At the SPAC of Dawn
Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively.
At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green for traders emerging from their feast-induced slumbers.
For the 20 ecommerce companies that have gone public via SPACs since 2016, however, more attention will be on Black Friday sales flow.
Of this group, Nebula Caravel‘s 2021 pet products target Rover (NASDAQ:ROVR) and ticket-seller Vivid Seats (NASDAQ:SEAT), which went public with Horizon, have had the fullest plates thus far this year. Both last closed above $8 and Vivid Seats recently raised its year-end guidance to $136 million to $142 million in adjusted EBITDA.
Rover, meanwhile, has proven to be more profitable than many of its ecommerce pals heading into Black Friday with $17.5 million in adjusted EBITDA in the third quarter of 2022.
News and Rumors
- PR: Psychedelic drug developer Filament (NEO:FH), which has a pending combination with Jupiter (NASDAQ:JAQC), has signed a non-binding term sheet for $14.4 million in convertible note funding that is expected to close concurrent with the merger.
- Best Stocks: Baird Medical’s subsidiary, Betters, obtained FDA clearance to market its innovative microwave ablation systems in the United States. This breakthrough comes shortly after Baird Medical’s strategic decision to merge with ExcelFin (NASDAQ:XFIN).
International SPAC News
- The National News: United Printing and Publishing (ADX:ADC), the UAE-based security systems and sustainable packaging company, is relaunching under the new brand E7 Group. ADC Acquisition completed its deal with UPP earlier this month.
Deal Amendments
- Banyan Acquisition Corp. (NYSE:BYN), which is combining with Pinstripes, reduced the deal’s equity value to $336.2 million from about $379.4 million. The parties also amended the deal so that a number of shares equal to the number of shares forfeited by the SPAC’s sponsor will be issued to holders of outstanding common stock of Pinstripes. Holders of outstanding common stock of Pinstripes will receive an aggregate of 4,000,000 shares of class B common stock of the post-closing combined company, which will be subject to vesting conditions.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...