Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K this afternoon that it has re-worked its combination with sustainable energy firm Global Hydrogen.
The parties amended the purchase agreement yesterday, pursuant to which the aggregate share consideration to be paid to the sellers was reduced from $57.5 million to $48 million. The parties have not yet given an indication of what prompted the revision, but this drops the company’s equity value by about -16.5%.
Dune raised $172.5 million during its IPO in December 2020, and initially intended to combine with equities trading platform TradeZero in a deal valued at $556 million. But, its first proposed merger ended after the deal was terminated. Dune launched a lawsuit against its former combination target partner, while the SPAC’s Board recommended shareholders vote against the deal.
In December, Dune was able to recoup a $5 million settlement from TradeZero as part of the break-up.
After seeing 93.15% of its trust redeemed during a previous extension vote in June 2022, the SPAC is now left with $11.9 million in its trust and has a completion deadline of December 22.
It initially announced the business combination with Global Hydrogen on May 15 and has not yet supplemented it with additional outside capital. The combined company is expected to list on the Nasdaq under the ticker symbol “HGAS” once the deal is completed. New York-based Global Hydrogen is working to develop a business capturing industrial gasses from offtakers that can be converted into sustainable fuels.
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...
Latest SPAC Liquidations: LF Capital Acquisition Corp. II LF Capital Acquisition Corp. II (LFAC) to Liquidate on October 3, 2023 LF Capital Acquisition Corp. II (Nasdaq: LFAC), today announced that the directors of the Company have determined to dissolve and liquidate the Company. The redemption of the Public Shares is expected to be completed on...
Latest Non-Redemption Agreements: Yotta Acquisition Corp.,Live Oak Crestview Climate Acquisition Corp. Yotta Acquisition Corp. (YOTA) Adds Non-Redemption Agreements Yotta Acquisition Corp. (NASDAQ:YOTA) entered into non-redemption agreements with certain unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate of 598,680 shares of the Company’s common stock. In exchange for the foregoing...
Twin Ridge (NYSE:TRCA) announced this afternoon that it plans to convene and then adjourn its extraordinary general meeting of its shareholders originally to be held on September 26 at 11:30 a.m., Eastern Time. Twin Ridge intends to hold the new meeting at 11:30 a.m., Eastern Time, on October 3, 2023. Additional details were not given as to...
Social Leverage Acquisition Corp I (Nasdaq: SLAC) and W3BCLOUD Holdings Inc. announced this afternoon that they have mutually agreed to terminate their business combination agreement. The reasons cited were once again “due to existing market conditions”, which most likely implies the current capital market conditions as well as the fact that W3BCLOUD works within the...