Morning SPAC News Roundup: March 29, 2024
by Nicholas Alan Clayton on 2024-03-29 at 7:38am

At the SPAC of Dawn

On a day when the US markets are closed, there’s always a chance of SPAC actions sliding by as the SEC has left its EDGAR filing system open.

Right on cue, Welsbach Technology (NASDAQ:WTMA) filed that it had come to a definitive agreement with battery production technology firm Evolution Metals.

The long market weekend also presses pause on the historic roller coaster week that Trump Media (NASDAQ:DJT) has been on since closing its combination with Digital World. After hitting a high of $79.38 earlier in the week it slid into the end of Thursday trading at $61.96 and the skid has continued after close.

Historically, US markets tend to enter Good Friday on a high note then retract slightly on their first day back before rising again on the second day out from the holiday.


Deals and Funding

  • Welsbach Technology (NASDAQ:WTMA) has signed a business combination agreement with Evolution Metals, which will result in the SPAC owner 100% of the battery production technology target.

News and Rumors

  • PR: Proptech firm Doma (NYSE:DOMA) has agreed to be acquired for $6.29 per share in cash by insurance underwriter Title Resource three years after combining with Capitol V. The price represents a 43% premium over its last closing price, but Doma also conducted a 1-for-25 reverse stock split in June 2023.
  • PR: Satellite firm Planet (NYSE:PL) has signed a $20 million agreement to provide imaging and insights to Carbon Mapper from 2026 through 2030. The company also announced it generated $220.7 million in revenue in 2023 and ended the period with $298.9 million in cash equivalents a little over two years since it combined with dMY Technology IV.
  • PR: Flying motorcycle maker AERWINS (NASDAQ:AWIN) has filed for a 1-for-100 reverse stock split two months after announcing its hoverbike subsidiary ALI Technologies would go bankrupt and about a year after closing its combination with Pono I.

Votes

  • TMT (NASDAQ:TMTC) has permanently adjourned its extension vote and will instead utilize its automatic three-month extension and deposit $600,000 into its trust account. TMT announced a combination with eLong Power in December.

 

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