Morning Roundup: December 8, 2023
by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn

This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017.

The billing software company has gone on to do another SPAC deal on November 29, this time spinning off its European operations into a new entity called XBP Europe (NASDAQ:XBP) in a combination with CF VIII. XBP Europe has soared since the completing the spinoff and last closed at $19.41.

Its de-SPAC parent, Exela, has faired less well, last closing at $3.35, but it nonetheless reported $272.9 million in revenue and $40.9 million in adjusted EBITDA in the second quarter of 2023.


Deals and Funding

  • Achari Ventures (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso (OTC:VASO) at an equity value of $176 million. Achari has about $6.7 million remaining in its trust after seeing 93.6% of shares redeemed in extension votes.

News and Rumors

  • Bloomberg: Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co. (NASDAQ:GELYF), is exploring the possibility of a spinoff US IPO in February. Zeekr would be the third carmaker that Geely takes public in short order, including Lotus Technology, which is aiming to complete its merger with L Catterton Asia (NASDAQ:LCAA) before year-end.
  • PR: Nickel miner Lifezone Metals (NYSE:LZM), which combined with GoGreen Investments in July, announced that it has discovered 69% more measured and indiciated resources at its Kabanga drilling site and 20% more inferred resources.

Liquidations

  • Thunder Bridge Capital Partners III, Inc. (NASDAQ:TBCPU) has announced its intent to liquidate. The company expects to redeem all of the outstanding shares for an estimated redemption price of approximately $10.22 per share. The last day of trading will be on December 11.


New SPACs

  • Legato Merger Corp. III– $175 million offering being underwritten by BTIG. 1/2 warrant, 24 months (+3 with signed LOI/DA), 100% held in trust.
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