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 a weekend in which the US markets maintained a slightly positive outlook year-to-date and hopes increased for US political stability, a war broke out from an unexpected angle.
Thus has been the story of the SPAC market in recent years through a pandemic, war, and even a hint of murder hornets. Many SPACs that have reached for the cosmos have fallen back to Earth during this time, but perhaps the story of those who made it all the way is worth telling.
Vector‘s target Rocket Lab (NASDAQ:RKLB) has been in many ways the most diverse and developed of the group, but it has had its share of struggles including a launch failure in September. Nonetheless, it opened a new 144,000-square-foot factory in California last week and will put its 172nd satellite into orbit in its next blast off.
A similar sign of optimism might be found in the terms of the newest SPAC to come to market, Colombier II. More on that to come, but suffice to say that filing a SPAC IPO with a 1/3 warrant and two years on its clock shows at least someone sees the future en rose.
- 10X Capital III (NYSE:VCXB) has agreed to send 210,000 promote shares (2.4%) and up to 630,000 (7.2%) in total to shareholders agreeing not to redeem their shares at the SPAC’s upcoming extension vote. It has a pending deal with biotech firm Addimmune.
News and Rumors
- Space de-SPACS have fallen far short of their revenue projections with only Planet and Rocket Lab keeping it tight in 2022, but trouble looms for 2023.
- Shift Technologies, which combined with Insurance Acquisition Corp. in 2020, will file for bankruptcy, will sell off inventory and is planning to shutter.
- Nigeria considers SPAC listings on its home exchange with rule proposals now appearing.
DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million. Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions. The combined company is expected to trade on the Nasdaq once...
PROOF Acquisition Corp I (NYSE: PACI) announced this morning that its shareholders have approved its business combination with private aviation company Volato at a special meeting held on November 28. Approximately 97% of the votes cast at the meeting were cast in favor of the approval of the deal. The SPAC did not disclose redemption...
At the SPAC of Dawn Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week. With 178 SPACs having announced a liquidation so far in 2023, the year’s total number could well exceed...
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,...