Soaring Eagle Acquisition Corp. (SRNG) Shareholders Approve Ginko Bioworks Deal
by Nicholas Alan Clayton on 2021-09-14 at 10:16am

Soaring Eagle Acquisition Corp. (NASDAQ:SRNG) has secured shareholder approval of its combination with cell programming company Ginko Bioworks at a shareholder vote this morning.

The SPAC did see about 49% of its trust redeemed in the vote, however. This will still provide about $1.6 billion in proceeds to Ginko Bioworks, including $858 million from Soaring Eagle’s remaining trust, which is plenty to fulfill the transactions’ minimum cash condition of $1.25 billion. Overall, this is a better-than-average result compared to the redemption rates of the past month, but still more than might be expected for such a prestigious deal.

Soaring Eagle expects to complete the transaction on September 16. The combined company’s shares and warrants are expected to begin trading on the NYSE the following day under the symbols “DNA” and “DNA.WS”, respectively.

Ginko Bioworks uses genetic engineering to create bacteria for a range of industries with a focus on strain improvement, enzyme discovery, new product development, biosecurity, and mammalian cell engineering. Most recently, Ginko Bioworks announced its platform had achieved breakthroughs in manufacturing mRNA vaccines and rare forms of cannabis compounds.

About 75% of shares participated in Soaring Eagle’s vote and 97% voted in favor of the transaction. Vote tallies on any additional measures will be made available once the SPAC files its 8-K on the meeting.


ADVISORS

  • Allen & Company LLC and Morgan Stanley & Co. LLC are acting as financial advisors to Ginkgo.
  • Latham & Watkins LLP is acting as legal advisor to Ginkgo.
  • Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Ginkgo with respect to certain corporate governance matters.
  • Goldman Sachs & Co. LLC is acting as financial advisor to Soaring Eagle.
  • White & Case LLP is acting as legal advisor to Soaring Eagle.
  • Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Allen & Company LLC served as placement agents for Soaring Eagle on the PIPE transaction.
Soaring Eagle Acquisition Corp. (SRNG) Shareholders Approve Ginko Bioworks Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-01 at 11:33am

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...

by Henrique Santa Rosa, CFA on 2025-07-01 at 11:09am

In June 2025, the SPAC market was marked by a notable rise in meeting delays, with adjournments and postponements playing a central role in extension activity, as sponsors navigated a more cautious market environment. Still, several SPACs secured shareholder approvals, and seven business combinations were completed during the month. At the same time, IPO issuance...

by Kristi Marvin on 2025-07-01 at 8:42am

An In-Depth Look at SPAC Activity Through the Second Quarter & First Half 2025 Below is a summary of the first half of 2025 SPAC market. If you’d like a pdf copy, you can access the link HERE. Q2 kicked off in chaos. President Trump’s shifting and often contradictory tariff announcements sent markets reeling, driving...

by Nicholas Alan Clayton on 2025-07-01 at 8:25am

At the SPAC of Dawn The market is set to be showered with new SPACs today as three more SPACs priced their IPOs overnight, bringing 2025’s total to 66, already surpassing the full-year total of 2024. After hours, Ribbon (NASDAQ:RIBB) also added a new SPAC deal to June’s tally just under the wire, bringing the...

by Nicholas Alan Clayton on 2025-06-30 at 9:04pm

NMP Acquisition Corp. (NASDAQ:NMPAU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “NMPAU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company that has a resilient business model with potential to scale up revenue. NMP’s management...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved