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.
Non-Redemption Agreements
- 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.
Terminations
- 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.
Liquidations
- 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.
Terms Tracker for the Week Ending May 2, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. April wrapped with some real momentum. Over the course of the month, 19 SPACs filed new S-1s, while 12 IPOs priced. Furthermore, nine deal announcements...
ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....
MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...
At the SPAC of Dawn This action-packed week in SPACs comes to an end with three more SPACs launching their IPOs, bringing it to nine on the week. And, the crypto strategy that SPACInsider noticed becoming increasingly popular among de-SPACs earlier this year has continued to gain steam. This week, edtech firm Classover (NASDAQ:KIDZ), fresh...
Cartesian Growth Corporation III (NASDAQ:CGCT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CGCT”, Friday, May 2, 2025. The new SPAC intends to combine with a closely held private company ready to make the jump to being a market-leading transnational...