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.
The SPAC market has some increasing green shoots this week, with two new SPACs set to start trading today – AI Transportation (NASDAQ:AITR) and Agriculture & Natural Solutions (NASDAQ:ANSC).
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.
Liquidations
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ALSP Orchid Acquisition Corporation I (NASDAQ:ALOR) will redeem all outstanding shares and liquidate at the close of business November 14. It expects to distribute $10.86 to shareholders from its trust.
Subscription Agreements
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Focus Impact BH3 Acquisition Company (NASDAQ:BHAC) entered into a subscription agreement with the new sponsor and Polar Multi-Strategy Master Fund for up to $1.2 million.
Scheduling Notes
- 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.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...