At the SPAC of Dawn
Morning SPAC News Roundup-readers have spoken! On the eve of the Fed’s press conference, we asked SPACInsider subscribers in this space to predict the number of SPAC IPOs in 2024.
As a baseline, 2023 saw 31 SPAC IPOs, there were 86 in 2022 and one has already priced in 2024 – JVSPAC (NASDAQ:JVSAU). So, the question is in some ways, “will SPAC IPO volume increase, decrease or stay roughly the same.”
SPACInsider‘s subscriber base is primarily made up of the institutional dealmakers and investors around SPAC transactions. So, although 30 responses is a relatively small sample size, a large majority of that clued-in group of respondents believe the 2024 environment will be the same or better for SPACs.
Nearly 76.7% of respondents predicted there would be more than 25 IPOs this year, and 16.7% predicted 50+. During SPACInsider‘s webinar breaking down the SEC’s new SPAC rules, Doug Ellenoff, a partner at Ellenoff Grossman & Schole, placed his chips in the 50+ camp, predicting double 2023’s output, or 62.
But, 23.3% of respondents in the poll predicted the decrease in SPAC activity to continue with less than 25 IPOs this calendar year. Sentiments may change as the market gets further away from the SEC rule drop and closer to a Fed rate cut, but for now the general consensus is for a steady course.
News and Rumors
- PR: Estrella Immunopharma (NASDAQ:ESLA) will begin a share repurchase program for up to $1 million in stock. Estrella combined with TradeUp in September 2023.
- Bloomberg Law: The lawsuit over 26 Capital‘s failed combination with Okada Manila just got bigger as a Delaware judge allowed Zama Capital Master Fund to join. Zama is to be aligned with the branch of the suit accusing an affiliate of Japan’s Universal Entertainment of unduly canceling the deal and interfering in local legal disputes in the Philippines.
- PR: Solar power company Alternus Energy (NASDAQ:ALCE) announced in an 8-K filing that it has repaid €59.1 million (about $64.1 million) in bonds after divesting certain assets in Italy and Poland. Alternus combined with Clean Earth in December 2023.
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...
At the SPAC of Dawn Futures sit slightly red as investors return from holidays of barbecues and fireworks to renewed concerns about where US President Donald Trump’s tariff policy might hamper trade. The latest shift produced a further one-month delay in most of the tariffs Trump has threatened to impose as his administration continues to...
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...