At the SPAC of Dawn
Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets you to nibble on beside your morning coffee.
This morning, the most notable buzz continues to surround two titans of the SPAC world as Bill Ackman finally gets his SPARC structure approved, and Michael Klein takes one of his last three vehicles off the road.
Klein’s decision to liquidate Churchill Capital V (NYSE:CCV) continues the serial SPAC sponsor’s up-and-down year in dealings with Credit Suisse, First Boston and LIV Golf. It does not mean he is out of the SPAC game as Churchill VII (NYSE:CVII) still has a pending deal and Churchill VI can extend its deadline to February.
It is, however, a reminder of the ever-shifting SPAC tides. A hop in SPACInsider‘s Time Machine shows that on this date last year, there were 671 SPACs in the Searching and Announced columns as compared to today’s pared-down 330.
More specifically to the two gentlemen in the news, the Churchill team’s signature de-SPAC Lucid (NASDAQ:LCID) was trading above $14 on the day and Ackman had just filed Pershing Square SPARC Holdings’ third S-1/a with a dizzying 13 more amendments to come.
Latest Liquidations
As noted above, Churchill Capital Corp V announced yesterday afternoon that its board of directors (the “Board”) has determined to redeem all of its outstanding shares of Class A common stock. Additionally, the previously disclosed non-binding letter of intent has been terminated as well.
The per-share redemption price for the public shares will be approximately $10.40 and the last day of trading will be October 16, 2023. Effective as of the close of business on October 17, 2023, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
Deal Amendments
On October 2, 2023, Catcha Investment Corp (NYSE American: CHAA) and Crown LNG Holdings Limited, filed an 8-K detailing Amendment No. 1 to their Business Combination Agreement. Specifically, “Article III – Earnout” of the Business Combination Agreement is to be deleted.
This deleted section previously specified that Crown shareholders had the contingent right to receive shares of Common Stock equivalent to ten percent (10%) of the issued and outstanding equity interests as of the closing of the Business Combination.
News and Rumors
- Institutional Investor: Don’t expect Ackman to buy Twitter with his SPARC; a deal in the cash-hungry PE sector more likely
Scheduling Notes
- Home Plate Acquisition Corporation (NASDAQ:HPLT) convened and then adjourned its October 2 extension vote and will reconvene it at 3 pm ET October 3.
- Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) plans to convene and then adjourn its extraordinary general meeting today at 11:30 a.m., Eastern Time. At the General Meeting, Twin Ridge plans to inform its shareholders of the date on which the General Meeting will be adjourned to.
Tavia Acquisition Corp. (NASDAQ:TAVIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TAVIU”, Wednesday, December 4, 2024. The Company is strategically focused on sectors pivotal to advancing sustainability and innovation, including energy transition and critical materials, circular economy initiatives, and innovative...
Target Global I (NASDAQ:TGAA) has entered into a definitive agreement to combine with robotics firm VenHub at an enterprise value of $715 million. Pasadena, California-based VenHub is developing autonomous smart stores that serve customers products through app-based orders and a robotic serving and sorting arm. The combined company is expected to trade on the Nasdaq...
At the SPAC of Dawn Travel and hospitality were hot sectors for SPACs as they boomed during the pandemic because there was a obvious upside story to tell about where each target might be once the world reopened. Since then, SPACs have largely shied away from the industry. Part of this has been the less...
Once again, the November 2024 corporate actions continues the trend of SPAC teams seeking additional extensions beyond their first one as they work to close their combinations with the remaining funds after redemptions. However, both announcements and completion vote-type corporate actions events were unusually light this month. Extension Votes In November, there were a whopping...
Future Vision II (NASDAQ:FVNNU) has entered into a definitive agreement to combine with adtech firm Viwo at an equity value of $100 million. Beijing-based Viwo provides AI-enabled targeting technology for marketers and brands in China. The combined company is expected to trade on the Nasdaq once the deal is completed by the end of the...