Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Tim Hortons China nears $1.8 billion SPAC deal, green fintech startup Aspiration in talks to merge with Interprivate III, and Vietnam’s VNG Corp. considers $3 billion merger
Tim Hortons China Is Said Near $1.8 Billion Deal With SPAC
The joint venture that runs the Chinese locations of iconic Canadian coffee shop chain Tim Hortons is nearing a deal to go public through a merger with blank-check company Silver Crest Acquisition Corp.(NASDAQ:SLCR), Bloomberg said.
A transaction could value the combined entity at about $1.8 billion and an announcement could come as early as this week.READ
Green Fintech Startup Aspiration Said in Interprivate SPAC Talks
Fintech startup Aspiration is in talks to go public through a merger with Interprivate III Financial Partners Inc. in a transaction that’s slated to value the combined entity at more than $2 billion, according to people with knowledge of the matter.
The vehicle is in talks to raise capital to support the transaction via a PIPE.READ
GIC-Backed Vietnam Tech Firm Considers $3 Billion SPAC Merger
Vietnam’s VNG Corp., whose investors include a unit of Singaporean sovereign wealth fund GIC Pte, is considering going public in the U.S. through a reverse merger with a blank-check company, according to Bloomberg.
The online gaming and technology firm is working with financial advisers to hold discussions with SPACs for a potential deal and a transaction could value VNG at $2 billion to $3 billion.READ
China’s Tech Crackdown Thwarts Pony.ai’s U.S. Listing Plans
Autonomous driving startup Pony.ai has put on hold plans to go public in New York through a merger with blank-check firm VectoIQ Acquisition II (NASDAQ:VTIQ) at a $12 billion valuation, after it failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies, Reuters said.
The decision makes Pony.ai one of the biggest companies to suspend its U.S. listing plans after China banned ride-sharing giant Didi Global Inc. (NYSE:DIDI) from signing up new users just days after its blockbuster IPO in June.READ
Bad Tomatoes at SPAC’s Indoor Farm Empire Send Shares Tumbling
AppHarvest Inc.’s (NASDAQ:APPH) early efforts at indoor farming aren’t bearing financial fruit for shareholders of the SPAC that bought the startup in February.
The stock tumbled as much as 40% on Wednesday to as little as $7.20, far below the typical $10 starting point for SPACs after a disappointing second-quarter report. The recent crop at AppHarvest’s first facility in Kentucky was marred by historically low tomato prices, and sales were hurt by lower-than-expected quality, the company said.READ
Terms Tracker for the Week Ending June 2, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As is typical of slow holiday weeks, this past week for SPACs was no exception. To wit, there were zero new S-1s filed, zero amendments...
Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...
Athena Technology Acquisition Corp. II (NYSE:ATEK) announced this afternoon that it is postponing its extension vote scheduled for June 12 until June 13. Shareholders at the special meeting are to vote on a proposal to allow Athena Technology II to extend its transaction deadline on a monthly basis up to nine times from June 14,...