SPAC Market Update
All The News That Isn't Fit To Print
LAST WEEK IN REVIEW
- 2 new SPAC IPOs priced this past week for ~$400.0M
- No new SPAC IPOs were put into registration
- 4 SPACs announced business combinations for a total EV of ~$3.6B. Transactions include: Denali / Semnur Pharma (EV of ~$2.5B) and Keen Vision / Medera (EV of ~$622.6.0M)
Total Active SPACs
206
$12.7bln
Pre-Deal / Seeking
98
$9.1bln
Announced Mergers
108
$4.0bln
S-1s Awaiting Pricing
29
$3.6bln
Tuesday 9/3
- Sable Offshore Corp (SOC, SOC/WS)some text
- On September 3, SOC announced settlement of lawsuit against Santa Barbara County allowing for the installation of safety valves along the onshore pipelines. The safety valve permit denial represented the last major hurdle prior to production restart, which is now guided for 4Q.
- Denali Capital Acquisition Corp (DECA, DECAW)some text
- On September 3, DECA announced they have signed a definitive merger agreement with Semnur Pharma, a subsidiary of Scilex Holding Co. (SCLX). Note, SCLX went public through a de-SPAC merger after being spun out of Sorrento Therapeutics.
- PowerUp Acquisition Corp (PWUP, PWUP/WS)some text
- On September 3, PWUP, which previously announced a LOI with on 7/31, announced they have now signed a definitive merger agreement with Aspire Biopharma.
- DT Cloud Acquisition Corp (DYCQ, DYCQR)some text
- On September 3, DYCQ announced they have signed a LOI with Shanghai Maius Pharma Tech business combination.
- APx Acquisition I Corp (APXI, APXIW)some text
- On September 3, APXI announced they and their target Omnigenics AI have terminated their pending acquisition of MultiplAI. APXI and OmnigenicsAI intend to continue to work to complete their own merger.
Wednesday 9/4
- CSLM Acquisition Corp (CSLM, CSLMW)some text
- On September 4, CSLM announced they raised an ~$11mm PIPE at $10/share from its sponsor, plus a contingent extra $3mm, in connection with its pending merger with Fusemachines, an enterprise AI products & solutions company.
- Liberty Media (LSXMA, LSXMB, LSXMK)some text
- On September 4, LSXM announced the final exchange ratio of 0.8375 for its split-off of SIRI.
Thursday 9/5
- Keen Vision Acquisition Corp (KVAC, KVACW)some text
- On September 5, KVAC announced a definitive business combination with Medera, a clinical-stage biotech company.
- Evergreen Corp (EVGR, EVGRW)some text
- On September 5, EVGR announced a definitive business combination with Forekast, a managed services provider.
Friday 9/6
- Core Scientific (CORZ, CORZW, CORZZ)some text
- On September 6, CORZ announced an extension of CoreWeave’s option for an additional 118 MW of HPC hosting capacity. CoreWeave currently has contracted 382 MW from CORZ.
- Compass Digital Acquisition Corp (CDAQ, CDAQW)some text
- On September 6, CDAQ announced a definitive business combination with EEW Renewables, a global renewable energy developer.
Trailblazer Merger Corp I ( TBMCU, TBMC, TBMCR) - definitive proxy to extend charter
- https://www.sec.gov/Archives/edgar/data/1934945/000121390024076609/ea0212232-03.htm
- shareholder vote date: September 24, 2024
- record date: Aug 29, 2024
- Proposal No. 1 — Extension Amendment Proposal — A proposal to amend the Company’s Amended and Restated Certificate of Incorporation (the “Current Charter”) to extend the date (the “Termination Date”) by which the Company must consummate a Business Combination (as defined below) (the “Charter Extension”) by allowing the Company, through resolution of the board of directors (the “Board”) without another stockholder vote, to elect to extend the Termination Date up to twelve (12) times, each such extension for an additional one (1) month period, until September 30, 2025 (the “Charter Extension Date”), or such earlier date as determined by the Board in its sole discretion, unless the closing of a Business Combination shall have occurred prior thereto (the “Extension Amendment Proposal
- If the Extension Amendment Proposal is approved and the Charter Extension becomes effective, within five business days of the Annual Meeting, the Lender or its designee shall make a deposit into the Trust Account in an amount equal to the lesser of (i) $0.015 for each outstanding share of Public Stock (as defined below) after giving effect to the Redemption (as defined below), and (ii) $100,000, in exchange for a non-interest bearing, unsecured promissory note issued by the Company to the Lende
Learn CW InvestmentCorp (LCW/U, LCW, LCW/ws) - preliminary proxy for Innventurebusiness combination
- https://www.sec.gov/Archives/edgar/data/2001557/000114036124040480/ny20012992x29_s4a.htm
- shareholder vote date: Oct 2, 2024
- record date: September 6, 2024
PowerUP Acq Corp ( PWUPU,PWUP, PWUPW) – 8K – Amendment Agreement
- https://www.sec.gov/ix?doc=/Archives/edgar/data/1847345/000149315224035298/form8-k.htm
- On September 5, 2024, and in connection with the due diligence process, the parties entered into an Amendment Agreement (the “Amendment Agreement”). The Amendment Agreement: (i) adjusted the Merger Consideration to be consistent with the aggregate post-Closing ownership percentage of the Aspire stockholders that the parties had anticipated to be reflected in the consummation of the Business Combination, (ii) adjusted the size of the pool of available equity in the equity incentive plan for the initial fiscal year following Closing to be consistent with what the parties had anticipated to be reflected in the consummation of the Business Combination, and (iii) provided additional time for the parties to deliver disclosure schedules and conduct due diligence reviews.
GigCapital7 Corp ( GIGGU, GIG, GIGGW) - GigCapital7 Corp. Announces the Separate Trading of itsClass A Ordinary Shares and Warrants Commencing September 10, 2024
- https://www.businesswire.com/news/home/20240906930350/en/GigCapital7-Corp.-Announces-the-Separate-Trading-of-its-Class-A-Ordinary-Shares-and-Warrants-Commencing-September-10-2024
- GigCapital7 Corp. (NASDAQ: GIGGU) (the “Company”), a Cayman Islands exempted company, announced today that holders of the Company’s public units may elect to separately trade the Class A ordinary shares and warrants underlying such public units commencing on September 10, 2024. Each unit consists of one Class A ordinary share and one redeemable warrant of the Company. Each whole warrant entitles the holder to purchase one Class A ordinary share of the Company at a price of $11.50 per share. For each public unit, one Class A ordinary share and one warrant will be issued.
Newbury Street Acq Corp (NBSTU, NBST, NBSTW) - 8K
- https://www.sec.gov/ix?doc=/Archives/edgar/data/1831978/000121390024076522/ea0213765-8k425_newbury.htm
- On September 5, 2024, Newbury Street Acquisition Corporation, a Delaware Corporation (the “Company”), received written notice (the “Notice Letter”) from the Nasdaq Hearings Panel (the “Panel”) indicating that the Panel had determined to delist our securities from The Nasdaq Stock Market LLC (“Nasdaq”) and that trading in our securities would be suspended at the open of trading on September 9, 2024, due to our failure to satisfy the terms of the Panel’s June 10, 2024 decision (the “Decision”).
- Following suspension of trading on Nasdaq, it is anticipated that the Company’s units, common stock and warrants will be subject to quotation and trading on the over-the-counter market under the expected ticker symbols “NBSTU,” “NBST,” and “NBSTW,” respectively.
Fortune Rise AcqCorp ( FRLAU, FRLA, FRLAW) - 8K
- https://www.sec.gov/ix?doc=/Archives/edgar/data/1849294/000168316824006237/fortune_8k.htm
- Fortune Rise Acquisition Corporation (Nasdaq: FRLA) (“FRLA” or the “Company”) today announced that Water On Demand Inc., a privately-held subsidiary of OriginClear, Inc. (OTC: Other: OCLN) (“OCLN”) and owner of its sponsor, Fortune Rise Sponsor LLC (the “Sponsor”), has deposited the required $100,000 (representing an additional $0.032 per public share) into the Company’s trust account for the benefit of its valued public stockholders which provides a one-month extension to complete the Company’s initial business combination. This additional contribution extends the date by which the Company has to complete its initial business combination for an additional one-month extension from September 5, 2024 to October 5, 2024. The extension is the eleventh of the twelve one-month extensions permitted under the Company’s governing documents, as amended in October 2023.
Cartesian Growth Corp II ( RENEU, RENE, RENEW) – 8K
- https://www.sec.gov/ix?doc=/Archives/edgar/data/1889112/000110465924097774/tm2423554d1_8k.htm
- On September 5, 2024, Cartesian Growth Corporation II (the “Company”) approved the ninth one-month extension of the time period during which it may consummate an initial business combination (such time period, the “Business Combination Period”). In connection with this extension of the Business Combination Period to October 10, 2024 (the “Extension”), the Company drew an aggregate of $150,000 (the “Extension Funds”) from the unsecured promissory note in the principal amount of up to $1,800,000, dated November 6, 2023 (the “Note”), by the Company in favor of CGC II Sponsor LLC (the “Sponsor”). As provided for in the Company’s amended and restated memorandum and articles of association (as amended, the “Articles”), the Sponsor (or its affiliates or permitted designees) will deposit the Extension Funds into the trust account that was established by the Company in connection with its initial public offering.
Upcoming Shareholder Vote Dates
9/10/2024
AVHI shareholder meeting to approve Vaso business combination
9/12/2024
NOVV shareholder meeting to approve REAL Messenger business combination
9/13/2024
FIAC shareholder meeting to approve DevvStream Holdings business combination
9/17/2024
CLEO shareholder meeting to approve Kustom Entertainment business combination
9/26/2024
XFIN shareholder meeting to approve Baird Medical business combination
10/2/2024
LCW shareholder meeting to approve Innventure business combination
