Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SEC publishes rulemaking agenda, American Battery Materials expands board and strategic relationships, and Tomorrow.io raises $87M in Series E round
SEC Spring Rulemaking Agenda Published
A number of final rules are slated for October 2023, including the following:
- Climate change disclosure rules
- Cybersecurity risk governance rules
- SPAC rules
- Amendments to 13D/G
The Commission proposed rules and rule amendments intended to enhance investor protections in IPOs by SPACs and in subsequent business combination transactions between SPACs and private operating companies. Specifically, the Commission proposed specialized disclosure requirements with respect to, among other things, compensation paid to sponsors, conflicts of interest, dilution, and the fairness of these business combination transactions.READ
Seaport Global Acquisition II : American Battery Materials, Inc. Expands Board and Strategic Relationships to Accelerate Lithium Extraction Development
American Battery Materials (OTC Pink: BLTH), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today announced the appointment of a new director and engagement of new team members critical to the acceleration of the Company’s development of its lithium extraction plans.
ABM has also engaged advisory firms Buenos Aires Capital Partners, and iRadia Capital to explore acquisition and joint venture opportunities to diversify its lithium platform into Latin America with a focus on Argentina.
On June 2, 2023, ABM and Seaport Global Acquisition II Corp. (NASDAQ: SGII) (“SGII”) has previously announced the signing of a definitive merger agreement for a business combination.READ
Tomorrow.io Raises $87M in Series E Round
Tomorrow.io announced an $87 million Series E funding round, along with the successful launch of its second satellite on this week’s SpaceX rideshare mission. Activate Capital led the round for the weather intelligence startup, and new investors include RTX Ventures, Seraphim, and Chemonics.
Existing investors SquarePeg Capital, Canaan, ClearVision, JetBlue Ventures, and Pitango participated as well.
The company initially planned on combining with Pine Technology Acquisition Corp., but later paid to end the deal, citing the poor performance of stocks for other growth-stage companies.READ
Terms Tracker for the Week Ending December 1, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. For the most part, this was a quiet week for filings being that it followed the Thanksgiving holiday. Ideally, bankers, lawyers and teams got a...
Aimei Health Technology Co., Ltd (NASDAQ: AFJKU) announced the pricing of its $60 million IPO this evening. Its units are expected to begin trading on the Nasdaq under the symbol “AFJKU” on Monday, December 4, 2023. After the securities comprising the units begin separate trading, the Class A ordinary shares and rights are expected to...
PROOF Acquisition Corp I (NYSE: PACI) announced this afternoon that it has closed its business combination with private aviation company Volato after shareholders approved the deal at a meeting on November 28. In total, including previous shareholder votes, shareholders opted to redeem an aggregate of 99.93% of PACI’s trust, leaving it with less than $215,000...
Adit EdTech (NYSE: ADEX) announced this morning that its shareholders have approved its business combination with bitcoin self-mining company Griid Infrastructure at a special meeting held yesterday, November 30. A total of 8,520,710 shares of common stock, representing approximately 95.7% of the outstanding shares entitled to vote, were present at the meeting, constituting a quorum...
At the SPAC of Dawn There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today. The fighting in Gaza continues to not appear to have appreciable affects on the...