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 later today. Even should it close the deal swiftly after the vote, it would still not beat out this year’s land-speed champion Black Spade in its 91-day sprint to close with VinFast (NASDAQ:VFS).
Nonetheless, PROOF I’s deal might not have quite as much wind beneath its wings had it scheduled the meeting a couple weeks earlier. Private aviation has seen a surge in demand since pandemic and the US set records at both the individual airport-level and nationally with the volume of fliers in the skies last week for the Thanksgiving holidays.
The proof will still be in the pudding with redemptions for the deal, however, as the SPAC has not attached committed outside funding to the transaction yet since announcement and it has a $35 million minimum cash condition to hit.
Deals and Funding
- L Catterton Asia (NASDAQ:LCAA) has added $750 million in new financing commitments in the form of convertible notes that add to $120 million in existing PIPE funding. PIPE investors and note holders are expected to own 19% of the combined company at close.
- Plum I (NASDAQ:PLMI) has advanced its letter-of-intent to combine with Veea to a definitive agreement at an enterprise value of $281 million. Veea, a digital transformation company, is expected to secure $50 million in private financing prior to the transaction’s close.
- Kernel Group (NASDAQ:KRNL) has mutually terminated a forward purchase agreement with Meteora Capital Partners that would have seen it purchase up to 7,700,000 kernel shares. Meteora will receive 50,000 shares as compensation for the termination.
News and Rumors
- CFO Dive: Pagaya (NASDAQ:PGY) CFO Michael Kurlander is leaving the technology firm after two years. The departing Kurlander came to Pagaya In June of 2021, roughly a year before Pagaya shares began trading on Nasdaq in June of 2022 after completing a business combination with EJF Acquisition Corp.
- PR: Fusion Fuel Green (NASDAQ:HTOO) has raised $20 million in senior convertible notes financing from Macquarie with a 4% interest rate just under three years out from its combination with HL in December 2020.
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...