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.
Taken together with the three SPAC IPOs in October, Q4 has now matched the IPO totals of Q2 and Q3 of this year and presumably will best them before the year is out. With several major rumored non-SPAC IPOs gearing up for debuts in the first quarter of next year, the vibes are increasingly leaning towards normalcy to start 2024.
That said, November has started off slow in new announced deals with only one SPAC combination joining SPACInsider‘s announced column so far. Dealmaking tends to take a turkey nap at the midpoint of the month, so the coming weeks could be more about 40 new SPACs filed to IPO and the 153 with pending deals getting on and off the board, respectively.
News and Rumors
- Cooley: Delaware’s Chancery Court has seen a record caseload in 2023 with over 1,000 cases filed as of early October, 63 of which involve litigation around SPACs.
- Sky News: Arrival (NASDAQ:ARVL) has engaged Jefferies’ US office to raise raise fresh funding as it works through a restructuring with Alvarez & Marsal in the UK. Among the options being considered are a full or partial asset sale two years after initially going public with CIIG and four months after terminating a second SPAC deal with Kensington V.
- CanTech Letter: Following its bankruptcy, WeWork (NYSE:WE) disclosed that it is not currently planning to close any of its Canadian locations and is committed to growing its business there. BowX completed its combination with WeWork in October 2021.
- Black Mountain Acquisition Corp. (NYSE:BMAC) postponed its extension meeting, which was originally scheduled to be held on November 14, at 12:00 p.m., ET, and will now hold the meeting on November 17, at 10:00 a.m., ET. Additionally, the SPAC announced that it intends to enter into one or more non-redemption agreements with one or more stockholders.
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...
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....
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...
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...
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...