It’s Monday madness…In no particular order, the below is a summary of this afternoon’s SPAC news.
GREENLAND ACQUISITION CORP. (GLAC)
Greenland Acquisition Corp. (GLAC) filed an 8-K this evening announcing the termination of $5 million of their $6 million PIPE/Backstop agreement.
The original PIPE was for an aggregate of $6,000,000 at a price of $10.25 per share, but the PIPE investors were also given the right to purchase shares in open market purchases or privately negotiated transactions with third parties (the “Backstop Shares”). These Backstop Share, which, if held and not redeemed, would have reduced the number of ordinary shares required to be purchased by the PIPE Investors in the PIPE Financing. However, there were apparently two Subscription Agreements that were entered into with the PIPE Investors, one of which provided for $1,000,000 of the PIPE Financing, and the other for $5,000,000 of the PIPE Financing (the “$5M Agreement”).
Effective October 17, 2019, the Company and the subscriber which entered into the $5M Agreement mutually agreed to terminate the $5M Agreement pursuant to a termination agreement (the “Termination Agreement”).
This could possibly explain why Greenland needed to adjourn their shareholder vote, but it’s still unclear if they will be able to go to a vote on the rescheduled date of October 24th. If GLAC is facing a significant enough number of redemptions, they may need to find another backstop and whether they are able to do that before the vote this Thursday, is anybody’s guess. If not, GLAC will need to contribute an additional $0.10 to trust on Friday, October 25th, to extend a further three months. Plus, given the amount of scrutiny Nasdaq is giving low float companies these days, GLAC might also need additional time to make sure they have the required number of shareholders to maintain their listing. Alternatively, the amount of redemptions might not be a factor and the reason for the adjournment was simply to 8-K this announcement. Hard to say. Stay tuned for further developments…
FELLAZO INC. (FLLCU)
Fellazo Inc. (FLLCU), finally resolved their listing issues with the Nasdaq. As background on the situation, on August 23rd, the Nasdaq determined that FLLCU did not meet their listing requirements and moved to delist FLLCU. This was due to not meeting the 300 round lot shareholder requirement. However, FLLCU appealed that decision on September 17th and on October 16th, the Panel granted Fellazo’s request based on its finding that the Company has now met the requirements for listing. As a result of the Decision, the Company’s units will continue to trade on The Nasdaq Capital Market. Now that the listing issue has been resolved, look for Fellazo to split its unit shortly.
GREENVISION ACQUISITION CORP.
Another new IPO filed tonight with GreenVision Acquisition Corp., a $50 million life sciences/healthcare SPAC that will be looking for companies primarily China, but also Asia and North America. The headline terms are: 12 months + 3 months + 3 months, 100% in trust, Units: 1 share + 1 full warrant + 1 right (1/10). I-Bankers is sole book-runner.
More details in a full write-up after having had a chance to read the prospectus.
OPES ACQUISITION CORP. (OPES)
OPES watch continues….Still no word as to whether they have extended or will be liquidating. At this point, it will be a hallelujah moment if we get any news.
Latest Non-Redemption Agreements: ExcelFin Acquisition Corp. ExcelFin Acquisition Corp. (XFIN) Adds Non-Redemption Agreement In connection with the special meeting of stockholders of ExcelFin Acquisition Corp. (NASDAQ:XFIN) to extend its completion deadline from April 25, 2023 to October 25, 2023, the company and its sponsor, ExcelFin SPAC LLC, entered into a non-redemption agreement with an unaffiliated third party....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Momentus SPAC backers accused of deliberately engineering a catastrophic deal Momentus SPAC Backers Accused of Hiding Disastrous Deal’s Flaws A Momentus Inc. (NASDAQ:MNTS) investor sued backers of its blank-check merger with a shell company,...
DiamondHead Holdings Corp. (NASDAQ:DHHC) announced in an 8-K this morning that its shareholders approved its combination with Great Southern Homes at a special meeting March 23. Only 109,426 shares were redeemed in the connection with the vote, but DiamondHead has seen about 87% redemptions in total across all previous votes, leaving it with about $43.9...
Graf Acquisition Corp. IV (NYSE:GFOR) announced that it has signed a non-binding letter of intent to combine with clinical-stage biopharma company NKGen. This announcement is not a pure teaser as Graf IV is not facing an imminent extension vote and currently has until May 25 on its clock. It does, however, signal something of a...
Oak Woods Acquisition Corporation priced its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “OAKU” Friday, March 24, 2023. The SPAC intends to focus on businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region. Oak Woods is led by...