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.

As oil prices tick upwards, one SPAC neared close heading into the weekend with a company making a different sort of bet on a de-carbonizing economy.

Spectaire aims to leverage its emissions-detecting equipment to get a piece of the carbon credits action as its industrial clients lower their emissions. The general notion is that clients would purchase its devices for $2,000 per pop and also forward to Spectaire service fees and a portion of the carbon credits they demonstrate they have lowered with those detectors.

Its SPAC partner, Perception Capital II (NASDAQ:PCCT), secured shareholder approval for the deal on Friday and, according to a recent presentation, Spectaire judges its immediately serviceable market at about $297 million.

But, how much are carbon credits actually worth?

Xpansiv’s CBL market operates as a spot exchange for carbon credits and other new-arriving environmental commodities. The value of its Global Emission Offset contracts have fallen significantly over the past year from a peak of $8.85 in November 2021 to about $1.60 by July.

These have fallen further since with October 2023 futures last set at $0.75, but these increase the further one buys into the future with January 2025 offset contracts for instance last sold at $0.84.

Shell (NYSE:SHEL) and the Boston Consulting Group forecast that the overall market would grow from $2 billion in 2021 to between $10 billion and $40 billion by 2030. That’s quite a spread and there is still considerable uncertainty around whether the carbon credit system encourages companies to be greener or simply buy away their own emissions exposure.

But, one of the other sensitivities in the market is simply how well the emissions credits are measured and monitored and Spectaire has the potential to be a SPAC-fueled part of that conversations as the sector grows.

Deals

• Aimfinity Investment Corp. I (NASDAQ:AIMAU) announced a $60 million deal with Taiwanese medical device maker Docter Inc. Docter is developing a glucose-monitoring watch and its shareholders are expected to own about 51% of the combined entity.
• ShoulderUp Technology Acquisition Corp. (NYSE:SUAC) signed a non-binding letter of intent to combine with urban mobility firm Airspace Experience Technologies.