Morning Roundup: November 13, 2023
by Nicholas Alan Clayton on 2023-11-13 at 7:48am

At the SPAC of Dawn

Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee.

Although SPAC deal announcements continue to slumber through the beginning of November, two definitive agreements with a minerals producer and an AI firm, plus a letter-of-intent (LOI) announcement this morning provide some pique as turkey day approaches.

If the LOI were to advance to a definitive agreement, Plum I’s proposed deal could be a part of a rebounding sector as a 2023 software SPAC deal. At one point in the cycle, SPACs were practically the standard path for a midcap software firm to go public.

Twenty-three such firms announced SPAC deals in 2021, but this dropped to 14 in 2022. Already 11 new software deals have been announced in 2023, so it could be a rare sector where SPAC deal count on the year finishes up over 2022 numbers.

It hasn’t been all rosy for the 49 software de-SPACs that completed deals dating back to 2012 as they now trade at a median price of $2.30. But, four either continue to trade or were later acquired above $10 per share. Any team now hunting in this sector is likely on the lookout for a new Vertiv (NYSE:VRT), which last closed at $41.83 three years out from closing with GS I in 2020.


Deals


International SPACs

  • FT: London-listed Financials Acquisition Corp. (LON:FINS) terminated a plan to invest £150 million or more in insurance market Lloyd’s of London after receiving insufficient investment commitments. The SPAC will now liquidate.
  • Shares Magazine: ACG Acquisition Co Ltd (LON:ACG) on Friday said Chair Peter Whelan has resigned, effective immediately, while Chief Executive Officer Artem Volynets now also becoming acting chair.

Liquidations

Recent Posts
by Nicholas Alan Clayton on 2024-02-26 at 1:45pm

News and Rumors PR: Medtech firm Agiliti (NYSE:AGTI) has agreed to be acquired by an affiliate of private equity firm Thomas H. Lee Partners (THL) at $10 per share and an enterprise value of $2.5 billion. This represents a 43% premium over the company’s 90-day VWAP and returns it to 100% ownership by THL five...

by Nicholas Alan Clayton on 2024-02-26 at 7:42am

At the SPAC of Dawn The last week of February is to host a moderate amount of SPAC votes and also the potential for some market-moving data releases. Shareholders for five SPACs are to consider extensions this week and seven more SPACs have scheduled completion votes. But, among the more interesting events on the agenda...

by Kristi Marvin on 2024-02-24 at 11:45am

Terms Tracker for the Week Ending February 23, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As expected, new issuance filings were quiet this week.  But, deal announcements were surprisingly active.  Four more SPACs announced combinations in a shortened holiday week...

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....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved