Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Okada Manila delivers 4Q results, exceeds EBITDA projections by 122%, and UAE approves first SPAC framework for GCC region
Okada Manila Delivers Exceptional Fourth Quarter and 2021 Results, Exceeding EBITDA Projections by 122%
26 Capital Acquisition Corp. (NASDAQ: ADER) today announced the fourth quarter and full-year 2021 financial performance of Okada Manila, the property operated by Tiger Resort, Leisure and Entertainment, a wholly owned subsidiary of UE Resorts International, Inc. 26 Capital Acquisition Corp. previously announced its plans to merge with UE Resorts International, Inc. later this year.
Fiscal year 2021 total revenue of $399.6 million exceeded prior forecasts by $82 million and increased 24% over 2020. Adjusted EBITDA for FY2021 topped projections by 122%, coming in at $46.8 million, or $72 million more than 2020, primarily due to a very strong performance in gaming in Q4 and as a result of significant cost reductions implemented by management.
READUAE Approves First SPAC Framework for GCC Region
The UAE has approved the first SPAC regulatory framework for the Gulf Cooperation Council (GCC) region, following record activity for this funding approach over the last two years.
The Securities and Commodities Authority, the UAE’s market watchdog, says the framework paves the way for the first SPAC listing on the Abu Dhabi Securities Exchange (ADX) later this year.
READ
Terms Tracker for the Week Ending March 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. While this week was relatively quiet on the filings front, we did see March’s second SPAC IPO price with Oak Woods Acquisition Corp’s $50 million...
Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Momentus SPAC backers accused of deliberately engineering a catastrophic deal Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...
DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...
Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...