At the SPAC of Dawn
SPACs continue to love EVs, but the Biden administration is throwing cold water on at least some of the party as the US will no longer offer a $7,500 tax credit for EV purchases if their battery was produced in China.
This only affects some EV de-SPACs, but it would appear to hit Monday’s deal between TMT (NASDAQ:TMTC) with eLong Power. The SPAC did not release much detail on its target, but eLong makes lithium-ion batteries for EVs and other applications primarily for Asian markets.
But should it, or other China-based battery makers, be looking at major US expansions, this will be one less bit of wind in their sails.
Deals and Funding
- Zalatoris II (NASDAQ:ZLS) has entered into a definitive agreement to combine with construction firm Eco Modular at a $600 million enterprise value with $66 million in proceeds expected to go to the combined company.
- Perception Capital IV (NYSE:RCFA) has agreed to combine with mining firm Blue Gold at a $114.5 million valuation with a closing expected to occur in the second quarter of 2024.
- Pono Capital Three (NASDAQ:PTHR) has secured C$6.7 million (about $4.9 million) in convertible note funding for its combination with Horizon Aircraft from Canso Investment Counsel.
News and Rumors
- iGB: online gaming firm Codere (NASDAQ:CDRO) CEO Aviv Sher said in an interview that the company has opted to focus on the Spanish and Mexican markets with rising competition in South America. Codere combined with DD3 II in November 2021.
- EG Acquisition Corp. (NYSE:EGGF) has postponed its meeting from the previously scheduled date of December 7, at 10:00 a.m., New York Time, to Tuesday, December 18, at 10:00 a.m., New York Time, to allow additional time for the company to engage with its stockholders.
- Golden Arrow Merger Corp. (NASDAQ:GAMC) has changed the date of its extension meeting from December 14 to December 12 at 11:00 a.m.
- 7GC & Co. Holdings Inc. (NASDAQ:VII), convened and then adjourned, without conducting any other business, the special meeting of its stockholders relating to its previously announced proposed business combination with Banzai International. The meeting has been adjourned until December 8 at 1:00 p.m., Eastern Time.
DT Cloud Acquisition Corporation (NASDAQ:DYCQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DYCQU” today, Wednesday, February 21, 2024. The new SPAC plans to focus its target search on a company that is under-performing due to a temporary dislocation in the...
SDCL EDGE (NYSE:SEDA) has entered into a definitive agreement to combine with copper alloy manufacturer cunova at an enterprise value of $736 million, or 9.4x its 2023E adjusted EBITDA. Osnabrück, Germany-based cunova manufactures copper casts, fittings and conductivity products for the industrial, defense and aerospace sectors. The combined company is expected to trade on the...
Deals and Funding Power & Digital (NASDAQ:XPDB) has secured a $10 million investment from Rice Investment Group into its combination with HVAC technology firm Montana under undisclosed terms. two (NYSE:TWOA) has secured a $15 million PIPE at $10 per share for its combination with LatAm Logistic Properties. News and Rumors PR: Adtech firm Banzai International...
Acri Capital (NASDAQ:ACAC) has entered into a definitive agreement to combine with electronics manufacturer Foxx for $50 million in share compensation. Texas-based Foxx provides communication terminals and IoT services to the telecom sector as well as consumer electronics for retail buyers. The combined company is expected to trade on the Nasdaq once the deal is...
At the SPAC of Dawn SPAC filings have had a relatively slow start out of the gate from the long weekend, but this week should end with some fireworks with six completion votes yet to come and a lunar landing to boot. Three of these votes have been postponed at least once already, so the...