Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Abu Dhabi royal-backed firms to merge in region’s first SPAC deal
ADC Acquisition Corporation (ADC.AD), a blank-cheque company backed by a prominent Abu Dhabi royal, has agreed to acquire state investment fund ADQ’s United Printing & Publishing, in what would be the first such deal in the Gulf region.
The transaction gives UPP an enterprise value of 623 million dirhams ($169.63 million), according to an ADC statement, and it will merge with ADC for the combined entity to become a publicly-listed company on the Abu Dhabi Securities Exchange.
ADC was set up as a special purpose acquisition company (SPAC) by ADQ, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, brother of the UAE president, and Chimera Investments – part of Royal Group, Sheikh Tahnoon’s private investment conglomerate, in April last year.
READ
Scooter consolidation continues with Bird’s acquisition of Spin
San Francisco-based scooter rental company Spin has become the industry’s “hot potato.” Its rival Bird just acquired it from European peer Tier, which acquired it just 18 months ago from Ford, which acquired it in 2018.
In the earlier years of so-called “micromobility” (aka scooters and bicycles) new companies cropped up around the world, some with a regional focus, and some with more global ambitions. And since Bird went public in 2021 by merging with Switchback II, it’s struggled as well.
Bird paid $19 million, “including $10 million in upfront cash, $6 million in a vendor take back and $3 million as a hold back,” per the press release.
Cazoo Debt Deal Hands Creditors Control of UK Online Car Seller
UK online car retailer Cazoo Group Ltd, which combined with AJAX I in 2021, has struck a restructuring deal that will hand control of the company to its creditors.
Cazoo’s $630 million of convertible notes will be exchanged into shares equivalent to 92% of the company’s total equity along with $200 million of new convertible debt, the company said in a statement Wednesday.
The debt-to-equity conversion will boost the stake of US-based Viking Global Investors, while current shareholders including Mubadala Investment Company, D1 Capital and Willoughby Capital also own the convertible notes. Existing shareholders will retain 8% of the company when the deal closes.
Envoy Medical Announces Proposed Board Slate of Experienced Medical Device and Financial Leaders
Envoy Medical, a hearing health company, today announced the proposed slate of seven directors to be voted on during the special meeting of stockholders to be held by its merger partner, Anzu Special Acquisition Corp (NASDAQ: ANZU) (NASDAQ: ANZUU) (NASDAQ: ANZUW) (“Anzu”), which is expected to be held on September 27, 2023. The director nominees bring medical device industry, financial and equity capital markets expertise, including alumni of Abbott, Medtronic, Boston Scientific, Johnson & Johnson, PwC, and BCG.
“We are excited that these directors will bring a wealth of experience to Envoy as we become a publicly traded company and disrupt the hearing implant industry with our fully implanted cochlear implant,” stated Brent Lucas, Chief Executive Officer of Envoy. “We believe these individuals will provide excellent guidance, tremendous knowledge, and diligent governance to help drive business success and shareholder value. We have benefitted from a tremendous private board to help us get to this point, and we believe the new public board will carry that momentum forward.”
READ
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...