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.
- 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).
- 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.
- 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.
SDCL EDGE (NYSE:SEDA) has entered into a definitive agreement to combine with copper alloy manufacturer cunova at an enterprise value of $736 million, or 9.4x its 2023E adjusted EBITDA. Osnabrück, Germany-based cunova manufactures copper casts, fittings and conductivity products for the industrial, defense and aerospace sectors. The combined company is expected to trade on the...
Deals and Funding Power & Digital (NASDAQ:XPDB) has secured a $10 million investment from Rice Investment Group into its combination with HVAC technology firm Montana under undisclosed terms. two (NYSE:TWOA) has secured a $15 million PIPE at $10 per share for its combination with LatAm Logistic Properties. News and Rumors PR: Adtech firm Banzai International...
Acri Capital (NASDAQ:ACAC) has entered into a definitive agreement to combine with electronics manufacturer Foxx for $50 million in share compensation. Texas-based Foxx provides communication terminals and IoT services to the telecom sector as well as consumer electronics for retail buyers. The combined company is expected to trade on the Nasdaq once the deal is...
At the SPAC of Dawn SPAC filings have had a relatively slow start out of the gate from the long weekend, but this week should end with some fireworks with six completion votes yet to come and a lunar landing to boot. Three of these votes have been postponed at least once already, so the...
Terms Tracker for the Week Ending February 16, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Filings were on the quieter side ahead of the three-day weekend, with the following week also usually heavily booked with spring break vacations. As a...