Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Palihapitiya files for four more SPACs while Canyon’s Josh Friedman sees mistakes being made
Billionaire Investor Chamath Palihapitiya Files For Four New Biotech SPACs
Chamath Palihapitiya filed for four blank-check companies on Wednesday along with a new partner Suvretta Capital Management, according to paperwork registered with the Securities and Exchange Commission. Each SPAC is seeking to raise $200 million and has a distinct focus in biotech.
READSPAC Surge May Benefit Targets That Can Play a Waiting Game
Founder of Methuselah Advisors John Chachas said his firm is telling companies looking to merge with a SPAC to wait. As blank-check firms start to run out of time, companies might be in a better position to negotiate a superior deal, Chachas told Bloomberg.
“We think companies shouldn’t answer their phones until about September 2022,” Chachas said. “After that they will have many suitors desperate to do a deal to save their founder’s capital from getting flushed.”
READCanyon’s Josh Friedman Sees Distressed Funds Feasting On SPAC Remains
“Distress will come back,” Friedman, who oversees $27 billion as co-chief executive officer of Canyon Capital, said in a Bloomberg “Front Row” interview. “It always does, because this type of environment is exactly what creates mistakes.”
“You’ve got big portions of the equity markets that are in business just to make acquisitions,” Friedman said. “SPACs, they go out of business if they don’t make acquisitions. And when people make acquisitions and they use debt to make acquisitions, there will be mistakes.”
Cohen Circle Acquisition Corp. II (NASDAQ:CCIIU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIIU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company in the financial services technology (fintech) sector and fintech adjacent sectors that...
Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...