Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Traveloka to raise up to $400 million, Citadel alumni team up with JDS’s Stern for new blank-check firm, and Roivant aborts plans to buy back its own SPAC
Traveloka in Talks to Raise Up to $400 Million for SPAC Deal
Indonesia’s Traveloka is in talks with potential investors to raise as much as $400 million as part of its plan to go public through merging with a SPAC backed by Richard Li and Peter Thiel.
The PIPE would be part of a deal to merge the Jakarta-based online travel startup with Bridgetown Holdings Ltd. as soon as this year, said Bloomberg. The merger is set to value the combined entity at about $5 billion.
Citadel Alumni Team Up With JDS’s Stern for New Blank-Check Firm
A pair of former Citadel credit analysts are teaming up with real estate developer Michael Stern to launch a new SPAC, according to Bloomberg.
The blank-check company, dubbed Onyx Acquisition Co. I, has filed confidential paperwork with the SEC. It’s set to seek $200 million and plans to target companies in the general industrials and construction-technology sectors with an enterprise value of $1 billion to $2 billion.READ
SPAC-on-SPAC Deal Falls Apart, And So Does Immunovant’s Stock
A private drugmaker aborted plans to buy back its own SPAC at a hefty premium, sending shares of Immunovant Inc. plunging to an all-time low.
The withdrawal by Roivant Sciences unwinds part of its plan to go public by selling itself to a SPAC, and then using the proceeds to reacquire full ownership of Immunovant, which it merged into another SPAC in 2019.
Immunovant’s stock, which topped $53 last year, closed 26% lower.READ
Grab Loss Narrows on Food Delivery Ahead of SPAC Merger
Singapore’s Grab Holdings Inc., set to go public in the U.S. through a merger with a SPAC, reported a narrower loss for the first quarter as the pandemic boosted demand for food delivery.
The company’s net loss shrank to $652 million in the quarter ended March 31 from $771 million a year earlier, Southeast Asia’s most valuable startup said on Monday.READ
Hammerhead Energy Inc. (NASDAQ: HHRS), which combined with Decarbonization Plus IV, has announced the results of its substantial issuer bid that expired at 5:00 p.m. ET on June 2. Under the bid, HEI offered to purchase for cancellation up to 20 million of its warrants, representing approximately 70% of its total number of issued and outstanding warrants, to purchase...
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...