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.
An In-Depth Look at SPAC Activity Throughout the Third Quarter of 2023 Below is a summary of the year-to-date SPAC performance. We’re now three-quarters of the way through 2023 and while activity remains muted, there is a sense that SPACs have run the most difficult part of the “correction” gauntlet and have reached a better...
Terms Tracker for the Week Ending September 29, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As September comes to a close, SPACs did not price any IPOs during the month with the most recent IPO (99 Acquisition Group) having priced...
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....