A quick note on TKK Symphony (TKKS) and this morning’s announcement of their Tender Offer since there seems to be some confusion out there around why TKKS is not doing a standard shareholder vote and redemption. This is because TKKS is domiciled in the Cayman Islands AND it is also classified as a Foreign Private Issuer (FPI). As an FPI, the rules are a little bit different when it comes to closing a combination. Specifically, an FPI is required to conduct a tender offer rather than seek shareholder approval under SEC rules.
Nonetheless, TKKS commenced their Tender Offer today and it will run through November 15th, 5:00 p.m. ET. Additionally, the details of the Tender Offer are that TKKS is offering to purchase up to 25,000,000 of its outstanding shares at a purchase price of $10.26 per ordinary share. Interestingly, the purchase price of $10.26 represents the amount that was on deposit in the Trust as of October 14, 2019. However, the Trust will continue to earn interest and at November 15th, when the Tender Offer closes, the Trust should be around ~$10.28.
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...