Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC Liquidations: GigInternational 1 and HumanCo
GigInternational1 Announces Expiration of Exclusivity of Term Sheet for a Business Combination with Convalt Energy, Inc. and Liquidation and Redemption of Public Shares
GigInternational1, Inc. (Nasdaq: GIW) announced this afternoon that the exclusivity provision of its previously announced non-binding term sheet with Convalt Energy, Inc. has expired and that it will no longer pursue a business combination.
Since GigInternational1 doesn’t believe that it will be able to complete a business combination within the remaining time available, the SPAC will now start the process of dissolving and liquidating its assets.
Additionally, the sponsor has indicated that it does not intend to deposit the current and future necessary monthly funds to the trust to extend the SPAC’s timeline.
READHumanCo Acquisition Corp. Announces Liquidation
HumanCo Acquisition Corp. (Nasdaq: HMCO) announced today that, due to its anticipated inability to complete a business combination, it intends to dissolve and liquidate. As of the close of business on December 1, the shares will be deemed cancelled and will represent only the right to receive the redemption amount of $10.08.
“We worked tirelessly to bring our shareholders value as we identified numerous potential business combination partners and met with many mission-aligned companies regarding potential transactions. Ultimately, however, we were unable reach a deal with a target company that we were confident would result in a successful business combination. We remained committed to the best interests of our shareholders, and are therefore returning the capital held in the trust account,” stated Ross Berman, CEO of HumanCo Acquisition Corp.
“Current market conditions have also convinced us that the best way to deliver on our promise to shareholders is to return the capital held in trust,” added HumanCo Acquisition Corp.’s Executive Chairman, Jason H. Karp.
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Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...