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.
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.
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
- 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.
Twelve companies and sponsors are set to be released to trade their shares in the final month of the quarter with both sides of the transaction being unlocked together in all but two cases. The first of those exceptions is the sponsor of Summit Healthcare who may begin trading shares on March 17 alongside insider...
News and Rumors Bloomberg: Online brokerage Webull made a point to divest its crypto business ahead of announcing its SPAC deal with SK Growth (NASDAQ:SKGR), its CEO Anthony Denier said, noting that previous attempts to list via a traditional IPO stalled. “The SEC has not been friendly [to crypto], which is widely known,” he added....
At the SPAC of Dawn Over 100 potentially market-moving indices are to report data globally today, but the US economy specifically is to get a handful of major ones. At 8:30 am ET, traders are to get their hands on a number of readings around inflation in the country. Importantly, Core PCE numbers are to...
SK Growth (NASDAQ:SKGR) has entered into a definitive agreement to combine with digital investment platform Webull at an enterprise value of $7.3 billion. New York-based Webull provides an equities trading and education platform to about 20 million cumulative users. The combined company is expected to trade on the Nasdaq once the deal is completed in...
News and Rumors PR: Hillsinai Learning, which serves about 500,000 students across 40 schools and 5,000 partner schools, has hired iLearningEngines to build its AI learning automation platform. iLearningEngines has a pending combination with Arrowroot (NASDAQ:ARRW). SpaceNews: Virgin Galactic (NYSE:SPCE) does not expect any delays on its Galactic 07 mission to take passengers into space...