At the SPAC of Dawn
Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets you to nibble on beside your morning coffee.
This morning, the most notable buzz continues to surround two titans of the SPAC world as Bill Ackman finally gets his SPARC structure approved, and Michael Klein takes one of his last three vehicles off the road.
Klein’s decision to liquidate Churchill Capital V (NYSE:CCV) continues the serial SPAC sponsor’s up-and-down year in dealings with Credit Suisse, First Boston and LIV Golf. It does not mean he is out of the SPAC game as Churchill VII (NYSE:CVII) still has a pending deal and Churchill VI can extend its deadline to February.
It is, however, a reminder of the ever-shifting SPAC tides. A hop in SPACInsider‘s Time Machine shows that on this date last year, there were 671 SPACs in the Searching and Announced columns as compared to today’s pared-down 330.
More specifically to the two gentlemen in the news, the Churchill team’s signature de-SPAC Lucid (NASDAQ:LCID) was trading above $14 on the day and Ackman had just filed Pershing Square SPARC Holdings’ third S-1/a with a dizzying 13 more amendments to come.
Latest Liquidations
As noted above, Churchill Capital Corp V announced yesterday afternoon that its board of directors (the “Board”) has determined to redeem all of its outstanding shares of Class A common stock. Additionally, the previously disclosed non-binding letter of intent has been terminated as well.
The per-share redemption price for the public shares will be approximately $10.40 and the last day of trading will be October 16, 2023. Effective as of the close of business on October 17, 2023, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
Deal Amendments
On October 2, 2023, Catcha Investment Corp (NYSE American: CHAA) and Crown LNG Holdings Limited, filed an 8-K detailing Amendment No. 1 to their Business Combination Agreement. Specifically, “Article III – Earnout” of the Business Combination Agreement is to be deleted.
This deleted section previously specified that Crown shareholders had the contingent right to receive shares of Common Stock equivalent to ten percent (10%) of the issued and outstanding equity interests as of the closing of the Business Combination.
News and Rumors
- Institutional Investor: Don’t expect Ackman to buy Twitter with his SPARC; a deal in the cash-hungry PE sector more likely
Scheduling Notes
- Home Plate Acquisition Corporation (NASDAQ:HPLT) convened and then adjourned its October 2 extension vote and will reconvene it at 3 pm ET October 3.
- Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) plans to convene and then adjourn its extraordinary general meeting today at 11:30 a.m., Eastern Time. At the General Meeting, Twin Ridge plans to inform its shareholders of the date on which the General Meeting will be adjourned to.
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...