Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K this afternoon that it has re-worked its combination with sustainable energy firm Global Hydrogen.
The parties amended the purchase agreement yesterday, pursuant to which the aggregate share consideration to be paid to the sellers was reduced from $57.5 million to $48 million. The parties have not yet given an indication of what prompted the revision, but this drops the company’s equity value by about -16.5%.
Dune raised $172.5 million during its IPO in December 2020, and initially intended to combine with equities trading platform TradeZero in a deal valued at $556 million. But, its first proposed merger ended after the deal was terminated. Dune launched a lawsuit against its former combination target partner, while the SPAC’s Board recommended shareholders vote against the deal.
In December, Dune was able to recoup a $5 million settlement from TradeZero as part of the break-up.
After seeing 93.15% of its trust redeemed during a previous extension vote in June 2022, the SPAC is now left with $11.9 million in its trust and has a completion deadline of December 22.
It initially announced the business combination with Global Hydrogen on May 15 and has not yet supplemented it with additional outside capital. The combined company is expected to list on the Nasdaq under the ticker symbol “HGAS” once the deal is completed. New York-based Global Hydrogen is working to develop a business capturing industrial gasses from offtakers that can be converted into sustainable fuels.
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...
In June 2025, the SPAC market was marked by a notable rise in meeting delays, with adjournments and postponements playing a central role in extension activity, as sponsors navigated a more cautious market environment. Still, several SPACs secured shareholder approvals, and seven business combinations were completed during the month. At the same time, IPO issuance...
An In-Depth Look at SPAC Activity Through the Second Quarter & First Half 2025 Below is a summary of the first half of 2025 SPAC market. If you’d like a pdf copy, you can access the link HERE. Q2 kicked off in chaos. President Trump’s shifting and often contradictory tariff announcements sent markets reeling, driving...
At the SPAC of Dawn The market is set to be showered with new SPACs today as three more SPACs priced their IPOs overnight, bringing 2025’s total to 66, already surpassing the full-year total of 2024. After hours, Ribbon (NASDAQ:RIBB) also added a new SPAC deal to June’s tally just under the wire, bringing the...
NMP Acquisition Corp. (NASDAQ:NMPAU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NMPAU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company that has a resilient business model with potential to scale up revenue. NMP’s management...