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.
President Joe Biden took to the airwaves last night to assert a message of American leadership over growing crises abroad.
This may assuage those in the affected areas but the markets have had their eyes more squarely on fights nearer to home. As the House Speaker chair remained empty, Fed Chairman Jerome Powell had his usual up-and-down affects on the market with a speech to the Economic Club of New York, explaining that monetary policy was probably tight enough, but the labor market remains too tight for a change.
That could be cold comfort for SPACs hunting in growth sectors, but should in theory be a positive signal for those looking for targets in consumer staples and construction. That has been the case for Riverview‘s Westrock Coffee (NASDAQ:WEST) and SilverBox I‘s Black Rifle Coffee (NYSE:BRCC), up +2.3% and +5.5% in the aftermarket, respectively.
But it didn’t carry over to construction de-SPACs the day of the speech. DiamondHead‘s homebuilding de-SPAC United Homes (NASDAQ:UHG) and Legato II‘s infrastructure construction de-SPAC Southland (NYSE:SLND) were down -1% and 3.9% on the day and more in the aftermarket.
A new entrant could be coming soon to test this trend from a different angle, however, as two (NYSE:TWOA) approaches close with LatAm Logistics Properties, an investor in high-end industrial locations for use as warehouses and fulfillment centers in Costa Rica, Colombia and Peru.
News and Rumors
- AFN: Moolec Science (NASDAQ:MLEC), which combined with LightJump in December 2022 secured $30 million in funding from Grupo Insud made up of $21 million in convertible notes and roughly $10 million-worth of in-kind contributions from giving Moolec access to industrial capabilities.
- Innovation Map: Nauticus Robotics Inc. (NASDAQ:KITT), which completed its combination with CleanTech in September 2022, announced it has acquired underwater lidar specialist 3D at Depth in a $34 million stock transaction.
- SCMedia: Collapse of LGL‘s cybersecurity target IronNet (OTC:IRNT) likely a harbinger of trouble among other listed cybersecurity firms that have prized growth over profit and stuck too closely to niches.
- Reuters: Law firm sues SPAC trustee Continental in attempt to prevent it from dispersing trust funds to shareholders amid 26 Capital‘s messy failed merger with Okada Manila.
Scheduling Notes
- Vision Sensing Acquisition Corp. (NASDAQ:VSAC) has postponed its extension meeting, scheduled to occur at 8:30 a.m. EDT on Friday, October 20, until 12:00 noon EDT on Wednesday, October 25.
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...