The Latest Liquidations: November 22, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Western Acquisition Ventures Corp. (WAVS) to Combine with Cycurion in $170M Deal
Western Acquisition Ventures Corp. (NASDAQ:WAVS) has entered into a definitive agreement to combine with cybersecurity firm Cycurion at an enterprise value of $170.4 million. The McLean, Virginia-based company provides cybersecurity services primarily to US government clients. The combined company is expected to trade on the Nasdaq once the deal is completed in the first quarterRead More
Hainan Manaslu Acquisition Corp. (HMAC) to Combine with Able View Inc. in $400M Deal
Hainan Manaslu Acquisition Corp. (NASDAQ:HMAC) has entered into a definitive agreement to combine with brand management company Able View at an estimated enterprise value on a pro-forma basis of approximately $400 million. Shanghai-based Able View is a cross-border brand management company focusing on beauty and personal care segments. The combined company is expected to trade on the NasdaqRead More
The Latest SPAC News and Rumors: November 22, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: GloriFi to shut down, BM Technologies’ acquisition of Seattle community bank pushed to 2023, and Core Scientific loses $1.7 billion
Texas-based fintech firm GloriFi to shut down
Texas-based fintech firm GloriFi is shutting down and laid off most of its employees, the Wall Street Journal reported on Monday, citing people familiar with the matter.
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CIIG Capital Partners II (CIIG) to Combine with Zapp in $573M Deal
CIIG Capital Partners II (NASDAQ:CIIG) has entered into a definitive agreement to combine with Zapp Electric Vehicles Limited at a fully-diluted post-transaction enterprise value of $573 million. London-based Zapp aims to redefine the electric two-wheeler segment through its i300 bike. The combined company is expected to trade under the symbol “ZAPP” on the Nasdaq once the deal isRead More
Forest Road Acquisition Corp. II (FRXB) to Combine with HyperloopTT in $397M Deal
Forest Road II (NYSE:FRXB) has entered into a definitive agreement to combine with transportation technology developer HyperloopTT at an enterprise value of $397 million. Los Angeles-based HyperloopTT is developing systems for fast travel between sites and cities with projects being explored on four continents. The combined company is expected to trade under the symbol “HYPE”Read More
DHC Acquisition Corp. (DHCA) Target Company GloriFi Winding Down
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 Partners I Corp. (HTPA) to Liquidate Trust
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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The Latest Liquidations: November 21, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC Liquidations: GigInternational 1 and HumanCo
GigInternational1 Announces Expiration of Exclusivity of Term Sheet for a Business Combination with Convalt Energy, Inc.
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ACE Convergence (ACEV) Secures $100M Committed Equity Financing for Tempo Deal
ACE Convergence (NASDAQ:ACEV) announced this afternoon that it has secured a committed equity facility of up to $100 million with White Lion Capital.
Under the terms of the facility, White Lion Capital has committed to purchase up to an aggregate of $100 million in the post-closing combined company’s common shares from time to time after the completion of the business combination between electronics manufacturer Tempo Automation and ACE at the request of the post-closing combined company.
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The Latest SPAC News and Rumors: November 21, 2022
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Bitfufu among creditors of Sam Bankman-Fried’s FTX, tech startups shun Singapore and Hong Kong for U.S.
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Industrial Tech Acquisitions II (ITAQ) to Combine with NXTCLEAN in $530M Deal
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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PropTech Investment II (PTIC) Adds FPA to Appreciate Deal
PropTech Investment II (NASDAQ:PTIC) announced this morning that it has entered into a forward purchase agreement (FPA) for an OTC Equity Prepaid Forward Transaction with Vellar Opportunity Fund for its recently approved combination with rental marketplace Appreciate.
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SPAC IPO Terms Tracker: Early Liquidation Proxies on the Rise
Terms Tracker for the Week Ending November 18th, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As we conclude the third week of November, there were zero new S-1 registration statements and zero IPOs. With Thanksgiving around the corner the totalRead More
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INSU Acquisition Corp. III (IIII) to Liquidate Trust
INSU Acquisition Corp. III (NASDAQ:IIII) announced this afternoon that it will liquidate its trust due to its inability to complete a business combination.
As of the close of business on December 22, ISNU’s public shares will be deemed cancelled and will represent only the right to receive the redemption amount of approximately $10.09.
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FinTech Acquisition Corp. V & VI (FTCV, FTVI) to Liquidate Trusts
FinTech Acquisition Corp. V (NASDAQ:FTCV) and FinTech Acquisition Corp. VI (NASDAQ:FTVI) both announced this afternoon that they will be liquidating their trusts due to the inability to complete a business combination.
FTCV expects to dissolve and liquidate its trust effective as of the close of business on December 9, and will redeem all of the outstanding shares at a per-share redemption price of approximately $10.08.
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Jiya Acquisition Corp. (JYAC) to Liquidate Trust
Jiya Acquisition Corp. (NASDAQ:JYAC) announced this afternoon that it will liquidate its trust due to its inability to complete a business combination.
The SPAC expects its shares to stop trading as of the close of business on November 23.
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Population Health Investment Co. (PHIC) to Liquidate Trust
Population Health Investment Co., Inc. (NASDAQ:PHIC) announced this afternoon that it will liquidate its trust and be redeeming all shares effective as of November 30.
As such, the SPAC’s shares will stop trading as of the close of business on November 29.
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PropTech Investment Corporation II (PTIC) Shareholders Approve Appreciate Deal
PropTech Investment II (NASDAQ:PTIC) announced this afternoon that its shareholders have approved its business combination with rental marketplace Appreciate during a special meeting held earlier today.
The SPAC did not disclose redemption amounts, but shares of PTIC traded above its trust value of $10 throughout its redemption deadline November 16.
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Grindr (GRND), Satixfy (SATX), AGBA (AGBA) Take Post-Vote Jumps
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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