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.
READ
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....
Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...
Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....