Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nanosys in talks to merge with GigInternational1, blank-check firms turn to expensive sources of financing
Nanosys Is in Talks to Go Public Via GigInternational1 SPAC
Quantum-dot technology developer Nanosys Inc. is in talks to go public through a merger with blank-check firm GigInternational1 Inc., according to Bloomberg.
A transaction is set to value the combined entity at about $1 billion.
READSPACs Forced to Fund Deals With More Expensive Financing
SPACs are turning to expensive sources of financing to push their deals in a fresh sign of stress in what had been one of the hottest corners of Wall Street, according to the Financial Times. Several companies that recently announced plans to go public through merging with a blank-check company have recently raised cash to fund the deals by issuing convertible bonds.
“The PIPE market has basically been shut so it isn’t surprising that you’re seeing these types of structures,” said a senior bank executive who works on financing for SPAC deals. “But, it’s a last resort.”
READ
Latest Non-Redemption Agreements: EVe Mobility EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 5, 2023, EVe Mobility Acquisition Corp. (NYSE:EVE) and the Sponsor entered into non-redemption agreements with unaffiliated third party investors, pursuant to which the Investors have, in connection with the Extension Meeting, agreed not to redeem, or to reverse and revoke any prior...
Latest SPAC Liquidations: ST Energy Transition I, MELI Kaszek Pioneer Corp. ST Energy Transition I Ltd. (STET) to Liquidate on June 7 ST Energy Transition I Ltd. (NYSE:STET) announced today that the Board of Directors has elected to dissolve and liquidate the company. Net of taxes and dissolution expenses, the per-share redemption price for the...
Worldwide Webb Acquisition Corp. (NASDAQ: WWAC) announced this afternoon that it has secured a $5 million PIPE for its proposed merger with consultancy firm Aeries Technology. While most PIPEs are priced at $10 per share, Worldwide Webb’s $5 million subscription agreement was executed at just $4.48 per share in a private placement to be completed concurrently...
Metals Acquisition Corp. (NYSE: MTAL) announced this afternoon that its shareholders have approved its acquisition and business combination with the CSA Copper Mine from Glencore (LON:GLEN) at a special meeting held earlier today. The business combination and merger were overwhelmingly approved as both proposals received 27,538,130 shares in favor of it and just 455,506 shares against it. In...
Power & Digital Infrastructure II (NASDAQ: XPDB) has entered into a definitive agreement to combine with water harvesting company Montana Technologies at a pro forma enterprise value of approximately $500 million. Ronan, Montana-based Montana Technologies manufactures a dual-chamber design intended for a water harvesting process to solve legacy thermal constraints. The parties expect to close the deal in...