Isleworth (NASDAQ:ISLE) has entered into a definitive agreement to combine with biopharmaceutical company Cytovia at an enterprise value of $367 million. The Aventura, Florida-based company is working to develop a range of therapies to treat liver cancer with modified natural killer cells. The combined company is expected to trade on the Nasdaq under the symbol
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SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among Singapore-based companies. We look at why they are compelling and why each could be a fit for a blank-check merger.
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Software Acquisition Group III (NASDAQ:SWAG) has added $60 million in convertible note financing to its combination with cloud software firm Nogin, which will cover the transaction’s $50 million minimum cash condition.
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Oaktree Acquisition Corp. II (NYSE:OACB) has added up to $250 million to its combination with biosimilar drugmaker Alvotech through two facilities to replace potential redemptions.
The backstops are made up of an $150 million standby equity purchase agreement (SEPA) from YA II PN, an affiliate of Oaktree II’s sponsor, and a binding term sheet providing $75 million to $125 million in debt from Sculptor Capital Management.
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Dune (NASDAQ:DUNE) announced this morning that it has filed a lawsuit in Delaware court alleging that its combination target TradeZero “fraudulently induced” it into entering the merger and has “materially breached” that agreement, causing “irreparable injury” to Dune.
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SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among companies set to see increased demand among companies that could prove resilient of even benefit should the US tip into recession.
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Spring Valley (NASDAQ:SV) has added $15 million to the PIPE for its combination with nuclear power company NuScale, bringing the deal’s total PIPE proceeds to $236 million.
The transaction’s PIPE now exceeds Spring Valley’s $232 million trust and the parties had already secured the deal’s $200 million minimum cash condition with previous PIPE additions.
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MDH Acquisition Corp. (NYSE:MDH) has mutually terminated its combination agreement with digital auto insurance provider Olive.com.
The press release did not include a reasoning for the breakup, but like many deals in the first half of 2022, the general malaise in the current market was the likely culprit.
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Virgin Group II (NYSE:VGII) announced it has added a $50 million backstop to its combination with sustainable home goods-maker Grove Collective.
Grove has also agreed to waive its minimum cash condition in exchange for the new agreements and Virgin Group II’s promote shares are no longer to be subject to earn-out terms.
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