At the SPAC of Dawn
There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today.
The fighting in Gaza continues to not appear to have appreciable affects on the numerous Israel-based de-SPACs, and in fact many of those most likely to be connected to the defense industry have continued their existing trends.
HUB Cybersecurity (NASDAQ:HUBC), which contracts with the Israel defense industry, enjoyed an uptick in October, but has been sliding since the end of that month despite expanding its services to the EU banking sector in the interim. It combined with Mount Rainier in February.
Closer to home, Federal Reserve Chair Jerome Powell is expected to speak at 11 am ET at Spelman College in remarks that will be combed by the market for signs of rate cuts on the horizon. There are a limited number of speaking engagements by Powell to signal such a move before the end of the year, which could tip the balance for many SPACs contemplating their futures heading into the end of the tax year.
Liquidations
- M3-Brigade Acquisition II Corp. (NYSE: MBAC) will redeem all of its outstanding Class A common stock for $10.60 effective on or about December 13. The last day of trading of the public shares, units and warrants will be on or about December 8.
Scheduling Notes
- Newcourt Acquisition Corp (NASDAQ:NCAC) convened a meeting of shareholders on November 30, at 1:00 p.m., ET, but adjourned it to a later date that is yet to be determined.
- Dune Acquisition Corporation (NASDAQ:DUNE) reconvened and then further adjourned its special meeting relating to its previously announced proposed business combination with Global Hydrogen Energy LLC. The meting has been further adjourned until December 1, at 12:00 p.m., New York City time.
- Nubia Brand International Corp. (NASDAQ:NUBI) has postponed its December 5 special meeting to 9 am ET December 12 to consider the SPAC’s proposed combination with Honeycomb Battery.
- Roth CH Acquisition V (NASDAQ:ROCL) adjourned its November 30 shareholder meeting to 9:30 am ET this morning to give shareholders more time to reverse redemption decisions.
Trailblazer Merger I (NASDAQ:TBMC) has entered into a definitive agreement to combine with data intelligence firm Cyabra at an enterprise value of $70 million. Tel Aviv-based Cyabra provides tools to corporations and governments to identify fake accounts and combat social media disinformation. The combined company is expected to trade on the Nasdaq once the deal...
Chain Bridge I (NASDAQ:CBRG) has entered into a definitive agreement to combine with cannabinoid pharmaceuticals firm Phytanix Bio at a pre-deal valuation of $58 million. Santa Barbara, California-based Phytanix is working to develop bladder and seizure treatments using cannabis-based substances. The combined company is expected to trade on the Nasdaq under the symbol “PHYX” once...
At the SPAC of Dawn A new ripple is expected to come to the market today in the form of Ethereum spot ETFs after the SEC gave final approval to several yesterday. BlackRock, Fidelity, Bitwise, Franklin, and VanEck all received approval for their new funds and all but BlackRock plan to waive fees until they...
Maquia Capital (NASDAQ:MAQC) has entered into a definitive agreement to combine with AI infrastructure firm Velocium at a valuation of $445 million. Miami-based Velocium is developing data center processors designed to be particularly efficient for use by AI applications and Web 3.0. The combined company is expected to trade on the Nasdaq under the symbol...
At the SPAC of Dawn The third week of July brings just three votes and only ARYA IV‘s (NASDAQ:ARYD) is to complete a transaction, but plenty more is turning in SPACland. For one, this week’s anticipated IPO for M3-Brigade V (NASDAQ:MBAV) now looks notably different with 1/2 warrants in its units and its trust overfunded...