Artemis Strategic Investment Corp. (NASDAQ:ARTE) announced in an 8-K that it has terminated its combination with British online gambling platform Novibet.
The SPAC did not disclose reasons for the breakup, but the deal was well past its December 30, 2022 outside date. That passage of time may have played a key role, however, as only 10 of the 171 pending SPAC deals have been sitting in the “Announced” column for longer.
In its case, the transaction has likely had a difficult road to final approval given that it is in the highly regulated gambling space and spread across the varied jurisdictions of Greece, Ireland, Italy, and Malta.
In general, the success of SPAC transactions in the gambling and gaming space has been somewhat scattered outside of Diamond Eagle’s 2020 tie-up with DraftKings (NASDAQ:DKNG). While DraftKings closed last week’s trading at $25.56, the only other gaming de-SPAC that last closed above $10 was Inspired Entertainment, which went public with Hydra Industries in 2016.
Artemis Strategic initially announced the combination earlier in March 2022 and Artemis worked to make the transaction more palatable to investors through the process.
In September, it slashed Novibet’s valuation in the deal by 20%, but included terms that would allow the company to recoup $125 million in shares if redemptions exceeded 85%. That clause seemed destined to trigger as redemptions among completed deals in 2023 have averaged above 96% so far.
Artemis now intends to seek out a new merger target, but it is coming up on its completion deadline on July 4.
Berenson Acquisition Corp. I (BACA) Signs Non-Redemption Agreements Berenson (NASDAQ:WTMA) announced in an 8-K this morning that it has entered non-redemption agreements with third parties that will secure 655,715 shares from redemption. The filing did not note what incentive, if any, these investors received for agreeing not to redeem. The move comes as Berenson is...
Crixus BH3 Acquisition Company (NASDAQ: BHAC) announced in a filing this afternoon that it is postponing its extension vote to Friday, October 6, 2023 at 9:00 a.m ET. The meeting was originally to be held Friday, September 29, but presumably it has been moved to account for amendments to its proxy which was filed today...
Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced in an 8-K this afternoon that it is postponing its extension vote one day to 2 pm ET September 29. The SPAC would not be able to postpone it much further as its current transaction deadline falls on a Saturday the next day, September 30. At the...
Global Lights Acquisition Corp. (NASDAQ:GLAC) rolled out an S-1 on Friday, to become the 21st SPAC to file in 2023. This keeps the recent pace with two new SPACs filing to list in each of the past three months so far. Three out of the last four of those have also sought to raise $60...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Terran Orbital Closes 432.5 Million Public Offering Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or the “Company”), which combined with Tailwind Two in March 2022, today announced the closing of its previously announced public offering of 23,214,290...