Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Makara to proceed with IPO, flyExclusive faces hurdles on pandemic demand drop, and OriginClear’s Water on Demand signs MOU
Makara Announces Updating Form S-1 Registration Statement with Current Financial Statements for Planned IPO
Makara Strategic Acquisition Corp. (NASDAQ: MKAR) announced yesterday that Makara is proceeding with its IPO with EF Hutton. Makara has merely withdrawn its registration statement with the U.S. Securities and Exchange Commission to preserve its filing fees and intends to refile the S-1 with its latest, updated financial statements. This refiling of the S-1 with updated financial statements is a standard procedure.
Makara intends to proceed with its IPO imminently as it believes market conditions and opportunities in its target sector have also improved significantly.
READPrivate Jets, Hot off Pandemic Surge, Face New Hurdles and Fewer Customers
Jim Segrave’s biggest test yet may come this summer as he pushes forward with a public listing of flyExclusive Inc., which operates more than 90 private jets, through a special purpose acquisition company that values his business at $900 million.
Private flights in the US have declined from their pandemic highs, with takeoffs and landings dropping 4.5% in the first quarter from a year earlier. The drop accelerated to 9.3% in April compared with an 8.6% decrease in March.
Flexjet, the second-largest US operator of private jets behind NetJets Inc., shelved its SPAC listing last month, paying $30 million to call off the deal. Wheels Up Experience Inc.(NYSE:UP), which went public in 2021 via SPAC, has struggled to turn a profit even as sales have grown.
READOriginClear’s Subsidiary Water On Demand Signs MOU Regarding Acquisition of Established SaaS Developer
OriginClear Inc. (OTC Pink: OCLN), the Clean Water Innovation Hub™, announces that its subsidiary Water On Demand™ (WODI) recently entered into a Memorandum of Understanding (MOU) to acquire an established international SaaS (Software as a Service) Developer (Developer), founded nearly twenty years ago, which operates with a stable customer base of technology companies. The acquisition is anticipated to be accretive.
On January 5, 2023, Water On Demand, Inc. executed a Letter of Intent with Fortune Rise Acquisition Corporation (NASDAQ: FRLA) under which FRLA proposes to acquire all the outstanding securities of Water on Demand, Inc., based on certain material financial and business terms and conditions being met.
SMX’s Subsidiary trueGold Extends its Commercial Activity to a New Application Beyond Gold Bars and Coins to Watches and Jewelry
SMX (Security Matters) plc (NASDAQ:SMX) is pleased to announce that trueGold Consortium Pty Ltd., a 44.4% subsidiary of the Company, is extending its authentication, certification and verification tech solutions beyond gold bars and coins to gold watches and jewelry.
trueGold invisibly ‘marks’ the gold with a durable marker, that will allow the physical gold to have a complete and transparent memory of its journey from mine-to-marketplace, to recycle and reuse. Enabling an ethical gold supply chain assurance, to tangibly authenticate and provide irrefutable proof of the origination of gold for credible ESG reporting in real time.
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Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
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...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...
Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...