Tonight’s notable news below.
NEW 1/2 WARRANT SPAC: SUSTAINABLE OPPORTUNITIES ACQUISITIONS CORP. (SOAC.U)
In “Wow! They’re filing now??” news, Sustainable Opportunities Acquisitions Corp. (SOAC.U), a $300 million SPAC focused on the sustainability sector, filed to IPO. Keep in mind that Social Capital Hedosophia, which arguably had one of the most successful SPACs, has delayed the pricing of it’s follow-up IPOs (IPOB.U and IPOC.U). And yet, we’re still seeing SPACs get filed in the midst of an unprecedented global shutdown thanks to the Coronavirus.
Nonetheless, SOAC.U is a 24 months, 100% in trust, 1/2 warrant SPAC being underwritten by Citigroup. 1/4 warrant deals have been getting all the headlines lately, but it’s not altogether unsurprising to see a 1/2 warrant SPAC get filed right now.
This SPAC will be led by Scott Leonard, as CEO and Director, and Scott Honour, as Chairman. Interestingly, Mr. Honour, who is a Managing Partner of Northern Pacific Group (“NPG”), the private equity firm, also has 10 years of experience working for The Gores Group, of Gores SPACs fame.
Check back tomorrow for more info after I give the prospectus a thorough read.
TOTTENHAM ACQUISITION I LIMITED (TOTA)
Tottenham Acquisition I Limited (TOTA), filed a proxy this evening to extend their completion deadline six months from May 6, 2020 to November 6, 2020. Considering the current market conditions and the questionable timeline as to when the coronavirus quarantines will end, asking for a six month extension seems smart. TOTA will be contributing $0.10 to trust for non-redeeming shareholders for two 3-month extensions. That means, if TOTA needs to use all six months, they will be contributing an additional $0.20 to trust.
The vote date has been set for April 9, 2020, with a record date of March 6, 2020. The redemption deadline is April 7th.
TIBERIUS ACQUISITION CORP. (TIBR)
Tiberius Acquisition Corp. (TIBR), announced earlier today that it has consummated it’s business combination with International General Insurance Holdings Limited (“IGI”). The business combination was previously approved by Tiberius stockholders at a Special Meeting of Stockholders on Friday, March 13, in what was quite possibly one of the most difficult weeks for the capital markets, ever.
The newly combined company will be renamed IGI Holdings Ltd., and the shares and warrants will commence trading on the Nasdaq Capital Market tomorrow morning under the symbols “IGIC” and “IGICW”, respectively.
The Tiberius extension vote, that was scheduled for March 19th, is now cancelled.
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...