US SPAC  Market

LAST WEEK IN REVIEW

• 2 new SPAC IPOs priced this past week for ~$350.0M
• No new SPAC IPOs were put into     registration
• 5 SPACs announced business combinations for a total EV     of ~$2.6B. Transactions include: Cactus 1 / Tembo (EV of ~$904.0M)     and Agriculture & Natural Solutions / Australian Food &     Agriculture Co. (EV of ~$625.0M)

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Total Active  SPACs

205

$12.7bln

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Pre-Deal /  Seeking

103

$9.0bln

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Announced Mergers

102

$3.7bln

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S-1s Awaiting  Pricing

32

$4.0bln

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‍Tuesday 8/27

 
• Concord Acquisition Corp II (CNDA)some text
     
  • On August 27, CNDA announced        a proposed combination with Events.com.
   
     
• Avepoint Inc. (AVPT)some text
     
  • On August 27, AVPT launched        a $2.50 tender offer per warrant (AVPTW). The company needs over 50%        consent of holders to force out non-consenting holders at $2.00 per        warrant. They did not state if they have received prior consent. The        offer expires on 9/24/24.
   
     
• Cipher Mining Inc. (CIFR)some text
     
  • On August 27, CIFR, an August 2021 de-SPAC, announced        they have acquired a new 300 MW data center site in West Texas. The        company says the site is well-suited for HPC infrastructure and bitcoin        mining. The warrants (CIFRW) have takeout protection, an $11.50 strike,        and a 8/30/26 expiry.
   
     
• ReNew Energy Global (RNW)some text
     
  • On August 27, RNW, an August 2021 de-SPAC, announced        they have signed a 437.6 MW green attribute contract with Microsoft.        The warrants (RNWWW) have takeout protection, an $11.50 strike, and a        8/24/26 expiry.
   
   

 Wednesday  8/28

 
• AST SpaceMobile (ASTS)some text
     
  • On August 28, ASTS announced        they have redeemed their warrants. As a result, warrant holders are        forced to cash exercise by 9/27/24 for $11.50 per share.
   
     
• Westrock Coffee (WEST)some text
     
  • On August 28, WEST launched        a tender offer for their warrants, offering 0.29 shares per warrant.        The company needs over 50% consent of holders (have received 48.8%        already) to force out non-consenting holders at 0.261 shares. The offer        expires on 9/26/24.
   
     
• Agriculture & Natural Solutions Acquisition Corp       (ANSC)some text
     
  • On August 28, ANSC announced        a proposed combination with Australian Food & Agriculture Company,        a diversified agricultural portfolio company in Australia.
   
   

 Thursday  8/29

 
• Cactus Acquisition Corp 1 (CCTS)some text
     
  • On August 29, CCTS, which previously had announced a non-binding        heads of agreement with Tembo, announced        they have now entered into an official announced business combination.
   
     
• Eos Energy Enterprises (EOSE)some text
     
  • On August 29, EOSE, a November 2020 de-SPAC, announced        they have achieved their first performance milestones related to the        Cerberus Strategic Investment. The milestones allow them to draw an        additional $30mm from the delayed draw term loan. The warrants (EOSEW)        have takeout protection, an $11.50 strike, and a 11/17/25 expiry.
   
     
• Mountain Crest Acquisition Corp V (MCAG)some text
     
  • On August 29, MCAG announced        a proposed combination with CUBEBIO, a biotech company.
   
   

Friday  8/30

 
• Cellebrite DI Ltd. (CLBT)some text
     
  • On August 30, CLBT officially announced        a cashless ratio of 0.342 for its warrant redemption. The offer expires        on 9/16/24.
   
     
• 99 Acquisition Group (NNAG)some text
     
  • On August 30, NNAG announced        that their pending transaction was terminated by Nava. The company does        not state if they will seek another target.
   
   

 Friday  8/30 After the Close

 
• INFINT Acquisition Corporation (IFIN)some text
     
  • On August 30, IFIN announced        they have closed their business combination with Seamless Group, a        fintech platform. The combined company will be renamed CURRENC Group        and will relist under the new ticker “CURR” on 9/3.
   
     
• TortoiseEcofin Acquisition Corp III (TRTLF)some text
     
  • On August 30, TRTLF announced        they have officially terminated their business combination with One        Energy after entering into a settlement agreement whereby One Energy        will reimburse TRTLF on certain vendor expenses. As previously        announced, TRTLF will liquidate and cease trading on 9/6.
   

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 Upcoming Shareholder  Vote Dates

9/5/2024

CLEO shareholder meeting to  approve Kustom  Entertainment business combination

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9/10/2024

FIAC shareholder meeting to  approve DevvStream Holdings business combination

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9/10/2024

AVHI shareholder meeting to  approve Vaso business combination

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9/12/2024

NOVV shareholder meeting to  approve REAL Messenger business combination

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