Lots of Gig News Tonight…
Gig Capital (GIG) filed multiple documents tonight, so a summary of each has been provided below.
Termination Date Extended
Gig filed an 8-K tonight announcing that they have officially moved their Outside Date (when the Purchase Agreement can be terminated) from September 24, 2019 to December 12, 2019. There was never really any danger of this deal being terminated today, but we now “officially” have a new termination date. Hopefully, we should have a shareholder vote date to complete well ahead of that, but most likely it will take place around mid-November.
Cash Tender Offer of Rights
Post-announcement of Gig’s LOI with Greenhaven to hold Gig’s Rights Shares 60 days post-closing of Gig’s combination with Kaleyra (at which point Gig will buy them back), tonight Gig also cleared up its intention to continue with its cash tender offer of its Rights. There was a bit of a question mark yesterday as to whether the tender was off in lieu of the Greenhaven announcement, but it is now clearly still on. Gig wants to mop up as many Rights Shares as it can. However, we still do not have a tender offer document with all of the details, i.e., at what price Gig will tender those Rights. However, if Gig intends to close before December 12th (see above), they should be filing tender offer documents relatively shortly. As soon as that information is filed, an update will be provided.
New Proxy
Lastly, Gig filed a new Preliminary Proxy this evening, but it was essentially to include the Greenhaven announcement. However, you can find the new proxy statement HERE.
Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...
PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...
7GC & Co. (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....
AlphaTime Acquisition Corp. (NASDAQ:ATMC) filed its S-1 yesterday morning for a $60 million IPO as the second SPAC to file for an IPO in December thus far. The new SPAC has set its sights on businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams...