Compass Digital (NASDAQ:CDAQ) announced in an 8-K this morning that has sold the majority of its sponsor economics to HCG Opportunity.
The SPAC is parting with 3,093,036 promote shares (58.2%) and 3,000,000 private warrants (64.4%) and HCG will pay up to $300,000 to entities that are owed fees from Compass Digital. The SPAC’s original team is also to see its remaining 1,645,398 warrant count be reduced based on the final cash consideration in this deal.
The new team is one with serial SPAC experience. Daniel Hennessy is to be appointed as chairman, with Thomas Hennessy serving as CEO, Nick Geeza as CFO, while Kirk Hovde, Matt Schindel and Joseph Beck are to join the Board.
Daniel Hennessy has steered six SPACs that bore his name since 2014, while Thomas ran Proptech I and Proptech II. He recently also took over two (NYSE:TWOA) in a similar transaction.
The Hennessy-named SPACs have completed four deals, but Hennessy V liquidated in December and Hennessy VI (NASDAQ:HCVI) is still searching for a target. Proptechs I and II, meanwhile, each completed deals and two announced a combination last week under Hennessy’s management.
For now, Compass Digital has an estimated $221.7 million in trust and has not yet had to seek an extension, but it likely will before the new team completes a deal as its combination deadline is October 19.
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...
In June 2025, the SPAC market was marked by a notable rise in meeting delays, with adjournments and postponements playing a central role in extension activity, as sponsors navigated a more cautious market environment. Still, several SPACs secured shareholder approvals, and seven business combinations were completed during the month. At the same time, IPO issuance...
An In-Depth Look at SPAC Activity Through the Second Quarter & First Half 2025 Below is a summary of the first half of 2025 SPAC market. If you’d like a pdf copy, you can access the link HERE. Q2 kicked off in chaos. President Trump’s shifting and often contradictory tariff announcements sent markets reeling, driving...
At the SPAC of Dawn The market is set to be showered with new SPACs today as three more SPACs priced their IPOs overnight, bringing 2025’s total to 66, already surpassing the full-year total of 2024. After hours, Ribbon (NASDAQ:RIBB) also added a new SPAC deal to June’s tally just under the wire, bringing the...
NMP Acquisition Corp. (NASDAQ:NMPAU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NMPAU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company that has a resilient business model with potential to scale up revenue. NMP’s management...