Monocle Acquisition Corporation (MNCL), re-filed their S-1 this morning and while there were no changes to the terms, they did remove the language indicating that the registration statement would become effective automatically in 20 days. At first blush, one might think that means they are even further out from pricing than 20 days, but it’s actually the opposite.
If you recall, when you remove the delaying amendment from a registration statement, the prospectus automatically becomes effective 20 days after filing. However, if you ADD the delaying amendment, that means the SEC must declare the registration statement effective. In order for the SEC to declare the S-1 effective, it usually involves a round or two (or more) of comments before the SEC will sign off and approve.
However, Monocle originally filed way back on November 19th and has already gone through a round or two of comments previously. In fact, Monocle was anticipated to price in December, but most likely pushed their pricing date due to difficult market conditions at that time. So, their S-1 is already in good shape and they probably have very few, if any, comments left.
What does this mean? It means, the SEC could declare Monocle’s registration statement effective far sooner than 20 days. However, in reality, what this really does is give the underwriters flexibility now in choosing which day they want to price, whereas before they automatically got effective on February 11th. Now they have room to maneuver.
The takeaway here is, Monocle’s pricing date is now up in the air. It could happen before February 11th or after February 11th, depending on when they’ve built their book. It will be interesting to see if any of the other SPACs scheduled to IPO follow suit and do the same.
We’ll keep you updated.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: DWAC rises in wake of Trump’s indictment, Senator Kennedy introduces SPAC Act to protect investors, and Abacus Life appoints new managing director DWAC rises in wake of Donald Trump’s indictment Shares of Digital World...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13. The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures...
Latest SPAC Liquidations: JAWS Juggernaut Acquisition Corp., Talon 1 Acquisition Corp. JAWS Juggernaut Acquisition Corporation (JUGG) to Liquidate on June 22 JAWS Juggernaut Acquisition Corporation (Nasdaq: JUGG) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the...
Rice II (NYSE: RONI) announced today that it has completed its combination with energy technology company NET Power. The deal was originally approved by shareholders at a special meeting yesterday with relatively low redemptions. A total of 21,195,224 shares were redeemed in connection to the vote, removing 61% of Rice II’s trust. NET Power is to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: BlackSly and Momentus win contracts, Terran Orbital’s CAPSTONE completes primary mission, and Richard Branson puts himself and Virgin brand on trial BlackSky and Momentus Win Contracts Momentus (NASDAQ:MNTS) has won a contract with Apogeo...