At the SPAC of Dawn
Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee.
After largely positive Monday for US markets, futures are back in the red as traders anticipate the drop of the September 2023 Advance Monthly Retail report at 8:30 am ET.
Last month’s numbers from the Census Bureau showed a +0.6% sales increase amounting to $687.6 billion and a revision of the July figures to +0.5%. But, the market’s sensitivity to such numbers only increases the closer the calendar turns towards the winter holidays.
The Census figure is also adjusted for seasonal price swings, but not inflation, so reading it can be a mixed bag particularly as fears of an inflation-fueled recession have not completely receded. The last report found that the largest retail spending increases were at gas stations.
That suggested not only the growing impact of gas prices on American wallets, but also a trend towards thrift spending at convenience stores while sales of bigger-ticket items like furniture fell.
Deals
- Israel Acquisitions Corp. (NASDAQ:ISRL) announced this morning a non-binding letter of intent (LOI) with Tel Aviv-listed Pomvom (TA:PMVM) which provides digital media services to entertainment venues.
News and Rumors
- Bloomberg: WeWork Inc. (NYSE:WE), which went public with BowX in 2021, named David Tolley as CEO, shifting his temporary status to permanent at the head of the struggling co-working real estate company.
- Benzinga: EV-maker Faraday Future (NASDAQ:FFIE) announced new plans to cut costs and focus on its FF 91 SUV as it has not yet generated revenue since its combination with Property Solutions in July 2021.
- Bloomberg: Elliott Investment Management is considering making a proposal to take supply-chain software company E2open Parent Holdings (NASDAQ:ETWO) private. The company went public in 2021 through a merger with CC Neuberger Principal Holdings.
- Verge: President Joe Biden’s reelection campaign launched its own account on his probable opponent’s Truth Social platform. A part of Trump Media & Technology Group, Truth Social has sought to go public in a long-running process with Digital World Acquisition Corp. (NASDAQ:DWAC).
Non-Redemption Agreements
- Blockchain Coinvestors Acquisition Corp. I’s (NASDAQ:BCSA) sponsor entered into one or more agreements with unaffiliated investors in exchange for an agreement not to redeem Class A ordinary shares. In exchange for the foregoing commitment, the sponsor has agreed to transfer to such investors an aggregate of 30,000 ordinary shares per 200,000 non-redeemed shares.
Scheduling Notes
- ESGEN Acquisition Corporation (NASDAQ:ESAC) is pushing its extension vote from October 17 to 11 am ET October 20.
- Healthwell Acquisition Corp. I (NASDAQ:HWEL) has postponed its completion vote from October 19 to 10 am ET October 25. Healthwell I has a pending combination with cancer drug developer Starton Therapeutics
- TortoiseEcofin Acquisition Corp. III (NYSE:TRTL) has moved its October 17 extension vote to 3:30 pm ET October 19.
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...
At the SPAC of Dawn Dealmakers remain confident that AI is going to play a big role in their M&A processes, but feel unprepared for some the changes, according to a new survey of 225 corporate and 75 private equity transactions professionals. SS&C subsidiary Mergermarket generated the report that found more than half of respondents...