Welsbach Technology Metals Acquisition Corp. (WTMA) Terminates WaveTech Deal
by Nicholas Alan Clayton on 2023-06-16 at 7:32am

Welsbach Technology Metals Acquisition Corp. (NASDAQ:WTMA) announced this morning that it has jointly terminated its combination with battery-maker WaveTech, citing market conditions.

The short press release gave few further details, but the parties were past the merger’s outside date since March 31. Welsbach currently would have had enough cash from its trust to meet the deal’s $25 million minimum cash condition.

But, its trust had been reduced to $37.7 million with 53% of shares redeemed thus far and the transaction did not include other committed capital to provide more clarity into the final proceeds.

Welsbach also did not clarify in the release whether it intends to seek out a new combination target. It has time to consider its options, however, having secured an extension in May that would allow it to stretch to September 30 with monthly contributions to its trust of $125,000.

The SPAC has been searching for a combination target in the space of “energy transition metals” like rare earth miners or battery technology firms since its IPO in December 2021. It is led by CEO and Chairman Daniel Mamadou and COO Christopher Clower, both from Singapore-based energy investment firm Welsbach Holdings.

Recent Posts
by Kristi Marvin on 2024-05-18 at 11:45am

Terms Tracker for the Week Ending May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...

by Nicholas Alan Clayton on 2024-05-17 at 8:08am

At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...

by Kristi Marvin on 2024-05-17 at 6:30am

RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...

by Nicholas Alan Clayton on 2024-05-16 at 4:05pm

AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...

by Nicholas Alan Clayton on 2024-05-16 at 8:24am

At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved