Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Makara to proceed with IPO, flyExclusive faces hurdles on pandemic demand drop, and OriginClear’s Water on Demand signs MOU
Makara Announces Updating Form S-1 Registration Statement with Current Financial Statements for Planned IPO
Makara Strategic Acquisition Corp. (NASDAQ: MKAR) announced yesterday that Makara is proceeding with its IPO with EF Hutton. Makara has merely withdrawn its registration statement with the U.S. Securities and Exchange Commission to preserve its filing fees and intends to refile the S-1 with its latest, updated financial statements. This refiling of the S-1 with updated financial statements is a standard procedure.
Makara intends to proceed with its IPO imminently as it believes market conditions and opportunities in its target sector have also improved significantly.READ
Private Jets, Hot off Pandemic Surge, Face New Hurdles and Fewer Customers
Jim Segrave’s biggest test yet may come this summer as he pushes forward with a public listing of flyExclusive Inc., which operates more than 90 private jets, through a special purpose acquisition company that values his business at $900 million.
Private flights in the US have declined from their pandemic highs, with takeoffs and landings dropping 4.5% in the first quarter from a year earlier. The drop accelerated to 9.3% in April compared with an 8.6% decrease in March.
Flexjet, the second-largest US operator of private jets behind NetJets Inc., shelved its SPAC listing last month, paying $30 million to call off the deal. Wheels Up Experience Inc.(NYSE:UP), which went public in 2021 via SPAC, has struggled to turn a profit even as sales have grown.READ
OriginClear’s Subsidiary Water On Demand Signs MOU Regarding Acquisition of Established SaaS Developer
OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation Hub™, announces that its subsidiary Water On Demand™ (WODI) recently entered into a Memorandum of Understanding (MOU) to acquire an established international SaaS (Software as a Service) Developer (Developer), founded nearly twenty years ago, which operates with a stable customer base of technology companies. The acquisition is anticipated to be accretive.
On January 5, 2023, Water On Demand, Inc. executed a Letter of Intent with Fortune Rise Acquisition Corporation (NASDAQ: FRLA) under which FRLA proposes to acquire all the outstanding securities of Water on Demand, Inc., based on certain material financial and business terms and conditions being met.
SMX’s Subsidiary trueGold Extends its Commercial Activity to a New Application Beyond Gold Bars and Coins to Watches and Jewelry
SMX (Security Matters) plc (NASDAQ:SMX) is pleased to announce that trueGold Consortium Pty Ltd., a 44.4% subsidiary of the Company, is extending its authentication, certification and verification tech solutions beyond gold bars and coins to gold watches and jewelry.
trueGold invisibly ‘marks’ the gold with a durable marker, that will allow the physical gold to have a complete and transparent memory of its journey from mine-to-marketplace, to recycle and reuse. Enabling an ethical gold supply chain assurance, to tangibly authenticate and provide irrefutable proof of the origination of gold for credible ESG reporting in real time.READ
Terms Tracker for the Week Ending May 26, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we head into the holiday weekend, it’s looking like SPACs will end the month of May with an IPO count of three. Technically, there’s...
Latest SPAC Liquidations: Social Capital Suvretta Holdings II & IV, Sculptor Acquisition Corp I, Logistics Innovation Technologies Corp., and Senior Connect I Social Capital Suvretta Holdings Corp. II (DNAB) to Liquidate on June 30 On May 26, Social Capital Suvretta Holdings Corp. II (NASDAQ:DNAB) announced that it would not complete its initial business combination by its...
Latest Non-Redemption Agreements: Southport Acquisition Corp., and Social Leverage Acquisition Corp. I Southport Acquisition Corporation (PORT) Adds Non-Redemption Agreement On May 25, 2023, Southport Acquisition Corporation (NYSE:PORT) and its sponsor, Southport Acquisition Sponsor LLC, entered into voting and non-redemption agreements with unaffiliated third parties in exchange for such third parties agreeing not to redeem an aggregate...
ST Energy Transition I Ltd. (NYSE: STET) announced this afternoon that it has cancelled its meeting to vote on an extension proposal. The SPAC initially announced the pricing of its $250 million IPO in December 2021 and had 18 months on its timeline to combine with a target. If the SPAC received shareholder approval of an...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: VinFast recalls first batch of EVs in the US, Arrival seeks second chance with EV tax credits, and QualTek files for bankruptcy Vietnam’s VinFast recalls first batch of US-bound EVs over safety risk Vietnamese...