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.
Republic Digital Acquisition Corp. (NASDAQ:RDAGU) announced the pricing of its upsized $264 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RDAGU”, Thursday, May 1, 2025. The new SPAC aims to combine with a target company in the fintech, software or cryptocurrency industries with substantial free cash flow....
Copley Acquisition Corp. (NYSE:COPL.U) announced the pricing of its $150 million IPO and its units are expected to begin trading on the NYSE under the symbol “COPL.U”, Thursday, May 1, 2025. The new SPAC aims to combine with a company in the technology or lifestyle sectors that have the ability to scale and enhance growth....
Wintergreen Acquisition Corp. (NASDAQ:WTGU) has filed for a $50 million SPAC with a focus on technology and media firms in Asia and China specifically at a particularly interesting time. The new SPAC acknowledges in the second paragraph of its S-1 that this focus “may subject us to significantly elevated regulatory, liquidity, and enforcement risk”, which...
May is to extend a theme for the spring of 2025 with very few de-SPACs and sponsors coming free of their lock-up agreements. This is due in some cases to stellar performance but more broadly due to the slowdown in deal closings about 12 and six months ago. One way or the other, four sponsors...
At the SPAC of Dawn Now that earnings season is in full swing, more de-SPACs are set to provide updates on how both trade and market volatility are impacting their margins. On the positive side, USA Rare Earth (NASDAQ:USAR) has continued to reap the benefits from its position as one of few US-based producers of...