Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Planet Labs CFO says SPAC IPO was key to growth, Jupiter Wellness announces $4.1M registered direct and private placement, and Zapp expands international footprint with new campus in Thailand
Planet Labs Finance Chief Says SPAC IPO Was Key to Recent Growth
Ashley Johnson, chief financial officer for Planet Labs PBC (NYSE: PL), said the satellite-imaging company made the right call to go public by combining with a special-purpose acquisition company—better known as a SPAC.
The boom of listings using SPACs, where a privately held firm combines with a public blank check company to allow the private company’s share to trade publicly, has fizzled amid the broader market downturn. SPAC mergers, which attracted many private companies in 2020 and 2021 for their speed and lower scrutiny than traditional initial public offerings, have all but vanished over the past year.
READJupiter Wellness Announces $4.1 Million Registered Direct and Private Placement
Jupiter Wellness, Inc. (Nasdaq:JUPW), a wellness company focused on hair, skin, and sexual wellness, today announced that it has entered into a definitive agreement with investors for the purchase and sale of 4,315,786 shares in a registered direct offering. In a concurrent private placement, the Company also agreed to issue to the same investors a total of 8,631,572 warrants to purchase up to one share of common stock each at an exercise price of $1.00 per share.
The private placement warrants will be exercisable beginning six months after issuance. 4,315,786 warrants will have a 3-year term from the initial exercise date and 4,315,786 warrants will have a 5-year term from the initial exercise date. The purchase price of one share, one 3-year warrant and one 5-year warrant is $0.95. The aggregate gross proceeds to the Company of both transactions are expected to be approximately $4.1 million. The transactions are expected to close on or about January 23, 2022, subject to the satisfaction of customary closing conditions.
READZapp Expands International Footprint With New Design and Technology Campus in Bangkok, Thailand
Zapp Electric Vehicles Limited, a UK-based high-performance two-wheel electric vehicle company, has expanded its international footprint as part of its strategy to grow its business and fulfill growing demand in the largely underpenetrated electric two-wheel market.
On November 22, 2022, Zapp and CIIG Capital Partners II, Inc., a U.S. publicly-listed blank check company (Nasdaq: CIIG), announced that they have entered into a definitive merger agreement.
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Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...