At the SPAC of Dawn
This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017.
The billing software company has gone on to do another SPAC deal on November 29, this time spinning off its European operations into a new entity called XBP Europe (NASDAQ:XBP) in a combination with CF VIII. XBP Europe has soared since the completing the spinoff and last closed at $19.41.
Its de-SPAC parent, Exela, has faired less well, last closing at $3.35, but it nonetheless reported $272.9 million in revenue and $40.9 million in adjusted EBITDA in the second quarter of 2023.
Deals and Funding
- Achari Ventures (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso (OTC:VASO) at an equity value of $176 million. Achari has about $6.7 million remaining in its trust after seeing 93.6% of shares redeemed in extension votes.
News and Rumors
- Bloomberg: Zeekr Intelligent Technology Holding Ltd., the high-end electric car brand under Zhejiang Geely Holding Group Co. (NASDAQ:GELYF), is exploring the possibility of a spinoff US IPO in February. Zeekr would be the third carmaker that Geely takes public in short order, including Lotus Technology, which is aiming to complete its merger with L Catterton Asia (NASDAQ:LCAA) before year-end.
- PR: Nickel miner Lifezone Metals (NYSE:LZM), which combined with GoGreen Investments in July, announced that it has discovered 69% more measured and indiciated resources at its Kabanga drilling site and 20% more inferred resources.
Liquidations
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Thunder Bridge Capital Partners III, Inc. (NASDAQ:TBCPU) has announced its intent to liquidate. The company expects to redeem all of the outstanding shares for an estimated redemption price of approximately $10.22 per share. The last day of trading will be on December 11.
New SPACs
- Legato Merger Corp. III– $175 million offering being underwritten by BTIG. 1/2 warrant, 24 months (+3 with signed LOI/DA), 100% held in trust.
At the SPAC of Dawn The SPAC world is set to get its newest member later today when Launch Two (NASDAQ:LPBBU) begins trading having priced its $200 million IPO overnight. The technology SPAC is the first to IPO this quarter and comes after the newfound SPAC issuance momentum appeared to throttle down slightly in September,...
Launch Two Acquisition Corp. announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “LPBBU”, Tuesday, October 8, 2024. The new SPAC’s primary search focus will be on technology and software infrastructure companies whose products and services target financial services, real estate and...
Oaktree III Life Sciences (NASDAQ:OACCU) has filed for a $175 million SPAC with some of the most aggressively team-friendly terms seen so far in the second half of 2024. The new SPAC’s units contain 1/5 warrants and the trust is not set to be overfunded. Only the warrantless Cantor Equity Partners (NASDAQ:CEP) has IPO’d so...
At the SPAC of Dawn SPACs are set to have a sleepy start to their post-Rosh Hashanah week with no votes on the docket until Wednesday. Three SPACs are to hold extension votes that day and Clover Leaf (OTC:CLOE) will try again to close its combination with Kustom Entertainment after several adjournments on Friday. In...
Terms Tracker for the Week Ending October 4, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week was much, much heavier on the S-1 filings. There were five new SPACs filed along with six amended S-1 registration statements making good...