Covid-19 claims its second SPAC.
Allegro Merger Corp. (ALGR), announced this morning it has mutually terminated its merger agreement with TGI Fridays. Once again, the reason cited being, “extraordinary market conditions“, as well as the failure to meet necessary closing conditions.
Unfortunately, it’s not “always Happy Hour” at TGI Fridays. Additionally, in light of the termination of its proposed combination, Allegro has decided to not extend its deadline and will instead opt to liquidate its trust. Given the current environment of Covid-19 and social distancing, this combination faced a very steep uphill battle, so terminating the merger agreement is not entirely a surprise. However, it seems the Allegro team determined the current environment was too challenging to continue and try and find another deal.
On March 31, 2020, the Company’s corporate existence will cease except for the purposes of winding up its affairs and liquidating.
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...
Cohen Circle Acquisition Corp. II (NASDAQ:CCIIU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIIU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company in the financial services technology (fintech) sector and fintech adjacent sectors that...
Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...