At the SPAC of Dawn
With the S&P 500 rolling into a two-month high on the back of positive inflation numbers, all hopes have to be for nothing too concerning coming out of a still-packed end of the week.
Multiple Fed officials are set to give remarks throughout the next two days and the financial markets will also be digesting industrial production figures, manufacturing capacity utilization and the home builder confidence index later today. Friday will bring further housing starts and building permits data before the attention is set to shift to retail next week.
Next Wednesday, the market will take a look at new jobless claims, durable goods orders and consumer sentiment but the real test will be the initial sales numbers coming out of Black Friday as the year-end holiday season kicks off. Walmart (NYSE:WMT) provided an early peek at the retail vibes this morning by beating its third quarter earnings and revenue expectations with a 5% sales increase.
Macy’s (NYSE:M) meanwhile, announced this morning that it saw sales drop 7% in the quarter but it improved margin and raised its guidance, providing more festive vibes for the 11 SPACs currently working to close combinations with consumer companies.
News and Rumors
- PR: The US Department of Energy has cleared Montana Technologies’ AirJoule device for harvesting drinkable water from the air, opening the door to it being incorporated into commercial HVAC systems. Montana Tecnologies announced a combination with Power & Digital II (NASDAQ:XPDB) in June that is expected to close in the fourth quarter.
- TechCrunch: Arrival (NASDAQ:ARVL) has secured a $50 million bridge loan on a 120-day term from Antara Capital and Highbridge Capital that it expects to tide it over to a sale of the company. It combined with CIIG in March 2021.
Liquidations
- Financial Strategies Acquisition Corp. (NASDAQ:FXCO) took the unusual step of declaring Chapter 11 bankruptcy despite having an announced deal with Austin Biosciences.
Scheduling Notes
- ShoulderUp Technology Acquisition Corp. (NYSE:SUAC) postponed its extension vote from 4:30 pm ET November 15 to 12:30 pm ET November 17.
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FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...
At the SPAC of Dawn Dealmakers remain confident that AI is going to play a big role in their M&A processes, but feel unprepared for some the changes, according to a new survey of 225 corporate and 75 private equity transactions professionals. SS&C subsidiary Mergermarket generated the report that found more than half of respondents...
Trailblazer Merger I (NASDAQ:TBMC) has entered into a definitive agreement to combine with data intelligence firm Cyabra at an enterprise value of $70 million. Tel Aviv-based Cyabra provides tools to corporations and governments to identify fake accounts and combat social media disinformation. The combined company is expected to trade on the Nasdaq once the deal...
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