At the SPAC of Dawn
Any play in the commercial property market appears set to be a buy-low opportunity for some time as real estate lender New York Community Bancorp (NYSE:NYCB) saw its bonds downgraded to junk and European and Asian banks show signs of the same contagion. Still, of all the times to start a WeWork reclamation project, now would appear to be an odd one.
Nonetheless, as noted below, WeWork’s founder has reportedly been eyeing a return to the market since at least December by scooping up the assets of his beleaguered former behemoth in the co-working space. Serial sponsor Barry Sternlicht, who has backed the JAWS family of SPACs, predicted that major write-downs of losses are coming across the asset class as the anticipated return of American workers to offices has not fully occurred.
Don’t forget to participate in our latest Let’s Settle This poll: Will Digital World (NASDAQ:DWAC) actually complete its combination with Trump Media & Technology Group this year? Record your prediction HERE.
Deals and Funding
- Perception Capital Corp. III (NASDAQ:PFTA) has entered into a definitive agreement to combine with clean energy company RBio Energy for about $350 million in equity consideration. Perception III has about $40.7 million in trust after seeing 84.9% of shares redeemed at a July extension vote.
- EVe Mobility Acquisition Corp (NYSE:EVE) has agreed to sell control of its sponsor and most of its economics to Blufire Capital in exchange for the new sponsor taking on certain liabilities and costs incurred by the SPAC. Bluefire is to receive 6,320,667 Class A shares and will convert $425,000 of working capital notes owed to the sponsor into shares at the close of any potential business combination. Jesvin Kaur of Think Tree Advisory has been appointed COO and the SPAC’s existing executive team will be replaced.
News and Rumors
- Crain’s: WeWork (OTC:WEWKQ) former founder Adam Neumann has been working with an investor group to potentially buy the co-working company out of bankruptcy. WeWork combined with BowX in October 2021.
- TechCrunch: Intuitive Machines ( LUNR) has set Valentine’s Day as the window for the launch of its first lunar mission. The space venture, which combined with Inflection Point in February 2023, has developed a lunar lander that NASA has selected in a $118 million contract to deliver six payloads to the Moon’s surface.
- PR: Royalty Management (NASDAQ:RMCO) has acquired a perpetual royalty stream from a Jamaican mine, which is expected to produce titanium dioxide, iron ore and vanadium after permitting is completed. Royalty Management combined with American Acquisition Opportunity in October 2023.
- Sizzle Acquisition Corp. (NASDAQ:SZZL) has pushed its completion vote with European Lithium once again to 10 am ET February 15 from February 9 in order for the parties to continue engaging with potential investors.
At the SPAC of Dawn The first full week of March comes with a bevy of votes as SPACs investors will be asked to help complete nine deals and extend seven other SPACs’ transaction timelines. Two SPACs are set to come off the board today, however, as Revelstone (NASDAQ:RCAC) and Vector II (NASDAQ:VAQC) commence their...
Contributions to trust are typically expected from sponsors looking to retain as much of the trust account as possible that need additional time to complete business combinations. With “time to complete” steadily increasing over the past months, redemptions from the trust account do not look to be slowing down, regardless of what SPAC teams do...
Terms Tracker for the Week Ending March 1, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The last week of February turned out to be a sluggish one with not a lot happening on the new issuance front. Once again, there...
News and Rumors Bloomberg: Digital World (NASDAQ:DWAC) and its target Trump Media and Technology Group (TMTG) were hit by a new wave of legal headaches this week as both the founders of its Truth Social platform and Digital World CEO Patrick Orlando filed lawsuits over the deal’s closing share allocations. One of the suits has...
Altitude (NASDAQ:ALTU) has entered into a definitive agreement to combine with Vesicor Therapeutics for $70 million in equity consideration. San Gabriel, California-based Vesicor is developing treatments utilizing extracellular vesicles as both a therapy themselves and as a delivery system for other medicines. Transaction Overview Altitude has about $10.3 million in its current trust after seeing...