Mudrick Acquisition Corp. II (NASDAQ:MUDS) has terminated its combination with collectible card-maker Topps after it announced it would not see a renewal of its foundational contract with Major League Baseball (MLB) for producing its signature cards. Topps had previously held a 70-year hold on the license for cards on individual MLB players that has been in place since 1952.
Mudrick II shareholders were set to vote on the deal on August 25th, with an August 23 redemption deadline, but in light of losing a crucial part of the Topps business, most likely redemptions would have been very heavy. Terminating the deal was the smart move. MUDS still has nearly 13 months left on its clock, an estimated $321 million cash held in trust, and will now be free to chase other opportunities.
Additionally, in the current regulatory environment, perhaps even with a backstop and PIPE covering a potential full redemption of the trust, “getting public” that way no longer passes muster. Regulators have been keeping a close eye on the SPAC asset class and, in the case of Stable Road, willing to levy fines and make examples.
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that it has come to a forward purchase agreement (FPA) with Meteora Capital Partners involving up to 2,500,000 shares for its combination with NKGen Biotech. Meteora is to purchase up to that amount on the open market prior to close, capped at 9.9% of...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Heard on the Street: VinFast’s SPAC Backers Are Backing Out Even by the standards of electric-vehicle startups, the $40 billion market value of Vietnamese electric-vehicle startup VinFast is wild, following its combination with Black Spade last month....
Murphy Canyon (NASDAQ:MURF) announced this morning that it has closed its combination with Conduit Pharmaceuticals and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “CDT” and “CDTTW” on September 25. The company also closed a purchase of $20 million in Murphy Canyon units at close, which is to...
Indie Semiconductor (NASDAQ:INDI), which merged with Thunder Bridge II in June 2021, announced this morning that it has launched an exchange offer to convert each outstanding warrant to 0.285 Class A shares in the company. At Indie’s last closing price of $6.22, this is $1.77 of value each, although the stock has been rising since...
Atlantic Coastal II (NASDAQ:ACAB) has entered into a definitive agreement to combine with drug developer Abpro at a valuation of $725 million. Woburn, Massachusetts-based Abpro is advancing a series of drug candidates to potentially treat COVID, cancer and diabetic blindness. The combined company is expected to trade on the Nasdaq once the deal is completed...