At the SPAC of Dawn
Any play in the commercial property market appears set to be a buy-low opportunity for some time as real estate lender New York Community Bancorp (NYSE:NYCB) saw its bonds downgraded to junk and European and Asian banks show signs of the same contagion. Still, of all the times to start a WeWork reclamation project, now would appear to be an odd one.
Nonetheless, as noted below, WeWork’s founder has reportedly been eyeing a return to the market since at least December by scooping up the assets of his beleaguered former behemoth in the co-working space. Serial sponsor Barry Sternlicht, who has backed the JAWS family of SPACs, predicted that major write-downs of losses are coming across the asset class as the anticipated return of American workers to offices has not fully occurred.
Don’t forget to participate in our latest Let’s Settle This poll: Will Digital World (NASDAQ:DWAC) actually complete its combination with Trump Media & Technology Group this year? Record your prediction HERE.
Deals and Funding
- Perception Capital Corp. III (NASDAQ:PFTA) has entered into a definitive agreement to combine with clean energy company RBio Energy for about $350 million in equity consideration. Perception III has about $40.7 million in trust after seeing 84.9% of shares redeemed at a July extension vote.
- EVe Mobility Acquisition Corp (NYSE:EVE) has agreed to sell control of its sponsor and most of its economics to Blufire Capital in exchange for the new sponsor taking on certain liabilities and costs incurred by the SPAC. Bluefire is to receive 6,320,667 Class A shares and will convert $425,000 of working capital notes owed to the sponsor into shares at the close of any potential business combination. Jesvin Kaur of Think Tree Advisory has been appointed COO and the SPAC’s existing executive team will be replaced.
News and Rumors
- Crain’s: WeWork (OTC:WEWKQ) former founder Adam Neumann has been working with an investor group to potentially buy the co-working company out of bankruptcy. WeWork combined with BowX in October 2021.
- TechCrunch: Intuitive Machines ( LUNR) has set Valentine’s Day as the window for the launch of its first lunar mission. The space venture, which combined with Inflection Point in February 2023, has developed a lunar lander that NASA has selected in a $118 million contract to deliver six payloads to the Moon’s surface.
- PR: Royalty Management (NASDAQ:RMCO) has acquired a perpetual royalty stream from a Jamaican mine, which is expected to produce titanium dioxide, iron ore and vanadium after permitting is completed. Royalty Management combined with American Acquisition Opportunity in October 2023.
- Sizzle Acquisition Corp. (NASDAQ:SZZL) has pushed its completion vote with European Lithium once again to 10 am ET February 15 from February 9 in order for the parties to continue engaging with potential investors.
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...