a result, the previously disclosed non-binding letter of intent has been terminated. The last day that the company’s securities will trade on the NYSE will be December 5 and the per-share redemption price for the public shares will be approximately $10.61.
Scheduling Notes
- Nubia Brand International Corp. (NASDAQ:NUBI) has postponed its special meeting to approve its combination with Honeycomb Battery to 9 am ET December 5. Shareholders will now have until 5 pm ET December 1 to make final redemption decisions.
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
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...