Clean Energy Special Situations Corp. (NASDAQ:SWSS) announced in an 8-K this morning that it will postpone its extension vote from today to 11 am ET August 28.
It also provided an update on its trust value in the filing, noting that after accounting for taxes it has about $10.18 per share in trust, rather than the $10.36 cited in its last proxy. But, it has decided to still offer $10.36 per share to any shareholder opting to redeem in connection with this vote.
Without clarity as to what the redemption rate might be at the next opportunity, one would think many will take Clean Energy up on that, given the $0.18 per share swing it represents.
Clean Energy already saw about 88.5% of shares redeemed in a February, back when it was operating under the name Springwater Special Situations Corp. It changed its name earlier this month and is now seeking to gain the ability to extend up to a maximum of May 28, 2024. The SPAC’s sponsor would lend it $0.075 per share for the first three months of this extension and $0.025 per share for each additional month.
It has not yet announced a definitive agreement, but initially IPO’d in August 2021 with goal of leveraging its European institutional investor network to find either an over-leveraged target or private equity investment that was already out-of-the-money. Then again, its name change could indicate a shift to a sector-specific focus.
Welsbach Technology Metals Acquisition Corp. (WTMA) to Discuss Non-Redemption Agreements Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMA) announced in an 8-K today that it intends to discuss signing non-redemption agreements of unspecified size with investors ahead of its September 28 extension vote. Any takers on the offer would receive additional shares in the company’s combination target...
Latest SPAC Liquidations: Iconic Sports Acquisition Corp. Iconic Sports Acquisition Corp. (ICNC) to Liquidate on October 11, 2023 Iconic Sports Acquisition Corp. (NYSE: ICNC), today announced that its board of directors has determined to redeem all of its issued and outstanding Class A ordinary shares, effective as of October 11, 2023. The Company anticipates that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Conduit’s $1.2bn Nasdaq listing deals another blow to London A British biopharmaceuticals business has completed a deal to list on Nasdaq, delivering a further blow to the London Stock Exchange which has struggled to persuade fast-growing companies...
Mercato Partners (NASDAQ:MPRA) announced in an 8-K this morning that it has added an $11.1 million PIPE at $10 per share to its combination with Brazilian software firm Nuvini. The PIPE investors remain unnamed for now, but this move would cover the combination’s $10 million minimum cash condition. That eliminates some uncertainty as Mercato approaches...
Terms Tracker for the Week Ending September 22, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs finally saw two new S-1 filings this week, the first to file since August 24th. Hainan Sirius Acquisition Corp. filed first on Thursday and...