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.
After the first full month without a SPAC IPO in nearly a year and a half, Thursday night saw two new vehicles begin floating, Quetta and Spark I.
This came along news that Omeed Malik, a former Bank of America managing director, is planning to take another plunge into the SPAC waters. He steered his first SPAC, Colombier, to a close with PSQ Holdings (NYSE:PSQH) in July. The company aims to assemble an Amazon-like marketplace of goods free from curation pressures from the political left.
It joined a growing number of broadly “anti-woke de-SPACs” that had beaten the wider SPAC market early on. But, these companies have failed to maintain the highs of Digital World‘s (NASDAQ:DWAC) hype. Conservative social network Rumble (NASDAQ:RUM) last closed at $5.13, while Black Rifle Coffee (NYSE:BRCC) sits at $3.17.
For its part, PSQ last closed at $8.21 still within the parties’ lock-up period. Digital World nonetheless continues to coast at $15.83 in hopes that the epic review process for its combination with Trump Media & Technology Group comes to a close.
Latest Liquidations and Reversals
- LatAmGrowth SPAC (NASDAQ:LATG) has permanently adjourned its special meeting to approve an early liquidation, potentially reversing its decision to dissolve ahead of its October 27 deadline which could be pushed to November 27 without further shareholder approvals.
News and Rumors
- Fast Acquisition Corp. has agreed to pay a $12.5 million settlement in a legal fight over the $33 million breakup fee from the SPAC’s failed merger with Tilman Fertitta’s hospitality business.
- Omeed Malik, founder of Farvahar Partners is planning to raise a new SPAC with a trust of at least $130 million despite recent chilly conditions following his steering of Colombier.
- Into the struggle of EQRx (NASDAQ:EQRX) to commercialize its clinical findings following its combination with CM Life Sciences III in 2021.
- IndiEV files for bankruptcy having terminated its combination with Malacca Straits in June, freeing up space in a factory at the heart of a lawsuit between Foxconn (TW:2354) and Lordstown.
Scheduling Notes
- Alset Capital Acquisition Corp. (NASDAQ:ACAX) has extended the deadline for its shareholders to make final redemption decisions to 5 pm ET October 13. The SPAC’s shareholders already approved its combination with HWH International in August.
- Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) has rescheduled the completion vote for its combination with Carbon Revolution to 1 pm ET October 12 and the redemption deadline will now be 5 pm ET October 10.
- Learn CW Investment Corporation (NYSE:LCW) has postponed its October 10 extension vote to 3 pm ET October 11.
- AltC Acquisition Corp. (NYSE:ALCC) has extended the deadline for shareholders to make final redemption decisions to 5 pm ET October 11 having secured approval of its transaction extension yesterday.
- Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced that the closing conditions for its combination with Next.e.GO have not yet been met and the parties continue to work to satisfy those terms having secured approval for the deal by Athena Consumer’s shareholders on September 29.
CF Acquisition Corp. VIII (NASDAQ:CFFE) announced this afternoon that it has completed its combination with B2B software firm Exela. Although shareholders had previously approved the deal during a special meeting on August 24, no specific timeline for its next steps had been disclosed at that time. Additionally, a proposal was passed at the meeting to change...
DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million. Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions. The combined company is expected to trade on the Nasdaq once...
PROOF Acquisition Corp I (NYSE: PACI) announced this morning that its shareholders have approved its business combination with private aviation company Volato at a special meeting held on November 28. Approximately 97% of the votes cast at the meeting were cast in favor of the approval of the deal. The SPAC did not disclose redemption...
At the SPAC of Dawn Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week. With 178 SPACs having announced a liquidation so far in 2023, the year’s total number could well exceed...
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...