Afternoon SPAC News Roundup: February 22, 2024
by Nicholas Alan Clayton on 2024-02-22 at 1:32pm

News and Rumors

  • CityWire: A subsidiary of Allianz (DE:ALV) and Constellation Wealth Capital have signed on to invest $400 million in asset management firm AlTi Global (NASDAQ:ALTI), purchasing a combination of ordinary shares and Series A convertible preferred stock. AlTi is up 21% in midday trading on the news. It combined with Cartesian Growth in January 2023.
  • PR: Nikola (NASDAQ:NKLA) reported that it delivered 35 hydrogen fuel cell electric heavy trucks in the fourth quarter of 2023 and received 225 more orders from that quarter through the end of January. It posted -$102 million adjusted EBITDA but raised $230 million in fresh capital over this period. Nikola combined with VectoIQ in June 2020.

Votes

  • GigCapital5 (NYSE:GIA) secured shareholder approval for its combination with QT Imaging at a February 15 special meeting. It has not yet divulged redemption figures from the vote or its timeline for close.

Liquidations

Recent Posts
by Nicholas Alan Clayton on 2024-04-17 at 3:05pm

Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...

by Nicholas Alan Clayton on 2024-04-17 at 8:13am

At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...

by Nicholas Alan Clayton on 2024-04-16 at 11:33am

Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...

by Nicholas Alan Clayton on 2024-04-16 at 7:58am

At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...

by Nicholas Alan Clayton on 2024-04-15 at 3:47pm

AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved