Twin Ridge (NYSE:TRCA) has entered into a definitive agreement to combine with car parts manufacturer Carbon Revolution (ASX:CBR) at an enterprise value of $270 million, or 9.4x its 2022E revenue. Geelong, Australia-based Carbon Revolution makes ultra-light carbon fiber wheels for the high-end automotive industry. The combined company is expected to delist from the ASX and
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Hudson Executive II (NASDAQ:HCII) and Hudson Executive III (NASDAQ:HIII) announced this morning that both will liquidate as neither will consummate a business combination by their original deadline.
Both will return $10.10 per share to public investors as the anticipated redemption rate with the distribution expected to occur on December 21.
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PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet.
The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices.
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Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023.
This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November.
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Metals Acquisition Corp. (NYSE:MTAL) announced that it has made a series of amendments to its combination the Glencore’s (LON:GLEN) CSA Copper Mine, shifting some portions of the compensation to contingencies based on commodity prices.
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OceanTech I (NASDAQ:OTEC) has postponed an extension vote scheduled for later today after receiving high redemption notices.
Shareholders requested to redeem a total of 9,449,599 shares, representing 91.5% of its shares outstanding.
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DHC Acquisition Corp (NASDAQ:DHCA) announced this morning that the leadership of its target company GloriFi have begun the process of winding down its operations.
The filing did not specify whether DHC was terminating its combination agreement, but this will presumably be void once the company no longer exists.
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Highland Transcend I (NASDAQ:HTPA) announced this morning that it will redeem all public shares effective December 8 as it will not complete a business combination.
Shareholders are expected to receive a redemption rate of $10.06 per share and Highland Transcend I is to cease all operations other than its winding down efforts on December 7.
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Industrial Tech II (NASDAQ:ITAQ) has entered into a definitive agreement to combine with renewable energy producer NEXT Renewable Fuels, Inc. (“NEXT, “NXT” or the “Company”) at an enterprise value of $530 million, or 0.9x its 2025E EBITDA.
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Traders have long looked to SPACs for special plays around their votes as the post-vote period frequently involves some turnover in holdings that can be attractive to shorts, and redemptions can reduce the stocks to low-float situations prone to easy upward pressure.
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OPAL Fuels (NASDAQ:OPAL), which combined with ArcLight Clean Transition Corp. II in July, announced this morning that has launched an offer to exchange all public and private placement warrants for 0.25 Class A shares each.
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SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential gaming targets. We look at why they are compelling and why each could be a fit for a blank-check merger.
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Quantum FinTech (NYSE:QFTA) has entered into a definitive agreement to acquire AtlasClear, which is itself combining with correspondent clearing broker-dealer Wilson Davis & Co. and acquiring Commercial Bancorp of Wyoming.
The combined company is expected to trade on the NYSE under the symbol “ATCL” once the deal is completed in the second or third quarter of 2023.
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Tuscan Holdings Corp. II (NASDAQ:THCA) announced this morning that it has mutually agreed to terminate its combination with regional air travel company Surf Air Mobility.
The press release included little other information, but an 8-K filing notes that should Surf later complete a direct listing, IPO, private sale or further SPAC transaction between now and November 14, 2025, it will issue 600,000 shares to Tuscan II and as well as either 35,000 shares or $700,000 as a termination fee.
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G&P Acquisition Corp. (NYSE:GAPA) announced this morning that it will liquidate its trust and be redeeming all shares effective as of November 30.
As such, today is to be the SPAC’s final trading day.
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