Morning Roundup: November 16, 2023
by Nicholas Alan Clayton on 2023-11-16 at 7:33am

At the SPAC of Dawn

With the S&P 500 rolling into a two-month high on the back of positive inflation numbers, all hopes have to be for nothing too concerning coming out of a still-packed end of the week.

Multiple Fed officials are set to give remarks throughout the next two days and the financial markets will also be digesting industrial production figures, manufacturing capacity utilization and the home builder confidence index later today. Friday will bring further housing starts and building permits data before the attention is set to shift to retail next week.

Next Wednesday, the market will take a look at new jobless claims, durable goods orders and consumer sentiment but the real test will be the initial sales numbers coming out of Black Friday as the year-end holiday season kicks off. Walmart (NYSE:WMT) provided an early peek at the retail vibes this morning by beating its third quarter earnings and revenue expectations with a 5% sales increase.

Macy’s (NYSE:M) meanwhile, announced this morning that it saw sales drop 7% in the quarter but it improved margin and raised its guidance, providing more festive vibes for the 11 SPACs currently working to close combinations with consumer companies.

News and Rumors

  • PR: The US Department of Energy has cleared Montana Technologies’ AirJoule device for harvesting drinkable water from the air, opening the door to it being incorporated into commercial HVAC systems. Montana Tecnologies announced a combination with Power & Digital II (NASDAQ:XPDB) in June that is expected to close in the fourth quarter.
  • TechCrunch: Arrival (NASDAQ:ARVL) has secured a $50 million bridge loan on a 120-day term from Antara Capital and Highbridge Capital that it expects to tide it over to a sale of the company. It combined with CIIG in March 2021.


Scheduling Notes

Recent Posts
by Marlena Haddad on 2023-11-30 at 12:08pm

Innovative International (NASDAQ:IOAC) announced in an 8-K that it has removed its earnout shares in connection to its combination with car sharing program Zoomcar. On November 30, IOAC and Zoomcar agreed to a letter agreement regarding the release of 20 million earnout shares, which were originally intended to be placed in an escrow account upon...

by Nicholas Alan Clayton on 2023-11-30 at 10:10am

Nukkleus (OTC:NUKK) announced “the completion of its strategic merger” with Brilliant (NASDAQ:BRLI) this morning, which has caused some ripples in the market, but it does not appear to represent an actual closing of the business combination. The two sides may have dotted the Is and crossed the Ts on their own internal documents, but Brilliant...

by Marlena Haddad on 2023-11-30 at 9:44am

ClimateRock (NASDAQ: CLRC) announced this morning that it has terminated its business combination with solar plant developer EEW. The SPAC noted that it decided to part ways with its target since the conditions to closing were not satisfied or waived by the outside date of September 30. ClimateRock inked the $650 million deal with EEW in...

by Nicholas Alan Clayton on 2023-11-30 at 9:10am

10x Capital Venture II (NASDAQ:VCXA) filed a variety of changes to its combination with African Agriculture while also postponing its completion vote to 8 am ET December 5. The tweaks waive African Agriculture’s requirement to secure an offtake agreement and also shift 3,000,000 shares to a bonus pool for all combined company shareholders. Of these,...

by Nicholas Alan Clayton on 2023-11-30 at 7:58am

At the SPAC of Dawn Pono Capital Three (NASDAQ:PTHR) is the latest SPAC to try and bring an eVTOL target in for landing, and, as a part of its final flight checks, it dropped its first full investor presentation for its target Horizon yesterday. This included a few updates and new information on how Horizon...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved