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
ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....
MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...
At the SPAC of Dawn This action-packed week in SPACs comes to an end with three more SPACs launching their IPOs, bringing it to nine on the week. And, the crypto strategy that SPACInsider noticed becoming increasingly popular among de-SPACs earlier this year has continued to gain steam. This week, edtech firm Classover (NASDAQ:KIDZ), fresh...
Cartesian Growth Corporation III (NASDAQ:CGCT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CGCT”, Friday, May 2, 2025. The new SPAC intends to combine with a closely held private company ready to make the jump to being a market-leading transnational...
Cantor Equity Partners II, Inc. (NASDAQ:CEPT) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CEPT”, Friday, May 2, 2025. The new SPAC intends to combine with a target in the financial services, healthcare, real estate services, technology, or software industries....