Cartesian Growth Corporation (NASDAQ:GLBL) announced this afternoon that its shareholders have approved its business combination with wealth management firms Tiedemann Group and Alvarium Investments during a special meeting held earlier today.
The SPAC did not disclose redemption amounts, but the share price of GLBL briefly spiked to a high of $28.49 yesterday on volume of 1,183,779 shares. GLBL’s share price has since come down and is currently trading today near $10.27.
Additionally, Cartesian stated that the closing-related processes are “underway, but in the interest of merger-accounting simplicity, the closing will not occur until January 3, 2023, after the end of the 2022 fiscal year.” However, there was no explanation as to why there is a potential six-week delay to close this combination. Plus, whether the redemptions will happen in 2022 or would happen concurrently with the closing in 2023, which would subject it to the 1% excise tax.
Upon closing, the combined company will operate as Alvarium Tiedemann Holdings and its common stock and warrants are expected to be listed on Nasdaq under the ticker symbols “GLBL” and “GLBLW”, respectively.
The parties initially announced their $1 billion combination on September 20, 2021. The two firms serve as alternative asset managers to clients on four continents and are expected to have about $60 billion in assets under management by the end of 2021.
- Piper Sandler & Co. is serving as financial advisor to the Tiedemann Group.
- Seward & Kissel LLP is serving as legal counsel to the Tiedemann Group.
- The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. and Spencer House Partners LLP are serving as financial advisors to Alvarium.
- Goodwin Procter LLP is serving as legal counsel to Alvarium.
- Cantor Fitzgerald & Co. is serving as capital markets advisor to Cartesian Growth Corporation.
- BofA Securities is serving as financial advisor and capital markets advisor to Cartesian.
- Greenberg Traurig, LLP is serving as legal counsel to Cartesian.
AI Transportation Acquisition Corp. (NASDAQ:AITR) filed its S-1 last Wednesday afternoon for a $50 million IPO, marking the first SPAC to file for an IPO in March. While the new company may pursue a target in any industry, it intends to focus its search in the transportation field, including but not limited to logistics, new energy...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Orbit plans for insolvency amid rescue talks with investors, WeWork reaches deal to cut debt, and Pear Therapeutics explores “strategic alternatives” Virgin Orbit plans for insolvency amid rescue talks with investors Sky News...
Home Plate (NASDAQ:HPLT) has entered into a definitive agreement to combine with shipping company Heidmar at an anticipated enterprise value of $214.4 million, or 7.2x its 2023E EBITDA. Athens-based Heidmar operates an asset-light shipbroking network providing access to a pool of 60 fuel tanker and dry bulk ships. The combined company is expected to trade...
two (NYSE:PIAI) announced in an 8-K this morning that it has pushed back its special meeting one week from March 24 to 10 am ET, March 31. Shareholders at the meeting will consider a proposal to extend its transaction deadline from April 1 to January 1, 2024. The SPAC’s sponsor has not yet offered to...
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...