At the SPAC of Dawn
Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee.
Yesterday came the first update in months in the SPAC deal that has captivated retail investors like no other since the boom times as Digital World (NASDAQ:DWAC) gave an update in its work to trim down its PIPE.
But, if a pipe falls in a forest and no one is around, does it make a sound?
Whether one considers a smaller PIPE for the company a positive or negative, few investors traded on the news with about 194,600 shares changing hands through the day. That was not even its highest trading volume of the month and far below its highs of the quarter, which have featured at least one 1,000,000+ volume day for Digital World in each month until October.
Overall, news-based trading volumes around SPACs appear to have been muted of late with only five of the 13 SPACs announcing deals since September 1 seeing 300,000+ shares traded in a day around their deal announcements.
But, while the spotlight may be wandering from Digital World and announcing SPACs, the new leader in attention may well be EV de-SPAC VinFast (NASDAQ:VFS), which still has most of its shares locked up and spiked high once its deal closed in August.
It has not had a sub-seven-digit day since closing with Black Spade and its daily trading volume in the nine days of October has averaged 4,810,855.
News and Rumors
- Bloomberg: Lotus Cars, which announced a business combination with L Catterton Asia (NASDAQ:LCAA) earlier this year, reached a deal for Santander Consumer USA Holdings Inc. to be the exclusive provider of auto-loan financing for US consumers buying the British company’s sports cars.
- Bloomberg: A group of investors in Terran Orbital Corp. (NYSE:LLAP), which went public with Tailwind Two last year, is calling on the aerospace and defense company to launch a strategic review and oust its CEO.
- Reuters: Self-driving truck startup Plus has split its Chinese and U.S. operations and struck a deal in which a key shareholder, China’s Full Truck Alliance, will focus on the China unit. Plus previously announced plans to go public by merging with Hennessy Capital Investment Corp V, but called it off, citing regulatory concerns.
- Portage Fintech Acquisition Corporation (NASDAQ:PFTA) officially changed its name to Perception Capital Corp III following a transition whereby the Perception team took over its sponsor in July.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
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...