This afternoon, SCVX Corp. III (Nasdaq: SCVX), filed an 8-K announcing that they have terminated their previously announced non-binding LOI.
While not much was known about the company with which it had been negotiating (it was unnamed), it was disclosed that its focus was in the Environmental, Social, and Governance (ESG) space. It was also released that the target company’s existing shareholders were anticipated to roll over 100% of their equity.
Furthermore, as part of the previous announcement in January, it was revealed that SCVX had already rounded up $75 million in PIPE indications from an institutional investor and certain strategic partners. Securing a PIPE in the 2022 SPAC market was a very promising sign at the time.
Nonetheless, this non-binding LOI has now been terminated and SCVX stated that it is, “currently exploring alternative options for consummating a business combination.”
SCVX had previously announced a combination with manufacturing-software company Bright Machines on May 17, 2021, but subsequently terminated that agreement on December 13, 2021, citing, “..the low likelihood that the business combination agreement could be completed prior to the January 15, 2022 “outside date” .”
SCVX, which original priced its IPO on January 24, 2020, with a cybersecurity focus, now has until July 28, 2022 to complete a new combination. SCVX had earlier extended it’s deadline six months on January 28th, and will most likely need to extend further with only 3.9 months remaining on its clock.
Terms Tracker for the Week Ending October 4, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week was much, much heavier on the S-1 filings. There were five new SPACs filed along with six amended S-1 registration statements making good...
Willow Lane (NASDAQ:WLACU) has filed for a $110 million SPAC to be the latest repeat SPAC team returning to the market with the help of underwriter BTIG. BTIG is, in fact, leading recent underwriter activity with four new SPACs filed since the August 1, while no other firm has been left lead for more than...
At the SPAC of Dawn While SPACs settle into a slight pause through Rosh Hashanah, de-SPACs are also entering another period of holiday-based trading patterns. Traders following the usual “Sell in May and Go Away” pattern this year would have missed out on a major late-summer market rally. But, stocks may now feel the effects...
At the SPAC of Dawn As SPACs switch back into gear with a new cycle, traditional IPO road shows are heating up into the fourth quarter as well. A raft of private equity-backed companies have determined now is the time to strike and the period between the Fed’s September rate slash and the November election...
Earth, Wind & Fire may have been on to something with the end of September and “chasin’ the clouds away“. The SPACs from the past are still lingering which are affecting the averages as newly issued SPACs have come to market in the past year. Each has the same goal of bringing a target company...