Ahead of Memorial Day Weekend….
The Memorial Day weekend slow down has already begun and tomorrow should extremely quiet, if not dead. However, a few items of note before everyone fires up the grill and starts working on their tans…
Proficient Alpha Acquisition Corp. (PAACU)
Proficient Alpha Acquisition Corp., which was originally supposed to price their IPO on Monday, May 20th, is now anticipated to price on Tuesday, May 28th, for trading on Wednesday, May 29th. There was a possibility this SPAC would try to price tonight, but given that there probably won’t be many people around tomorrow, next week is really the better option. The rumored reasons for the delay have varied between waiting on the SEC to waiting on wires for the at-risk capital, but regardless of the reason, next week feels more appropriate.
One Madison Corp. (OMAD)
On Tuesday, May 28th, we also have One Madison’s shareholder vote to complete their combination with Ranpak Corporation. OMAD recently arranged an additional $20 million PIPE and amended the Sponsor and Anchor Investor earn-out, which you can read about HERE. We’ll update once vote results are released.
Other than those two items, there’s nothing else “scheduled” for next week. However, whenever it’s quiet or you think it’s going to be quiet, that’s usually when we get some surprise SPAC IPO filings. My money is on at least one that gets filed tomorrow, but that’s an easy bet. The bankers just want to make sure everyone has something to read this weekend on the beach…
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...