Nebula Acquisition Corp. (NEBU), filed an 8-K this morning announcing further changes to their business combination agreement with Open Lending LLC. Specifically, Nebula has adjusted the Enterprise Value to $1.08 billion, representing a new multiple of 7.4x 2021E EBITDA, down from an Enterprise Value of $1.3 billion and 12.2x 2021E EBITDA.
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GigCapital3, Inc. (GIK.U), which had previously amended their IPO terms from an original 24 months with a 1/2 warrant, to 18 + 3 months with a 3/4 warrant, has now further revised their deal terms.
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Earlier today, VectoIQ Acquisition Corp. (VTIQ), held their shareholder vote to extend their completion deadline roughly 1.5 months, from May 20, 2020 to July 31, 2020, and to no one’s surprise, this extension was approved.
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Novus Capital Corp. (NOVSU), filed an amended S-1 late this morning revising its terms ahead of an anticipated May 14th pricing. This is in keeping with all of the other recent IPOs that have amended terms, which as you can see below, all but Live Oak (LOAK.U)
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Similar to what Nebula (NEBU) did ahead of their extension vote, AMCI Acquisition Corp. (AMCI) put out a teaser tonight on a potential combination in an effort to peak enough interest with investors that they do not redeem.
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Foley Trasimene Acquisition Corp. (WPF.U), cannonballed into the SPAC pool on Friday night, filing for a super-sized $750 million SPAC IPO. Foley Trasimene ties Trian Acquisition Corp. I, Nelson Peltz’s SPAC for size, which initially filed as a $750 million IPO back in November of 2007, making them both two of the largest initial SPAC IPO filings ever.
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Act II Global Acquisition Corp. (ACTT), announced this morning that it has further revised its transaction with MacAndrews & Forbes Incorporated, to create Whole Earth Brands. Act II, previously revised their transaction in mid-February of this year.
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Jaws Acquisition Corp., the debut SPAC from Barry Sternlicht, which initially filed last Thursday for a $400 million SPAC, has already upsized to $500 million, keeping up with the trend of BIG SPACs looking for BIG game.
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8i Enterprises Acquisition Corp. (JFK) announced this morning that it has amended the Share Exchange Agreement with Diginex Limited, a blockchain financial services and technology company headquartered in Hong Kong.
8i Enterprises is currently scheduled to hold it’s shareholder vote to complete this transaction on June 15, 2020.
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Well, it seems Global Blue still wants this deal to happen!
Global Blue ALSO put out a press release this morning commenting on FPAC’s Board Announcement. Basically, they’re not giving up without a fight….”fight”
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Yes, Far Point has 24 months to complete their initial business combination, but can extend for an additional three months with an LOI or definitive agreement on file. Per the proxy:
If we are unable to complete our business combination within 24 months (or 27 months from the closing of this offering if we have executed a letter of intent, agreement in principle or definitive agreement for our initial business combination within 24 months from the closing of this offering but have not completed our initial business combination within such 24 month period)
However, since this looks like a busted deal, do they still get an extension?
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Far Point Acquisition Corp. (FPAC), announced this morning that its board of directors “has unanimously determined that the previously announced business combination transaction with Global Blue Group AG (“Global Blue”) is not advisable or fair to, or in the best interest of, FPAC and its stockholders.
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GigCapital3, Inc. (GIK.U), which was originally anticipated to price yesterday evening, but got bumped to tonight, has now postponed their IPO indefinitely due to market conditions. Today was an especially challenging day for SPAC IPOs with the last four SPACs to price trading significantly below their $10.00 issue price.
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Sustainable Opportunities Acquisition Corp. (SOAC.U), announced the pricing of their $300 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, May 6th, under the symbol NYSE: SOAC.U.
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Live Oak Acquisition Corp. (LOAK.U), announced the pricing of their $200 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, May 6th, under the symbol NYSE: LOAK.U.
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Wealthbridge Acquisition Limited (HHHH), which held their shareholder vote today to complete their business combination with Scienjoy Inc., released the results of their vote via 8-K this afternoon. The good news is, this combination was approved.
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Roth CH Acquisition I Co. (ROCHU), announced the pricing of their $75 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Tuesday, May 5th, under the symbol Nasdaq: ROCHU.
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Longview Acquisition Corp. (LGVW.U), filed for a $300 million SPAC IPO Friday evening, in what has been a bumper crop month for SPAC IPOs. Longview, which will be focusing on acquisition targets in a broad range of industries, will be sponsored by Glenview Capital Management, the investment firm run by Larry Robbins, who will also be this SPAC’s Chairman.
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The Covid-19 lock down makes every day feeling like Groundhog Day, and today is no exception. That’s because Pure Acquisition Corp. (PACQ), which announced a combination with HighPeak Energy Inc.,
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Collective Growth Corp. (CGROU), announced the pricing of their $150 million SPAC IPO this evening and the units are expected to begin trading, tomorrow, Friday, May 1st, under the symbol NASDAQ: CGROU.
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