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.
“The show must go on!” has been a theme of sorts lately for the SPAC market navigating a tough crowd of macro headwinds.
All eyes have been on BowX‘s de-SPAC WeWork (NYSE:WE) ever since it missed a debt payment earlier this month. But, it’s move yesterday to make permanent its appointment of David Tolley as CEO seemed to indicate it would double down on his vision to renegotiate all leases the massive tenant currently is a party to and box up underperforming locations.
Few business models were poised to be more sensitive to the pandemic and its aftermath than flexible office spaces, and yet the pioneer of the concept is still trucking at least for now.
The risks of that business model still pale in comparison to what companies seated in a warzone are facing. And yet, Israel Acquisitions Corp. (NASDAQ:ISRL) still announced a letter of intent with Tel Aviv-based Pomvom (TA:PMVM) into this news environment without needing such a move to secure an extension or other move.
At an earlier stage of the SPAC process, Iron Horse Acquisition Corp. withdrew its proposed S-1 yesterday, but already says it will be back. This will be a new submission as its last S-1 was abandoned in September, but like many others in this business, its getting back on that horse.
News and Rumors
- JDSUPRA: In a blow to 26 Capital Acquisition Corp., a Delaware court declined to grant it specific performance in reviewing its failed combination with Okada Manila casino – a case containing “a complicated and cinematically wacky set of facts”. The trial does have the potential ramifications for other international SPAC deals as the court here noted its reluctance to rely on a foreign court to oversee the portions of this case in its jurisdiction.
- Bloomberg: Hydrow Inc., a fitness company that counts NFL star Travis Kelce and growth equity firm L Catterton among its investors, is in talks to acquire smaller rival Cityrow. Hydrow previously discussed merging with Sandbridge X2 Corp., but those talks fell apart.
- Home Healthcare News: Sharecare Inc. (NASDAQ:SHCR) confirmed last week that it had received an unsolicited acquisition proposal from Claritas Capital. Sharecare became a publicly listed company in June 2021 after combining with Falcon Capital Acquisition Corp.
- ExcelFin Acquisition Corp. (NASDAQ:XFIN) announced that its extension meeting, originally scheduled for October 18, is being adjourned to October 20.
- TortoiseEcofin Acquisition Corp. III (NYSE:TRTL), which announced a postponement of its extension meeting to October 19 yesterday, has changed its contribution commitment to $0.015 per share each month from $0.01 per share or a maximum of $200,000.
News and Rumors Bloomberg: Online brokerage Webull made a point to divest its crypto business ahead of announcing its SPAC deal with SK Growth (NASDAQ:SKGR), its CEO Anthony Denier said, noting that previous attempts to list via a traditional IPO stalled. “The SEC has not been friendly [to crypto], which is widely known,” he added....
At the SPAC of Dawn Over 100 potentially market-moving indices are to report data globally today, but the US economy specifically is to get a handful of major ones. At 8:30 am ET, traders are to get their hands on a number of readings around inflation in the country. Importantly, Core PCE numbers are to...
SK Growth (NASDAQ:SKGR) has entered into a definitive agreement to combine with digital investment platform Webull at an enterprise value of $7.3 billion. New York-based Webull provides an equities trading and education platform to about 20 million cumulative users. The combined company is expected to trade on the Nasdaq once the deal is completed in...
News and Rumors PR: Hillsinai Learning, which serves about 500,000 students across 40 schools and 5,000 partner schools, has hired iLearningEngines to build its AI learning automation platform. iLearningEngines has a pending combination with Arrowroot (NASDAQ:ARRW). SpaceNews: Virgin Galactic (NYSE:SPCE) does not expect any delays on its Galactic 07 mission to take passengers into space...
Aetherium Acquisition Corp. (NASDAQ:GMFI) has entered into a definitive agreement to combine with Capital A (KL:5099), the parent company of the AirAsia airline at an estimated transaction value of $1.15 billion. Kuala Lumpur-based Capital A owns the AirAsia regional airline as well as subsidiaries in logistics, payments and loyalty. Transaction Overview Aetherium has an estimated...