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.
After the first full month without a SPAC IPO in nearly a year and a half, Thursday night saw two new vehicles begin floating, Quetta and Spark I.
This came along news that Omeed Malik, a former Bank of America managing director, is planning to take another plunge into the SPAC waters. He steered his first SPAC, Colombier, to a close with PSQ Holdings (NYSE:PSQH) in July. The company aims to assemble an Amazon-like marketplace of goods free from curation pressures from the political left.
It joined a growing number of broadly “anti-woke de-SPACs” that had beaten the wider SPAC market early on. But, these companies have failed to maintain the highs of Digital World‘s (NASDAQ:DWAC) hype. Conservative social network Rumble (NASDAQ:RUM) last closed at $5.13, while Black Rifle Coffee (NYSE:BRCC) sits at $3.17.
For its part, PSQ last closed at $8.21 still within the parties’ lock-up period. Digital World nonetheless continues to coast at $15.83 in hopes that the epic review process for its combination with Trump Media & Technology Group comes to a close.
Latest Liquidations and Reversals
- LatAmGrowth SPAC (NASDAQ:LATG) has permanently adjourned its special meeting to approve an early liquidation, potentially reversing its decision to dissolve ahead of its October 27 deadline which could be pushed to November 27 without further shareholder approvals.
News and Rumors
- Fast Acquisition Corp. has agreed to pay a $12.5 million settlement in a legal fight over the $33 million breakup fee from the SPAC’s failed merger with Tilman Fertitta’s hospitality business.
- Omeed Malik, founder of Farvahar Partners is planning to raise a new SPAC with a trust of at least $130 million despite recent chilly conditions following his steering of Colombier.
- Into the struggle of EQRx (NASDAQ:EQRX) to commercialize its clinical findings following its combination with CM Life Sciences III in 2021.
- IndiEV files for bankruptcy having terminated its combination with Malacca Straits in June, freeing up space in a factory at the heart of a lawsuit between Foxconn (TW:2354) and Lordstown.
Scheduling Notes
- Alset Capital Acquisition Corp. (NASDAQ:ACAX) has extended the deadline for its shareholders to make final redemption decisions to 5 pm ET October 13. The SPAC’s shareholders already approved its combination with HWH International in August.
- Twin Ridge Capital Acquisition Corp. (NYSE:TRCA) has rescheduled the completion vote for its combination with Carbon Revolution to 1 pm ET October 12 and the redemption deadline will now be 5 pm ET October 10.
- Learn CW Investment Corporation (NYSE:LCW) has postponed its October 10 extension vote to 3 pm ET October 11.
- AltC Acquisition Corp. (NYSE:ALCC) has extended the deadline for shareholders to make final redemption decisions to 5 pm ET October 11 having secured approval of its transaction extension yesterday.
- Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced that the closing conditions for its combination with Next.e.GO have not yet been met and the parties continue to work to satisfy those terms having secured approval for the deal by Athena Consumer’s shareholders on September 29.
Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 27, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...
Launch One (NASDAQ:LPAA) has entered into a definitive agreement to combine with biotech firm Minovia Therapeutics at a $180 million pre-money valuation. Haifa, Israel-based Minovia is developing a drug platform based on mitochondrial cell therapies to potentially treat rare disorders as well as the effects of aging and other causes of bodily degeneration. The combined...
CEO Marc Nemati and Colombier II’s Omeed Malik break down the deal and the strategy. Despite its moniker as the “the everything store” you can’t buy everything on Amazon, and firearms are one of those things. But, GrabAGun has spent years building a platform for regulated online firearms purchases, and soon, consumers will be able...
At the SPAC of Dawn Futures remain green after Fed Chairman Jerome Powell hinted at a July rate cut and tensions cooled for now in the Middle East. That has not warmed all corners of the SPAC market as teams continue to hit bumps in their shareholder votes this week. Four Leaf (NASDAQ:FORL) was the...
Lightwave Acquisition Corp. (NASDAQ:LWACU) announced the pricing of its $187.5 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “LWACU”, Wednesday, June 25, 2025. The new SPAC plans to combine with a technology target or another industry that complements its management team’s background. Lightwave’s management team is led...