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 a record. Cyber Monday is meanwhile expected to top this with $12 billion in sales.
That’s cheerful news for the 19 ecommerce companies that have completed SPAC deals since 2016, many of which could use it after several quarters of skeptical trading on non-essential consumer brands amid inflation worries.
News and Rumors
- Bloomberg: Signa Prime Selection AG joined its sister company in filing for insolvency Friday. Signa’s (NYSE:SSU) online sports retail unit, which was listed in 2021 via a $3.2 billion deal with Yucaipa, filed for insolvency last month after Benko’s Signa Holding withdrew a financing commitment.
- SpaceNews: Astra (NASDAQ:ASTR) secured $2.7 million in bridge financing as a part of a debt restructuring and warrant sale that is designed to tide the company over to a larger take-private transaction. It went public in a merger with Holicity in July 2021, but now may be bought again by its founders, who have offered $1.50 per share.
International SPAC News
- TCT Magazine: Frankfurt-listed SPAC SMG Technology Acceleration SE (F:7GG) has signed a non-binding letter of intent to combine with additive manufacturing firm BigRep following its acquisition of peer HAGE3D.
- Coliseum Acquisition Corp. (NASDAQ:MITA) entered into non-redemption agreements with certain existing shareholders and other unaffiliated investors with respect to an aggregate of 2,045,000 Class A ordinary shares. In exchange for these commitments, the insider has agreed to forfeit 460,000 founder shares in consideration of the first extension, and if applicable, an aggregate of 153,375 shares in consideration for the second extension.
- Rose Hill (NASDAQ:ROSE) has mutually terminated its business combination with Inversiones e Inmobilaria GHC Ltd, effective as of November 22. If the SPAC determines that it is unable to complete a business combination prior to January 18, 2024, it will liquidate.
- Crescera Capital (NASDAQ:CREEF) has decided to dissolve and liquidate its trust. As a result, it will redeem all of the outstanding Class A ordinary shares at an estimated per-share redemption price of approximately $10.96. As of the close of business on December 6, the shares will be deemed cancelled.
- Beard Energy Transition (NYSE:BRD) has mutually terminated its combination with Suntuity and will liquidate on or about December 12. Its redemption rate is expected to be $10.74 per share.
At the SPAC of Dawn PHP Ventures (NASDAQ:PPHP) provided an update this morning on its combination with modular construction firm Modulex in the form of a refreshed investor presentation. The parties have been quiet on the news front since they announced the combination over a year ago in December 2022, but a few key facts...
DT Cloud Acquisition Corporation (NASDAQ:DYCQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DYCQU” today, Wednesday, February 21, 2024. The new SPAC plans to focus its target search on a company that is under-performing due to a temporary dislocation in the...
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...