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.
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...