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.
SDCL EDGE (NYSE:SEDA) has entered into a definitive agreement to combine with copper alloy manufacturer cunova at an enterprise value of $736 million, or 9.4x its 2023E adjusted EBITDA. Osnabrück, Germany-based cunova manufactures copper casts, fittings and conductivity products for the industrial, defense and aerospace sectors. The combined company is expected to trade on the...
Deals and Funding Power & Digital (NASDAQ:XPDB) has secured a $10 million investment from Rice Investment Group into its combination with HVAC technology firm Montana under undisclosed terms. two (NYSE:TWOA) has secured a $15 million PIPE at $10 per share for its combination with LatAm Logistic Properties. News and Rumors PR: Adtech firm Banzai International...
Acri Capital (NASDAQ:ACAC) has entered into a definitive agreement to combine with electronics manufacturer Foxx for $50 million in share compensation. Texas-based Foxx provides communication terminals and IoT services to the telecom sector as well as consumer electronics for retail buyers. The combined company is expected to trade on the Nasdaq once the deal is...
At the SPAC of Dawn SPAC filings have had a relatively slow start out of the gate from the long weekend, but this week should end with some fireworks with six completion votes yet to come and a lunar landing to boot. Three of these votes have been postponed at least once already, so the...
Terms Tracker for the Week Ending February 16, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Filings were on the quieter side ahead of the three-day weekend, with the following week also usually heavily booked with spring break vacations. As a...