First Reserve (NASDAQ:FRSG) announced this morning that it has mutually terminated its combination with EV-charging platform EO, citing “market conditions.”
Neither party appears to have been required to pay a break up fee, but they passed the deal’s extended outside date on March 11 without a completion at hand. EO CEO Charlie Jardine said in the press release that the SPAC route was “No longer in the best interests of the business.”
First Reserve’s management said that the market’s turn against “high-growth companies” made the environment particularly challenging. Yesterday’s news of federal rate hikes does not appear to have helped put the deal back on the path.
The SPAC still has plenty of time to complete a deal with First Reserve’s transaction deadline coming on March 8, 2023. It initially IPO’d on that date in 2021 with a focus on combining with an EV company, but the market environment of today may direct it to look further afield.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...