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.
“The show must go on!” has been a theme of sorts lately for the SPAC market navigating a tough crowd of macro headwinds.
All eyes have been on BowX‘s de-SPAC WeWork (NYSE:WE) ever since it missed a debt payment earlier this month. But, it’s move yesterday to make permanent its appointment of David Tolley as CEO seemed to indicate it would double down on his vision to renegotiate all leases the massive tenant currently is a party to and box up underperforming locations.
Few business models were poised to be more sensitive to the pandemic and its aftermath than flexible office spaces, and yet the pioneer of the concept is still trucking at least for now.
The risks of that business model still pale in comparison to what companies seated in a warzone are facing. And yet, Israel Acquisitions Corp. (NASDAQ:ISRL) still announced a letter of intent with Tel Aviv-based Pomvom (TA:PMVM) into this news environment without needing such a move to secure an extension or other move.
At an earlier stage of the SPAC process, Iron Horse Acquisition Corp. withdrew its proposed S-1 yesterday, but already says it will be back. This will be a new submission as its last S-1 was abandoned in September, but like many others in this business, its getting back on that horse.
News and Rumors
- JDSUPRA: In a blow to 26 Capital Acquisition Corp., a Delaware court declined to grant it specific performance in reviewing its failed combination with Okada Manila casino – a case containing “a complicated and cinematically wacky set of facts”. The trial does have the potential ramifications for other international SPAC deals as the court here noted its reluctance to rely on a foreign court to oversee the portions of this case in its jurisdiction.
- Bloomberg: Hydrow Inc., a fitness company that counts NFL star Travis Kelce and growth equity firm L Catterton among its investors, is in talks to acquire smaller rival Cityrow. Hydrow previously discussed merging with Sandbridge X2 Corp., but those talks fell apart.
- Home Healthcare News: Sharecare Inc. (NASDAQ:SHCR) confirmed last week that it had received an unsolicited acquisition proposal from Claritas Capital. Sharecare became a publicly listed company in June 2021 after combining with Falcon Capital Acquisition Corp.
- ExcelFin Acquisition Corp. (NASDAQ:XFIN) announced that its extension meeting, originally scheduled for October 18, is being adjourned to October 20.
- TortoiseEcofin Acquisition Corp. III (NYSE:TRTL), which announced a postponement of its extension meeting to October 19 yesterday, has changed its contribution commitment to $0.015 per share each month from $0.01 per share or a maximum of $200,000.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...