At the SPAC of Dawn
Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee.
The SPAC market has some increasing green shoots this week, with two new SPACs set to start trading today – AI Transportation (NASDAQ:AITR) and Agriculture & Natural Solutions (NASDAQ:ANSC).
Taken together with the three SPAC IPOs in October, Q4 has now matched the IPO totals of Q2 and Q3 of this year and presumably will best them before the year is out. With several major rumored non-SPAC IPOs gearing up for debuts in the first quarter of next year, the vibes are increasingly leaning towards normalcy to start 2024.
That said, November has started off slow in new announced deals with only one SPAC combination joining SPACInsider‘s announced column so far. Dealmaking tends to take a turkey nap at the midpoint of the month, so the coming weeks could be more about 40 new SPACs filed to IPO and the 153 with pending deals getting on and off the board, respectively.
News and Rumors
- Cooley: Delaware’s Chancery Court has seen a record caseload in 2023 with over 1,000 cases filed as of early October, 63 of which involve litigation around SPACs.
- Sky News: Arrival (NASDAQ:ARVL) has engaged Jefferies’ US office to raise raise fresh funding as it works through a restructuring with Alvarez & Marsal in the UK. Among the options being considered are a full or partial asset sale two years after initially going public with CIIG and four months after terminating a second SPAC deal with Kensington V.
- CanTech Letter: Following its bankruptcy, WeWork (NYSE:WE) disclosed that it is not currently planning to close any of its Canadian locations and is committed to growing its business there. BowX completed its combination with WeWork in October 2021.
Liquidations
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ALSP Orchid Acquisition Corporation I (NASDAQ:ALOR) will redeem all outstanding shares and liquidate at the close of business November 14. It expects to distribute $10.86 to shareholders from its trust.
Subscription Agreements
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Focus Impact BH3 Acquisition Company (NASDAQ:BHAC) entered into a subscription agreement with the new sponsor and Polar Multi-Strategy Master Fund for up to $1.2 million.
Scheduling Notes
- Black Mountain Acquisition Corp. (NYSE:BMAC) postponed its extension meeting, which was originally scheduled to be held on November 14, at 12:00 p.m., ET, and will now hold the meeting on November 17, at 10:00 a.m., ET. Additionally, the SPAC announced that it intends to enter into one or more non-redemption agreements with one or more stockholders.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
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...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
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...