10X Capital II (NASDAQ:VCXA) has entered into a definitive agreement to combine with crypto mining hardware firm PrimeBlock at an enterprise value of $1.25 billion, or 8.5x its 2022E adjusted EBITDA. San Francisco-based PrimeBlock is working to build out a network of crypto-mining data centers both for its own mine operations and offered to partners
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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 see high demand in a time of rising food prices and scarcity.
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Social content platform OnlyFans has reportedly engaged in talks with multiple SPACs, but has so far failed to seal the deal, according to a report in Axios.
The influencer platform, which is known primarily for hosting explicit sexual content, projected it could swell its income to $1.2 billion in 2021 and $2.5 billion in a March 2021 pitch deck reportedly obtained by the news service.
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Poema Global (NASDAQ:PPGH) announced this morning that it expects to close its combination with two-wheeled EV battery charging network Gogoro on April 1, following a shareholder vote at 9:30 am ET tomorrow.
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Spring Valley (NASDAQ:SV) has added $10 million to its PIPE from investment firm SailingStone Capital Partners at $10 per share for its combination with small-scale nuclear fission reactor-maker Nuscale.
This amount brings its total PIPE proceeds to $221, which is more than enough to fulfill the deal’s $200 million minimum cash condition, adding to Spring Valley’s roughly $232 million in trust before redemptions.
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FirstMark Horizon (NASDAQ:AMAO) announced this morning that it is working to close its combination with internet service provider Starry, but has made significant changes to the deal.
Shareholders voted to approve the transaction two weeks ago on March 16, but most likely redemptions and a decision that the post-transaction company would hold certain levels of debt prompted a re-negotiation with PIPE investors.
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Gesher I (NASDAQ:GIAC) announced changes to its forward-purchase agreement (FPA) in an 8-K filed this morning while adding a $10 million backstop.
The SPAC listed in October 2021 with a $45 million FPA and has amended this to note that its “lead forward purchaser” is in for $40 million in units at $10 per unit, but it is unclear if this is a change in the total amount of the FPA.
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Emerging Markets Horizon Corp. (NASDAQ:HORI) has announced management changes to avoid being caught up in the sanctions against Russia.
The SPAC had formerly been partially sponsored by VTB Bank, one of several Russian banks sanctioned by the US and others.
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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 standing to benefit in a new US-UK trade deal.
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Poema (NASDAQ:PPGH) has added $10 million more to its PIPE for EV charging company Gogoro, bringing total PIPE proceeds to $295 million.
The new cash comes as the two companies hit the home stretch in completing the deal.
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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 elevated energy prices. We look at why they are compelling and why each could be a fit for a blank-check merger.
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First Reserve (NASDAQ:FRSG) announced this morning that it has mutually terminated its combination with EV-charging platform EO, citing “market conditions.”
Neither party appears to have been required to pay a break up fee, but they passed the deal’s extended outside date on March 11 without a completion at hand.
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Edoc (NASDAQ:ADOC) has added a $75 million common stock purchase agreement to its combination with biotech firm Calidi.
As a part of the agreement, Calidi will be able to call upon an unnamed investor to purchase up to $75 million in company stock over a three-year period following close.
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Tailwind Two (NYSE:TWNT) has amended its combination agreement with satellite manufacturer Terran Orbital with key tweaks for the transaction’s closure.
The largest change is a requirement that the SPAC not incur redemptions of 85% or more.
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