First Reserve (NASDAQ:FRSG) announced this morning that it has mutually terminated its combination with EV-charging platform EO, citing “market conditions.”
Neither party appears to have been required to pay a break up fee, but they passed the deal’s extended outside date on March 11 without a completion at hand. EO CEO Charlie Jardine said in the press release that the SPAC route was “No longer in the best interests of the business.”
First Reserve’s management said that the market’s turn against “high-growth companies” made the environment particularly challenging. Yesterday’s news of federal rate hikes does not appear to have helped put the deal back on the path.
The SPAC still has plenty of time to complete a deal with First Reserve’s transaction deadline coming on March 8, 2023. It initially IPO’d on that date in 2021 with a focus on combining with an EV company, but the market environment of today may direct it to look further afield.
Terms Tracker for the Week Ending March 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. While this week was relatively quiet on the filings front, we did see March’s second SPAC IPO price with Oak Woods Acquisition Corp’s $50 million...
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DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...
Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...