This morning, Silver Spike Acquisition Corp. (SSPKU), the $250 million cannabis-focused SPAC, filed a new amended S-1. The only material change noted is the duration was adjusted down from 24 months to 18 months. This deal is still on track to price tonight, but this change should generate a little bit more demand.
However, it’s interesting to note that this is a solid team with a solid underwriter and yet, they felt the need to go to 18 months. For reference, Tuscan II (THCA), the most recent cannabis SPAC, priced just last month with a 1/2 warrant and 21 months. Plus, Tuscan was a little problematic given that the CEO has three cannabis SPACs in the market at the same time searching for targets. This is all to say that it feels like the tide is turning on terms and the SPAC market is getting a little tighter. However, more on that later today in a forthcoming post. In the meantime, revised summary of terms below.
Revised summary of terms:
D and Z Media Acquisition Corp. (NYSE:DNZ) announced this afternoon that its special meeting, originally scheduled for 12:00 p.m. today, was convened and then adjourned, without conducting any business, to 1:30 p.m. on December 19. As of now, DNZ has a completion deadline of January 28, 2023, but is hoping to seek shareholder approval to add an extra...
EDOC Acquisition Corp. (NASDAQ:ADOC) has entered into a definitive agreement to combine with food oil processing company Australian Oilseeds at an enterprise value of $190 million. Australian Oilseeds manufactures food-grade, edible oils through several subsidiaries. Transaction Overview EDOC has an estimated $21.3 million in its current trust after seeing about 77.5% redemptions in extension votes....
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Buzzfeed cuts 12% of staff, and ASIG plans to expand through acquisition upon completion of SPAC BuzzFeed cuts 12% of staff citing worsening econ conditions Digital media company BuzzFeed (NASDAQ:BZFD) is cutting 12%...
What is your life insurance policy worth while you’re still living? This week, we speak with Abacus Life President and CEO Jay Jackson who may just want to buy yours. Abacus Life has made a business of buying consumer life insurance policies for upfront payments and holding them until maturity. To help bring this particular kind of transaction...
Golden Falcon (NYSE:GFX) has entered into a definitive agreement to combine with freight aviation company MNG Airlines at an enterprise value of $676 million, or 5.8x its LTM adjusted EBITDA. Istanbul-based MNG Airlines operates air freight services to four continents with a fleet of nine jets. The combined company is expected to trade on the...