At the SPAC of Dawn
After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year.
Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be a record. Cyber Monday is meanwhile expected to top this with $12 billion in sales.
That’s cheerful news for the 19 ecommerce companies that have completed SPAC deals since 2016, many of which could use it after several quarters of skeptical trading on non-essential consumer brands amid inflation worries.
News and Rumors
- Bloomberg: Signa Prime Selection AG joined its sister company in filing for insolvency Friday. Signa’s (NYSE:SSU) online sports retail unit, which was listed in 2021 via a $3.2 billion deal with Yucaipa, filed for insolvency last month after Benko’s Signa Holding withdrew a financing commitment.
- SpaceNews: Astra (NASDAQ:ASTR) secured $2.7 million in bridge financing as a part of a debt restructuring and warrant sale that is designed to tide the company over to a larger take-private transaction. It went public in a merger with Holicity in July 2021, but now may be bought again by its founders, who have offered $1.50 per share.
International SPAC News
- TCT Magazine: Frankfurt-listed SPAC SMG Technology Acceleration SE (F:7GG) has signed a non-binding letter of intent to combine with additive manufacturing firm BigRep following its acquisition of peer HAGE3D.
Non-Redemption Agreements
- Coliseum Acquisition Corp. (NASDAQ:MITA) entered into non-redemption agreements with certain existing shareholders and other unaffiliated investors with respect to an aggregate of 2,045,000 Class A ordinary shares. In exchange for these commitments, the insider has agreed to forfeit 460,000 founder shares in consideration of the first extension, and if applicable, an aggregate of 153,375 shares in consideration for the second extension.
Terminations
- Rose Hill (NASDAQ:ROSE) has mutually terminated its business combination with Inversiones e Inmobilaria GHC Ltd, effective as of November 22. If the SPAC determines that it is unable to complete a business combination prior to January 18, 2024, it will liquidate.
Liquidations
- Crescera Capital (NASDAQ:CREEF) has decided to dissolve and liquidate its trust. As a result, it will redeem all of the outstanding Class A ordinary shares at an estimated per-share redemption price of approximately $10.96. As of the close of business on December 6, the shares will be deemed cancelled.
- Beard Energy Transition (NYSE:BRD) has mutually terminated its combination with Suntuity and will liquidate on or about December 12. Its redemption rate is expected to be $10.74 per share.
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...