Morning Roundup: October 23, 2023
by Nicholas Alan Clayton on 2023-10-23 at 7:51am

At the SPAC of Dawn

Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee.

Car ownership has long been considered a part of the American Dream, but it’s a slice of that goal that is getting more expensive even faster that housing.

The average annual cost of owning a new car jumped +13.5% this year to $12,182 according to a AAA study cited by the NYT. That’s no small change for the 92% of households that have at least one car and SPACs have been heavily involved in the economics of auto in recent years.

Since 2019, SPACs have completed six deals with targets SPACInsider categorizes as “AutoTech” with five more announced and one new SPAC, Zi Toprun, on file to IPO with a focus on this area.

Forty-six more SPACs have either done deals recently or are seeking to do so with the makers of EV batteries or EVs themselves. But with expenses rising, there may also be opportunities in disrupting the consumer cost burdens in this space.

Americans are falling behind on their auto loans at the highest rate in almost 30 years with 6.1% of subprime auto borrowers past due on their loans by at least 60 days last month. Insurance and personal finance are tough nuts to disrupt in a risk-off environment, but the sectors have also brought some of the most successful SPAC deals of the past decade.

Limbach Holdings (NASDAQ:LMB) continues to trade above $28 seven years out from its combination with 1347 Capital. CF I closed with FGL a year later and it was later acquired for $12.50 per share in 2020, followed by Easterly‘s combination with SiriusPoint (NYSE:SPNT) in 2018 and Tiberius‘ deal wtih INTL General Insurance (NASDAQ:IGIC) in 2020 with both de-SPACs trading above $10 today.

News and Rumors


Recent Posts
by Marlena Haddad on 2023-12-08 at 1:59pm

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...

by Nicholas Alan Clayton on 2023-12-08 at 11:12am

Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...

by Marlena Haddad on 2023-12-08 at 10:27am

EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...

by Marlena Haddad on 2023-12-08 at 9:42am

Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...

by Nicholas Alan Clayton on 2023-12-08 at 7:48am

At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...


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