TMT Acquisition Corp. (NASDAQ:TMTC) has entered into a definitive agreement to combine with eLong Power at an equity value of $450 million.
Ganzhou, China-based eLong Power makes lithium-ion batteries for EVs and specialty vehicles along with energy storage systems.
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APx Acquisition Corp. (NASDAQ:APXI) announced a letter of intent to combine with an unnamed biotech firm, but teased little other information as it heads into an extension vote on Friday.
Shareholders at the meeting are to decide whether to give APx the ability to extend its transaction deadline to a maximum of December 9, 2024 in exchange for monthly contributions of the lesser of $125,000 or $0.025 per share monthly.
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Although cryptocurrencies and SPACs are not directly related in any way beyond the 11 announced and completed deals in the space, the two have coincidentally seen their stars rise and fall virtually in concert over the past few years.
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There had been hopes that this week would take one world conflict off the board, but combat has resumed in the Middle East as other eyes are likely to be fixed on new Fed comments today.
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Nukkleus (OTC:NUKK) announced “the completion of its strategic merger” with Brilliant (NASDAQ:BRLI) this morning, which has caused some ripples in the market, but it does not appear to represent an actual closing of the business combination.
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10x Capital Venture II (NASDAQ:VCXA) filed a variety of changes to its combination with African Agriculture while also postponing its completion vote to 8 am ET December 5.
The tweaks waive African Agriculture’s requirement to secure an offtake agreement and also shift 3,000,000 shares to a bonus pool for all combined company shareholders.
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Pono Capital Three (NASDAQ:PTHR) is the latest SPAC to try and bring an eVTOL target in for landing, and, as a part of its final flight checks, it dropped its first full investor presentation for its target Horizon yesterday.
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DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million.
Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions.
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Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week.
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L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total.
The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms.
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SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today.
It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination later today.
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After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year.
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Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively.
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Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team.
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So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general.
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Crypto has been a popular, but a somewhat niche sector for SPACs in recent years that appeared to have fallen out of favor as scandals rocked major exchanges and prices for major cryptocurrencies and tokens plummeted.
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Plenty of stocks are rebounding this month as the market broadly rallies on signs that the age of rate hikes is ending, but DraftKings (NASDAQ:DKNG) is on an uncommonly sharp trajectory among recent de-SPACs.
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Public companies of all stripes tend to bury news ahead of holidays and SPACs are no different.
Four SPACs have announced their intent to liquidate since market close on Friday and three of these had previously agreed to business combinations.
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