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.
Lightwave Acquisition Corp. (NASDAQ:LWACU) announced the pricing of its $187.5 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “LWACU”, Wednesday, June 25, 2025. The new SPAC plans to combine with a technology target or another industry that complements its management team’s background. Lightwave’s management team is led...
Oxley Bridge Acquisition Limited (NASDAQ:OBAU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OBAWU”, Wednesday, June 25, 2025. The Company’s primary focus will be to search globally for a target with operations or prospects focusing on global consumer and technology sectors...
At the SPAC of Dawn The SPAC market has been feeling considerable wind under its sails since the cycle reset last summer, but that does not mean it is smooth sailing for all portions of the process. All three SPACs that held votes yesterday wound up adjourning or postponing them, suggesting that getting through a...
Columbus Circle I (NASDAQ:CCCM) has entered into a definitive agreement to combine with ProCap Financial as part of a raise of about $1 billion in capital for the target company. ProCap aims to build a Bitcoin treasury that will eventually provide the backing for a financial institution providing investment banking services. The combined company is...
At the SPAC of Dawn SPACs have a busy week of votes ahead of them with six special meetings to approve extensions and three to complete business combinations. JVSPAC (NASDAQ:JVSA) is set to kick off the run of deal votes tomorrow as it seeks approval to tie things up with Southeast Asian hospitality chain Hotel101....