Morning Roundup: December 8, 2023
by Nicholas Alan Clayton on 2023-12-08 at 7:48am

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

  • 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.
Recent Posts
by Nicholas Alan Clayton on 2024-02-23 at 2:26pm

Pyrophyte (NYSE:PHYT) faced a major regulatory setback for its combination with mining firm Sio Silica this week, but a recent analogous SPAC deal could provide some encouragement for a path forward. Sio Silica is working to develop a high-grade silica mine in the Vivian Sands outside Winnipeg, Canada and it inked the $708 million combination...

by Nicholas Alan Clayton on 2024-02-23 at 1:37pm

News and Rumors JD Supra: Securities class action lawsuits against SPACs and de-SPACs increased only slightly in 2023 with 27 after 2022 saw 24 and 2021 – 33. Lawsuits concerning the de-SPACing process itself dropped precipitously, however, representing just 21% of cases as compared to 69% in the previous two years and 80% in 2020....

by Nicholas Alan Clayton on 2024-02-23 at 7:39am

At the SPAC of Dawn SPACs have officially landed on the Moon. Despite a few last-minute delays and minor malfunctions, Intuitive Machines’ (NASDAQ:LUNR) Odysseus lander made the first soft landing on the Moon since 1972 and the first ever by a commercial enterprise. Three other private missions to the moon have failed in recent years...

by Nicholas Alan Clayton on 2024-02-22 at 2:50pm

Moringa (NASDAQ:MACA) has entered into a definitive agreement to combine with clinical-stage biotech firm Silexion at a pre-transaction equity value of $62.5 million. Modi’in-Maccabim-Reut, Israel-based Silexion is developing a range of potential cancer treatments with its most advanced efforts targeting pancreatic cancer. The combined company is expected to trade on the Nasdaq once the deal...

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...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved