Stoked to announce the launch of !
ListingTrack features a significantly improved user experience and expanded data coverage: more initial public listings, from traditional IPOs and SPACs to spinoffs and direct listings, as well as pre-IPO companies
Liquidating in 2023:
- Announce your SPAC is liquidating
- Delay
- Wait for an offer from a serial sponsor group with a less-than-stellar track record to buy you out
- Cancel the liquidation plan
Quick morning
#SPAC
brief (7/26/23):
Will send these out a few times a week. All of this plus much more detail in the Morning Update newsletters () sent early AM on every trading day as a benefit for SPAC Track Pro subscribers ().
$ACAQ filed a prelim proxy to extend the deadline to Jan 2024. ACAQ previously reported that closing conditions for the Next.e.GO merger haven't been met, thus it's uncertain the deal will close by the Oct 22 deadline.
This is a preliminary proxy, not definitive. If the deal
Chinese SPAC game plan in 2023-2024?
- IPO with an explicit mandate to not target Chinese companies
- Hold a vote to amend the charter to allow for targeting of Chinese companies
- Merge with a Chinese company
SPACs with an upcoming hard deadline in March and no extension vote set (or prelim proxies filed):
$LDHA, $RKTA, $CRZN, $NGC, $MSDA.
$KVSC is coming up as well but gets an auto extend with an LOI, so probably a last-minute 8-K.
$TRCA announces 99% of shareholders redeemed in connection with its upcoming shareholder vote for its merger with Carbon Revolution, leaving 63,037 public SPAC shares, prior to potential reversals. The vote will be delayed again to shoot for more redemption reversals.
6 approved SPAC deals pending closing, including all 4 noted in the post below from August 28th...
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
$PIAI + Cheche Technology
$MBSC + Greenfire Resources
How many of these call it quits?
Now there are 4 SPAC deals that have been approved by shareholders but are pending closing.
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
The Forum Merger SPACs
Forum I: ConvergeOne (Acquired)
Forum II: Tattooed Chef (Chapter 11 Bankruptcy) $TTCF
Forum III: Electric Last Mile (Bankrupt)
Forum IV: SPAC is liquidating
Thanks for hosting last night's Space,
@spacanpanman
and
@stocktalkweekly
!
That discussion had me thinking... What was the wildest SPAC bonanza event for YOU?
If yours isn't listed below (there were so many) drop it in the replies!
PSA: There are very few low float De-SPACs that do not absolutely crater at some point in the days/weeks following ticker change.
If an overwhelming percentage of the SPAC investors pulled their money out at the time of the merger vote, the deal was rejected (either the company
π¨NEW: Arrival to cut *another* 800 jobsπ¨
β‘οΈDigital head Igor Torgov named as new CEO
β‘οΈJob losses mostly in UK/Georgia
β‘οΈCuts "give more time" to bring in investment, he tells me
β‘οΈStrategy is fine but may need "tweaks", he says
$ARVL
Full story:
Now there are 4 SPAC deals that have been approved by shareholders but are pending closing.
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
At least 61 De-SPACs listed since 2019 have reported going concern warnings over the past two quarters.
- 7 of those have since filed for bankruptcy
- 1 announced acquisition & 2 merged
- 7 enacted a reverse stock split
- All are down at least 69% from SPAC IPO
ICYMI: $DMAQ announced on Friday at 10pm EST that it will merge with TruGolf.
Reminds me of July 2020 when $CCX was rumored to be in talks with Topgolf.
Quick morning
#SPAC
brief (7/27/23):
Will send these out a few times a week. All of this with source links & much more detail in the Morning Update newsletters sent early AM on every trading day as a benefit for SPAC Track Pro subscribers ().
De-SPAC:
FYI, if you haven't checked out the website in some time, we have made some updates and launched new free tools:
- Active List . Quickly search and navigate to SEC filings.
- De-SPAC List (2019-)
Coming soon: Warrant Screener.
De-SPAC earnings for the week ahead with Friday's close:
$SOFI $6.19
$LICY $5.72
$LVWR $6.01
Which has the best chance to get back to $10 in the coming months? Which is most likely to head down towards the dollar De-SPAC club?
@DJohnson_CPA
@SPACspin
$WE WeWork is now trading at $0.11 per share, or down 98.9% from its listing.
The company effected a 1-for-40 reverse stock split and will start trading on an adjusted basis on Tuesday.
500 followers - Thank you!
Speaking of 500...
The number of active SPACs will finally dip below that number within a few weeks. Haven't been below 500 since *613* of these bad boys hit the market in 2021!
$BSGA closes merger with Bitdeer. Will trade as $BTDR starting tomorrow.
It is the first blockchain company to successfully close a SPAC merger since April 2022.
$KCGI ReSPACing $ARVL
Same structure as $USCT deal. Will be interesting if these deals get done and can act as capital raising vehicles for public companies
#SPAC
AeroVanti Club, a private jet club based in Sarasota, announced it is launching AeroVanti Yacht Club.
The CEO "expressed interest in going public by Q2 of 2023, telling the Business Journal in October it will likely be through a SPAC."
βοΈ
PONO Capital $PONO & AERWINS are expected to close the merger with the combined company trading as early as Friday, per Bloomberg. Though, a company rep noted that listing details have yet to be decided.
$PLTN to merge with Big Tree Cloud, a company "devoted to the development, production and sales of personal care products and other consumer goods in China."
Pre-close vs. Post-close... $AWIN
Happens every single time...
#SPACs
/ De-SPACs with heavy redemptions may soar due to low float speculation (gambling), but they will come back down - viciously. Be safe out there.
BB probably has these 2nd articles pre-written at this point!
$GSRM "discloses that the Proxy Statement is still under review by the SEC and that the Company will not hold the Special Meeting" to vote on the merger with Bitcoin Depot
"until the SEC has completed its review process and will not solicit proxies until that time"
@PKRTOR
@BillAckman
13 amendments in... Ackman is clearly still trying to make it happen. With the IPO window potentially opening, would be good timing if it made it through at some point this year.
@BillAckman
getting close?
Where do we think $LCAA would be trading at rn if it announced the Lotus deal back in the EV SPAC glory days of 2020-2021?
Most of these names below down 50-100% from that
@TornikeLaghidze
graphic!
With the infrastructure bill looming, many EV SPAC / De-SPAC names posted strong performance today, with $LCID closing the day up 31%.
Hereβs a graphic from the GOAT,
@TornikeLaghidze
,
with the electric vehicle companies that have taken the
#SPAC
route.
Four more would-be-SPACs abandoned their IPO plans, leaving 38 still in the backlog.
Of these, 50% count either EF Hutton or Ladenburg Thalmann as the lead left. When some of these SPACs hit the market, buckle up. Elite X-Force targets inbound.
$PTWO very softly announces its $1.2B merger with SBC Medical.
HeartCore, a Japanese software co that offers a "Go IPO" consulting service to bring companies public on Nasdaq, announced SBC as a client in Nov (its 5th client).
Over/under on the other 4 announcing SPAC deals?
In honor of the $AURC + Better deal finally the shareholder nod today (822 days after the announcement), here are the next 4 oldest active SPAC deals:
Aug 2021: $IPVF + Aspiration
Oct 2021: $ADER + Okada Manila (contested)
Oct 2021: $DWAC + Trump MTG
Nov 2021: $ADEX + Griid
Quanergy $QNGY entered into an Asset Purchase Agreement with ROLISI, LLC to sell substantially all of its assets pursuant to a sale conducted under Section 363 of the U.S. Bankruptcy Code, for aggregate consideration in the amount of up to $3,150,000.
LeddarTech, an automotive software company, set to merge with $PRSR, per Bloomberg.
The deal values the company at a $348M pro-forma equity and includes a $43M PIPE.
We lost one fighter today... Quick stats on the other two since listing (post-SPAC merger closing).
- Both changed company names and tickers.
- One down 96% since IPO (~$33B -> $1.2B).
- The other down 99.9% since IPO (~$300M -> $4.7M).
Master Wayne, why do we liquidate? So we can return investor funds with a decent return instead of forcing a bad deal through with a -98% collapse in stock price within a couple of months of closing.
SPACs with an upcoming hard deadline in March and no extension vote set (or prelim proxies filed):
$LDHA, $RKTA, $CRZN, $NGC, $MSDA.
$KVSC is coming up as well but gets an auto extend with an LOI, so probably a last-minute 8-K.
6 approved SPAC deals pending closing, including all 4 noted in the post below from August 28th...
$ACAX + HWH
$UPTD + Estrella Biopharma
$VHNA + Roadzen
$CFFE + XBP Europe
$PIAI + Cheche Technology
$MBSC + Greenfire Resources
How many of these call it quits?
$BETR profile from Forbes giving mini-Neumann vibes:
"One reprieve provided by Thursdayβs SPAC was a much needed $500 million cash infusion provided by SoftBank. Better .com lost more than $1 billion in the last two years, according to its SPAC prospectus β losses that continued
Otonomo $OTMO (closed today's session at $0.50) to merge in an all-stock deal with Urgently.
OTMO investors will own 33% of the combined company.
Upon closing, OTMO will be a subsidiary of Urgently and the combined company will trade as $ULY.
The listing of Lifezone Metals marks the first company out of
#Tanzania
to go public on a major US exchange. πΉπΏπΊπΈ Welcome to the NYSE Community! $LZM
Better $BETR now down 93% to $1.16 the day after closing its SPAC merger. Low of $0.77. Yikes.
Another listing heavily backed by SoftBank that took a wrong turn. Very quickly. Even WeWork $WE took 1 year after listing to drop to $1.