At the SPAC of Dawn
On a day when the US markets are closed, there’s always a chance of SPAC actions sliding by as the SEC has left its EDGAR filing system open.
Right on cue, Welsbach Technology (NASDAQ:WTMA) filed that it had come to a definitive agreement with battery production technology firm Evolution Metals.
The long market weekend also presses pause on the historic roller coaster week that Trump Media (NASDAQ:DJT) has been on since closing its combination with Digital World. After hitting a high of $79.38 earlier in the week it slid into the end of Thursday trading at $61.96 and the skid has continued after close.
Historically, US markets tend to enter Good Friday on a high note then retract slightly on their first day back before rising again on the second day out from the holiday.
Deals and Funding
- Welsbach Technology (NASDAQ:WTMA) has signed a business combination agreement with Evolution Metals, which will result in the SPAC owner 100% of the battery production technology target.
News and Rumors
- PR: Proptech firm Doma (NYSE:DOMA) has agreed to be acquired for $6.29 per share in cash by insurance underwriter Title Resource three years after combining with Capitol V. The price represents a 43% premium over its last closing price, but Doma also conducted a 1-for-25 reverse stock split in June 2023.
- PR: Satellite firm Planet (NYSE:PL) has signed a $20 million agreement to provide imaging and insights to Carbon Mapper from 2026 through 2030. The company also announced it generated $220.7 million in revenue in 2023 and ended the period with $298.9 million in cash equivalents a little over two years since it combined with dMY Technology IV.
- PR: Flying motorcycle maker AERWINS (NASDAQ:AWIN) has filed for a 1-for-100 reverse stock split two months after announcing its hoverbike subsidiary ALI Technologies would go bankrupt and about a year after closing its combination with Pono I.
Votes
- TMT (NASDAQ:TMTC) has permanently adjourned its extension vote and will instead utilize its automatic three-month extension and deposit $600,000 into its trust account. TMT announced a combination with eLong Power in December.
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...
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