At the SPAC of Dawn
The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to IPO yesterday alone.
Other bellwethers of a rebound have so far stayed away like deeper involvement of bulge bracket underwriters and veteran SPAC sponsors jumping back in with both feet. But, the impressive amount of fresh grass on the meadow does break from the gloomy fog of much of the year.
It also doesn’t hurt that 2023 is going out with two transactions that price de-SPACs above their combination valuation in successive weeks – well above in Cerevel’s case, without even a need to adjust for stock split changes.
News and Rumors
- PR: AbbVie (NYSE:ABBV) has agreed to acquire neuroscience drug developer Cerevel Therapeutics (NASDAQ:CERE) for $45 per share at a $8.7 billion in one of the most lucrative de-SPAC exits of all time. The deal may well vault the Arya team up the serial sponsor leader board where it already sits as the sixth-most successful team having completed three biotech deals between 2020 and 2021.
- Axios: X-energy, which canceled a combination with Ares virtually at the altar in October, has now raised $80 million in a private Series C for yet undisclosed terms.
Liquidations
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InterPrivate III Financial Partners (NYSE:IPVF) has determined to redeem all of its outstanding shares of Class A common stock, effective as of December 21. As of the close of business on the last day of trading, December 8, the shares will be deemed cancelled and will represent only the rights to receive the per-share redemption price of approximately $10.75.
ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....
MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...
At the SPAC of Dawn This action-packed week in SPACs comes to an end with three more SPACs launching their IPOs, bringing it to nine on the week. And, the crypto strategy that SPACInsider noticed becoming increasingly popular among de-SPACs earlier this year has continued to gain steam. This week, edtech firm Classover (NASDAQ:KIDZ), fresh...
Cartesian Growth Corporation III (NASDAQ:CGCT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CGCT”, Friday, May 2, 2025. The new SPAC intends to combine with a closely held private company ready to make the jump to being a market-leading transnational...
Cantor Equity Partners II, Inc. (NASDAQ:CEPT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPT”, Friday, May 2, 2025. The new SPAC intends to combine with a target in the financial services, healthcare, real estate services, technology, or software industries....