This afternoon, SCVX Corp. III (Nasdaq: SCVX), filed an 8-K announcing that they have terminated their previously announced non-binding LOI.
While not much was known about the company with which it had been negotiating (it was unnamed), it was disclosed that its focus was in the Environmental, Social, and Governance (ESG) space. It was also released that the target company’s existing shareholders were anticipated to roll over 100% of their equity.
Furthermore, as part of the previous announcement in January, it was revealed that SCVX had already rounded up $75 million in PIPE indications from an institutional investor and certain strategic partners. Securing a PIPE in the 2022 SPAC market was a very promising sign at the time.
Nonetheless, this non-binding LOI has now been terminated and SCVX stated that it is, “currently exploring alternative options for consummating a business combination.”
SCVX had previously announced a combination with manufacturing-software company Bright Machines on May 17, 2021, but subsequently terminated that agreement on December 13, 2021, citing, “..the low likelihood that the business combination agreement could be completed prior to the January 15, 2022 “outside date” .”
SCVX, which original priced its IPO on January 24, 2020, with a cybersecurity focus, now has until July 28, 2022 to complete a new combination. SCVX had earlier extended it’s deadline six months on January 28th, and will most likely need to extend further with only 3.9 months remaining on its clock.
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...