Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPACs spark interest in the Middle East, Vertex weighs Singapore’s first SPAC listing, and EV SPAC boom could have been bigger
Mideast SPAC Trickle May Turn to Flood as Dubai’s Shuaa Capital Plans 3 Launches
Dubai financial services firm Shuaa Capital PSC is considering setting up three SPACs of around $200 million each, rapidly opening up the booming market to Gulf investors.
Shuaa, which manages close to $14 billion in assets, approached investment banks to explore setting up the SPACs to pursue deals in the energy, finance and technology sectors, according to Bloomberg.
The blank-check companies are expected to list in the U.S. this year and will target companies in the Middle East and North Africa.
READSpotify Rival’s Nasdaq Listing May Herald Mideast SPAC Boom
Spotify Technology SA rival Anghami’s listing via a merger with a blank-check company has triggered a flurry of interest from Middle-Eastern firms exploring similar deals.
Anghami had announced plans to merge with Vistas Media Acquisition Company Inc. in March. Since then, Vistas says it has got “an overwhelming response” from venture capital, private equity firms and entrepreneurs to explore opportunities.
READTemasek’s Vertex Weighs Singapore’s First SPAC Listing
Vertex Holdings Ltd. is planning to raise funds by listing a SPAC in Singapore, which could be the country’s first such deal.
The venture capital holdings company owned by Temasek Holdings Pte is working with advisers on the potential SPAC IPO. Details of the blank-check company including size and timeline haven’t been finalized, pending listing guidelines by Singapore exchange, people familiar with the matter told Bloomberg.
READThe EV SPAC Boom Could Have Been Even Bigger
There are 14 EV manufacturing SPACs which are currently pending and aim to raise a combined $11.8 billion. Lucid Motors is in that group, and it’s looking to bring in more than $4 billion in cash, which would make it the largest EV-related SPAC to date, according to Bloomberg.
One interesting angle to the EV-related SPAC story has gone largely overlooked: quite a few of the EV charging infrastructure companies missed out on the SPAC bonanza. This is due to an early wave of consolidation in charging companies over the last few years in which many of the leading players were acquired by oil and gas companies.
This means that this segment of the EV industry is somewhat underrepresented in the public markets. BNEF tracks over 200 publicly listed equities with high exposure to EVs, from raw materials through to vehicles and chargers. Of those, only 7% of the listed companies are in the charging infrastructure category.
That is starting to change, with some charging companies that have gone the SPAC route, including ChargePoint, EVgo and Nuvve, and several more are pending, including Tritium, EVBox, Wallbox, and Volta.
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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...