Liquidation Alert: Electrum Special Acquisition Corporation
In an 8-K filed this morning, Electrum Special Acquisition Corporation, a $200 million SPAC IPO, announced its intentions to dissolve and liquidate the trust. Electrum Special estimates the per share redemption price for shareholders will be $10.48
As of the close of business on June 5, 2018, Electrum’s public shares will be deemed cancelled and will represent only the right to receive the redemption amount. Redemption of the shares will take place ten business days after June 5th, which is estimated to be June 19th.
As of Electrum’s most recent 10-Q, only $128.4 million remained in the Trust Account following redemptions from prior deadline extensions. The SPAC sponsor will lose the $7.025 million used to purchase the private placement warrants in the IPO that brought the per-share amount held in trust to an initial value of $10.00 per unit. The underwriters will lose their deferred underwriting fee as well, estimated to be approximately $5 million.
Electrum’s shares (ELEC) are currently trading at the trust value of $10.48
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...
Oxley Bridge Acquisition Limited (NASDAQ:OBAWU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OBAWU”, Wednesday, June 25, 2025. The Company’s primary focus will be to search globally for a target with operations or prospects focusing on global consumer and technology sectors...