Noble Rock Acquisition Corp. (NRAC) To Sell Sponsor Economics
by Nicholas Alan Clayton on 2023-01-25 at 7:41am

Noble Rock (NASDAQ:NRAC) announced in an 8-K this morning that it is transferring control of its sponsor to Meteora Special Opportunity Fund, Singh Capital Partners and affiliates.

The terms of this transaction have not yet been made public, but it will result in changes to both the SPAC’s management and Board. Existing CEO Whitney Bower and CFO Peter Low are to resign and as well as Board members David Lang and Michael Alter.

The last remaining Board member Aemish Shah is to step up as CEO. It remains to be determined whether this is to be in an interim capacity and who will staff the remaining vacancies. Shah is the co-founder and managing partner of General Global Capital, which has invested in a number of startups including de-SPACs SoFi (NASDAQ:SOFI) and Grab (NASDAQ:GRAB).

Noble Rock announced yesterday that it is moving its extension vote from January 25 to 10 am ET January 27 with the new redemption deadline coming up at 5 pm today. This proposal on offer would push its completion deadline from February 4 to September 4 in exchange for a contribution to the trust of the lesser of $100,000 or $0.055 per share.

With this extension secured, Meteora and Singh would be taking control of a SPAC vehicle with attractive terms for the current market. Noble Rock initially went public in 2021 without overfunding its trust and with units containing 1/3 warrants.

The last five SPACs to IPO dating back to November 10, 2022 all had trusts overfunded to 101.8% or 102% and all but one had one full warrant in its units.

Noble Rock Acquisition Corp. (NRAC) To Sell Sponsor Economics
Recent Posts
by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved