This afternoon, Jensyn Acquisition Corp. (JSYN), announced that they have closed their business combination with Peck Electric Co., a leading commercial solar engineering, procurement and construction (EPC) company. The combined company will be renamed named “The Peck Company Holdings, Inc.” (“Peck”), whose common stock is expected to be listed on The Nasdaq Capital Market under the symbol “PECK.”
Additionally, more than 87% of the issued and outstanding shares which voted were in favor of the business combination. However, as seems to be the current trend, no details were given as to how many shares redeemed or how many public shares remain. What we do know, is that since Jensyn had only approximately $6.2 million in trust ahead of the vote, this is sure to be another “low float” company post-vote (actually, it was low float going into the vote).
However, Jensyn’s SPAC unit did have Rights, and by now, you know what that means….get ready for some selling pressure. Nonetheless, this should not be another KERN situation (or PHUN, or ORGO, or HUNT…) all of which did not have Rights in their units.
Instead, PECK should trade more like RBZ and WINR, both of which did have Rights.
However, it should be noted that the Jensyn team never gave up. Their deal IPO’d back on March 2, 2016, over three years ago, and while they had multiple extensions (and redemptions) they actually managed to close a deal. Whether this deal “should” have closed is something else entirely, but their persistence is noted.
The transaction is expected to close on June 20, 2019.
Starry Sea (NASDAQ:SSEAU) has filed for a $50 million SPAC with leadership that is making its debut as SPAC officers and a broad search mandate. The new SPAC is offering investors one right to a 1/6 share in each unit and a redemption opportunity coming at the end of its 15-month initial transaction deadline if...
At the SPAC of Dawn Israel’s bombing of sites in Iran has brought a new injection of uncertainty to the markets, which appear poised to open in the red. But, this may be a temporary factor after the week has also produced better-than-expected indicators on inflation. One more data point is set to come in...
Best SPAC I Acquisition Corp. (NASDAQ:BSAAU) announced the pricing of its $55 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BSAAU”, Friday, June 13, 2025. The new SPAC plans to combine with a consumer goods company with a total enterprise value between $100 million and $600 million....
Blue Acquisition Corp. (NASDAQ:BACCU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BACCU”, Friday, June 13, 2025. The new SPAC intends to combine with a target company within a manufacturing company or data center that aligns with green energy initiatives and...
1RT (NASDAQ:ONCHU) has filed for a $150 million SPAC with confident terms in a market that has been recently much more welcoming to SPAC issuance. The new SPAC is including 1/4 warrants in its units, which is the slimmest warrant coverage offered by a newly-filed SPAC since Cohen Circle II (NASDAQ:CCIIU) put out its own...