Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources
High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan
One of India’s best-known startups has skipped payment on a dollar loan, escalating a conflict with lenders that underscores the company’s mounting distress.
Byju’s, an education-technology company that provides services to more than 150 million students around the world, didn’t pay $40 million in interest due Monday on a $1.2 billion loan. The firm, led by former teacher Byju Raveendran, said in a statement that it has elected not to make further payments on the so-called term loan B and that it filed a complaint concerning the facility to the New York Supreme Court.
Byju’s had reached a valuation of $22 billion and had considered merging with a special-purpose acquisition company to go public last year.
READHNR Acquisition Corp Announces Affirmation of Intent To Purchase Equity Interests of Pogo Resources, LLC and Its Subsidiaries
HNR Acquisition (NYSE:HNRA) has affirmed its intent to purchase all equity interests in Pogo Resources, LLC and its subsidiary, LH Operating, LLC. Pogo has 100% interest in its only remaining asset, LH Operating LLC.
Earlier this year, HNRA agreed to purchase the equity interests in Pogo Resources and two affiliates for $120 million.
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DT Cloud Star (NASDAQ:DTSQU) filed an S-1 to raise $60 million as the second SPAC by its sponsor team, but this venture would be the 13th foray by underwriter Alliance Global Partners and the first under its new branding as AGP. However, three of those initial filings have subsequently been withdrawn. Nonetheless, AGP is offering...
At the SPAC of Dawn Tuesday brings another packed day in a packed week of potentially market-moving events and individual SPAC actions. The market today will take in the update on US consumer confidence readings as well as the employment cost index and Treasury’s decision on its quarterly refunding plans. An unusually large portion of...
Few target companies have gone through a greater amount of change through the course of their de-SPACing process than digital transformation firm Noventiq, which makes its latest update via a new investor presentation a particularly interesting read. When it initially announced its combination with Corner Growth (NASDAQ:COOL) in May 2023, Noventiq was still listed in...
At the SPAC of Dawn Several sleepy weeks in SPACland come to an end today with five votes, including BITE‘s (NYSE:BITE) completion vote for its combination with plant-based food producer Above Food. Similarly, CONX (NASDAQ:CONX) is to hold its tender offer to complete its acquisition of the DISH Wireless HQ. Two more SPACs are holding...
Terms Tracker for the Week Ending April 26, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As expected, it was a quiet week on the new issuance front thanks to Passover and school spring break. Other than 8-ks and some amendments...