Lionheart III (NASDAQ:LION) announced this morning that it has closed its deal with advanced materials company Security Matters (ASX:SMX).
The business combination was approved by shareholders at a special meeting held on January 30, but LION was unable to close the deal until now.
SMX’s ordinary shares are expected to commence trading on the Nasdaq Global Market, and warrants are expected to commence trading on the Nasdaq Capital Market, on March 8, 2023 under the ticker symbols “SMX” and “SMXWW”, respectively.
The parties announced their $244 million combination on August 26, 2022. Australia-listed Security Matters Limited is developing a hidden chemical-based “barcode” designed to irrevocably mark an object, allowing products and materials to be tracked and scanned to provide more information via blockchain technology.
Security Matters recently filed that it generated total invoices valued at $1.4 million in full year 2022, and it had reduced its quarterly staff costs from about $857,000 in the third quarter of 2022 to $690,000 in the fourth quarter.
ADVISORS
- ClearThink Capital is serving as a financial advisor to SMX.
- EF Hutton, a division of Benchmark Investments, LLC, is serving as financial advisor to Lionheart III Corp.
- K&L Gates, Afik & Co Attorneys & Notary is serving as legal counsel to SMX.
- Arthur Cox LLP is serving as legal counsel to SMX.
- DLA Piper is serving as legal counsel to Lionheart III Corp.
- Futerra will act as SMX’s global brand strategy agency.
Terms Tracker for the Week Ending March 31, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Filings continue to remain quiet, but SPACs did manage to price two more IPOs this week with TMT Acquisition Corp (Nasdaq: TMTCU) and Trailblazer Merger...
Hudson Acquisition I Corp. (NASDAQ:HUDA) announced that it has signed a non-binding letter of intent (LOI) to combine with a pre-clinical-stage biotechnology company. The SPAC did not provide many details on the unnamed target, but disclosed that the biotech company is focused on developing intranasal preventives for major disease-causing respiratory viruses. As a condition to the target...
Heading into April, SPACs are to see eight sponsors and 11 de-SPAC’d companies freed from lock-ups and ready to trade. Most of these lock-up expirations are loaded into the final week of the month, but those hitting this milestone already next week include some of the more interesting transactions of the crop. In particular, MoonLake...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Shares of Digital World jump after Trump’s indictment, and pair of Delaware Chancery court decisions deny motions to dismiss SPAC shareholder’s fiduciary breach claims Trump-Tied SPAC’s Shares Jump After Historic New York Charge The...
Ares Acquisition Corporation II (NYSE:AACT) filed its S-1 yesterday afternoon for a $400 million IPO, marking the second SPAC to file for an IPO in March and the largest since December 20, 2021, when Gores Holdings X Inc. filed for a $725 million SPAC. Ares II intends to focus its search on an established target...