At the SPAC of Dawn
Morning SPAC News Roundup-readers have spoken! On the eve of the Fed’s press conference, we asked SPACInsider subscribers in this space to predict the number of SPAC IPOs in 2024.
As a baseline, 2023 saw 31 SPAC IPOs, there were 86 in 2022 and one has already priced in 2024 – JVSPAC (NASDAQ:JVSAU). So, the question is in some ways, “will SPAC IPO volume increase, decrease or stay roughly the same.”
SPACInsider‘s subscriber base is primarily made up of the institutional dealmakers and investors around SPAC transactions. So, although 30 responses is a relatively small sample size, a large majority of that clued-in group of respondents believe the 2024 environment will be the same or better for SPACs.
Nearly 76.7% of respondents predicted there would be more than 25 IPOs this year, and 16.7% predicted 50+. During SPACInsider‘s webinar breaking down the SEC’s new SPAC rules, Doug Ellenoff, a partner at Ellenoff Grossman & Schole, placed his chips in the 50+ camp, predicting double 2023’s output, or 62.
But, 23.3% of respondents in the poll predicted the decrease in SPAC activity to continue with less than 25 IPOs this calendar year. Sentiments may change as the market gets further away from the SEC rule drop and closer to a Fed rate cut, but for now the general consensus is for a steady course.
News and Rumors
- PR: Estrella Immunopharma (NASDAQ:ESLA) will begin a share repurchase program for up to $1 million in stock. Estrella combined with TradeUp in September 2023.
- Bloomberg Law: The lawsuit over 26 Capital‘s failed combination with Okada Manila just got bigger as a Delaware judge allowed Zama Capital Master Fund to join. Zama is to be aligned with the branch of the suit accusing an affiliate of Japan’s Universal Entertainment of unduly canceling the deal and interfering in local legal disputes in the Philippines.
- PR: Solar power company Alternus Energy (NASDAQ:ALCE) announced in an 8-K filing that it has repaid €59.1 million (about $64.1 million) in bonds after divesting certain assets in Italy and Poland. Alternus combined with Clean Earth in December 2023.
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...
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....