October continued the recent trend of SPAC teams seeking additional extensions beyond their first one, as they work on closing their combinations with the remaining funds after redemptions. Meanwhile, new SPACs are launching IPOs and beginning their search processes, signaling a shift in the market. Extension Votes In October, there were 13 scheduled extension votes....

Earth, Wind & Fire may have been on to something with the end of September and “chasin’ the clouds away“. The SPACs from the past are still lingering which are affecting the averages as newly issued SPACs have come to market in the past year. Each has the same goal of bringing a target company...

As the summer continues to heat up, so do trust accounts that seem to be lighting themselves on fire, leaving teams scrambling to secure as much of the remaining trust account as possible. August brings us a continuation of the summer with old and new SPACs both fighting for the same end goal. Extension Votes...

July was a continuation of the past few months where many SPAC teams approved extensions and not for the first time, trying to close a transaction with the funds remaining to them after redemptions. Outliers are slowly popping up as new SPACs launch their IPOs and start the search process with the hopes of showing...

With June wrapping up, legacy SPACs have continued to need to approve additional time for their business combinations, while at the same time, new deals have paved the way for the future. The amount of funds that could be left in the trust account is unknown territory for newly issued SPACs, but these fresh starts...

As May wraps up, we’ve continually seen teams push the boundaries with multiple extensions before being able to close business combinations. Along the way, the factors for securing funds in the trust account seem to be a never-ending battle which lets teams get creative with either securing the funds in the trust account and/or providing...

As the month closes, the urgency among teams to get shareholder approval for more time to finalize business combinations continues to grow. The deadline for completing these combinations is increasingly extended as teams face rising timelines and gradually diminishing trust funds due to multiple extensions. Extension Votes April, much like the previous months, has seen...

As the quarter comes to an end, there seems to be no slowing down amongst teams asking shareholders to approve additional times for them to complete business combinations. The “time to complete” appears to be slipping away for most teams as the time runs out and trust accounts slowly deplete after allowing for numerous extensions....

Contributions to trust are typically expected from sponsors looking to retain as much of the trust account as possible that need additional time to complete business combinations. With “time to complete” steadily increasing over the past months, redemptions from the trust account do not look to be slowing down, regardless of what SPAC teams do...

In this monthly analysis, we’ll be exploring SPAC Corporate Actions in January 2024 and parsing the results to identify any trends.  This month the SPAC market experienced numerous extension and completion votes, reflecting a continued trend of longer durations from IPO to deal closure and higher share redemptions. Extension Votes The new year started off...