DHC Acquisition Corp (NASDAQ:DHCA) announced that it is formally terminating its combination with conservative banking venture GloriFi.
This was essentially a formality because the SPAC already announced in November that GloriFi had begun the process of winding down. The two sides announced their $1.7 billion combination in July.
But, even at the time, public details on GloriFi’s business plan were thin. GloriFi described itself as “a pro-freedom, pro-America, pro-capitalism technology company” that would soon offer financial services and lifestyle apps aimed at politically conservative consumers. Aside from the general idea of credit and debit cards that would generate some benefits for conservative causes, GloriFi had little of its plans publicly fleshed out at the time of its July announcement, and it promised a presentation after Labor Day.
The terms of the combination agreement gave DHC the option to terminate if GloriFi had not consummated business transactions resulting in it receiving at least $60 million in unencumbered cash by September 30, 2022. Instead, the company reportedly began running short on funding in October, leading to the resignation of its CEO that month. In November, it laid off its staff saying it was closing shop, according to the Wall Street Journal.
DHC, which raised $309.5 million in its 2021 IPO, still has a little over a month before its initial March 4 transaction deadline comes up and specifically stated in today’s 8-K that it intends to keep looking for a new combination. It is led by Co-CEO Christopher Gaertner, who also serves as vice chairman and global head technology investment banking at Rothschild & Co., and Co-CEO Thomas Morgan, who is the CEO of advisory firm Corps Capital.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...