At the SPAC of Dawn
This week is set to see SPACs rush to tie up business combinations nicely in a bow before the final two weeks of the year. Eight SPACs currently have completion votes on the docket this week, while there are currently just four more booked for the rest of 2023.
Eight SPACs are also already making plans for the new year, in asking shareholders for more time in extension votes this week.
So far there are some signs that the redemptions situation could be easing somewhat going into 2024. Only four SPACs have fully completed deals since November 1 and they saw 95.6% of shares redeemed, while SPACs that have not yet closed but have had votes during the period had 89.8% redemptions.
That compares to a year-long median of 97.7% of shares redeemed across the 82 SPACs that completed transactions in 2023. The recent bump in the other direction could be due to a small size, but hope springs eternal.
News and Rumors
- Bloomberg: Data firm Near Intelligence (NASDAQ:NIR) has filed for bankruptcy and it plans to sell itself just nine months after completing its combination with KludeIn I. Private credit firm Blue Torch Capital has reportedly provided an initial offer to buy up its assets for $50 million.
- PR: Concrete Pumping Holdings (NASDAQ:BBCP) announced that its 13,017,677 warrants expired at 5 pm ET December 6, on the five-year anniversary of its 2018 combination with Industrea.
Liquidations
- Gardiner Healthcare Acquisitions Corp. (NASDAQ:GDNR) will redeem all outstanding shares at the close of business on December 18 for a yet undisclosed redemption rate.
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Black Mountain Acquisition Corp. (NYSE:BMAC) will redeem all outstanding shares at a so far unreleased redemption rate. These will cease trading at the open of business on December 19 and be considered canceled on December 21.
Scheduling Notes
- 7GC & Co.(NASDAQ:VII), reconvened and then further adjourned, without conducting any other business, its special meeting relating to its proposed business combination with Banzai International. The meeting has been further adjourned until December 11 at 1:00 p.m., ET.
- dMY Squared (NYSE:DMYY) has postponed its December 13 extension vote into the new year and will now aim to convene it at 11 am ET January 2, 2024. This will give shareholders until December 28 to make final redemption decisions on what is a large extension ask. The proposal on the ballot would allow dMY Squared to extend its deadline in monthly increments up to 23 times from January 4, 2024 to up to December 29, 2025 in exchange for monthly contributions of $50,000.
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...
At the SPAC of Dawn Dealmakers remain confident that AI is going to play a big role in their M&A processes, but feel unprepared for some the changes, according to a new survey of 225 corporate and 75 private equity transactions professionals. SS&C subsidiary Mergermarket generated the report that found more than half of respondents...
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...