Alpine Acquisition Corp. (NYSE:REVE) announced this afternoon that it has decided to cancel its completion vote tomorrow and will instead liquidate its trust.
Within the last month, the SPAC adjourned its special meeting a total of four times as it faced difficulties trying to finalize items necessary in order to complete its proposed merger with Two Bit Circus. As of yesterday, Alpine still had hopes of closing the deal and intended to reconvene the meeting on March 30, but it disclosed today that it will be unable to complete the transaction by its deadline of April 2. It will now start the process of liquidating its assets.
At Alpine’s latest extension meeting in February, shareholders redeemed 10,489,177 shares, or 98.03% of its trust, leaving the SPAC with just $2.22 million post-vote.
The parties announced the $153 million deal in May 2022 and Alpine originally planned to fund it with $109.1 million from its trust supplemented by a $25 million PIPE. The parties also expected to take out a $75 million mortgage loan, which was to close concurrently with the transaction. Two Bit Circus runs a micro amusement park in Los Angeles and hoped to acquire two conference hotels in Denver and Stamford, CT.
At the SPAC of Dawn With the pricing of GP-Act III (NASDAQ:GPATU) this morning, May has already become the second most productive month for SPAC IPOs with two. February saw three get through, but the pair of May SPAC IPOs is encouraging both because they come just nine days into the month and follow a...
GP-Act III (NASDAQ:GPATU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GPATU”, Thursday, May 9, 2024. The new SPAC has not set a particular industry to focus its target search on, but aims to find a trendy target valued at between...
Only one of the two SPACs holding completion votes on major deals yesterday has released its results, but investors have reacted in real time by buying up shares in each despite both of their host exchanges being overall down on the day. AltC (NYSE:ALCC) secured shareholder approval for its combination with nuclear fission firm Oklo...
At the SPAC of Dawn The results are in for the first of yesterdays’ two big completion votes, and it appears set to finish with one of the best redemption results of any completion vote over the last two years. Only two SPACs have gotten all the way through their de-SPACing process since January 1,...
Rare earth miner Critical Metals (NASDAQ:CRML) dropped a new presentation today, providing its most significant update since completing its combination with Sizzle in February. The document points to 2024 being a potentially pivotal year for the firm as it cleared major development hurdles in getting preparing the ground for its Wolfberg lithium mine in Austria,...