At the SPAC of Dawn
SPAC activity is picking back up this week in between the dust settling on the SEC’s new SPAC rule and the Fed breaking its silence on potential rate cuts Wednesday.
As three SPACs look to secure extension votes today, Northview (NASDAQ:NVAC) is among those those hoping to be nearing close. It filed its sixth amended proxy for its combination with medtech firm Profusa on January 16 and released a new investor presentation for the deal this morning.
This provides some key updates from the parties’ initial materials as redemptions at extension votes have reduced Northview’s trust by -95.6%, while the two sides initially anticipated a maximum of 80% redemptions by close. It now has $9.3 million in trust and expects final redemptions to leave it with about $5 million.
It expects to add a further $1 million via a PIPE and to gain $4.4 million more in equity financing from the establishment of a 60/40 joint venture with a Singapore-based entity to license and market its products in the APAC region.
Profusa plans to use about $5 million to $6 million from these final proceeds to fund working capital needs with about $3 million going towards commercializing its glucose monitoring products and $1 million to get its oxygen monitor through its FDA pivotal study.
News and Rumors
- PR: Science 37 (NASDAQ:SNCE), which combined with LifeSci II in October 2021, has agreed to be acquired by private telehealth firm eMed for $5.75 per share. This is a 21.3% premium over the company’s last closing price. But, Science 37 did a 1-for-20 stock split in December and has shrunk to a market cap of about $28.3 million having struck its SPAC deal at $1.05 billion.
- Reuters: Electric car maker Polestar Automotive Holding (NASDAQ:PSNY), which combined with Gores Guggenheim, plans to cut around 450 jobs globally, or about 15% of its workforce, amid “challenging market conditions.”
- TechCrunch: EV de-SPACs Canoo (NASDAQ:GOEV) and Faraday Future (NASDAQ:FFIE) are also rumored to have reduced salaries and furloughed employees. Canoo combined with Hennessy IV in 2020 and Faraday Future with Property Solutions in 2021.
Scheduling Notes
- Sizzle Acquisition Corp. (Nasdaq: SZZL) has postponed its completion vote, scheduled for January 31, to 9 am ET, on Tuesday, February 6. The SPAC stated that it postponed the meeting because EUR and Sizzle are evaluating potential investments from certain strategic parties in connection with the closing of the combination.
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...