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 a weekend in which the US markets maintained a slightly positive outlook year-to-date and hopes increased for US political stability, a war broke out from an unexpected angle.
Thus has been the story of the SPAC market in recent years through a pandemic, war, and even a hint of murder hornets. Many SPACs that have reached for the cosmos have fallen back to Earth during this time, but perhaps the story of those who made it all the way is worth telling.
Vector‘s target Rocket Lab (NASDAQ:RKLB) has been in many ways the most diverse and developed of the group, but it has had its share of struggles including a launch failure in September. Nonetheless, it opened a new 144,000-square-foot factory in California last week and will put its 172nd satellite into orbit in its next blast off.
A similar sign of optimism might be found in the terms of the newest SPAC to come to market, Colombier II. More on that to come, but suffice to say that filing a SPAC IPO with a 1/3 warrant and two years on its clock shows at least someone sees the future en rose.
Non-Redemption Agreements
- 10X Capital III (NYSE:VCXB) has agreed to send 210,000 promote shares (2.4%) and up to 630,000 (7.2%) in total to shareholders agreeing not to redeem their shares at the SPAC’s upcoming extension vote. It has a pending deal with biotech firm Addimmune.
News and Rumors
- Space de-SPACS have fallen far short of their revenue projections with only Planet and Rocket Lab keeping it tight in 2022, but trouble looms for 2023.
- Shift Technologies, which combined with Insurance Acquisition Corp. in 2020, will file for bankruptcy, will sell off inventory and is planning to shutter.
- Nigeria considers SPAC listings on its home exchange with rule proposals now appearing.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....