As previously mentioned in the SPACInsider newsletter two week ago, the fourth quarter is an especially tough time for Day-One SPAC IPO share prices, particularly in the months of November and December.
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CONFIRMED – The warrant strike will, in fact, be adjusted down $0.50 per year. Additionally, the reason for the dividend is because new investors who recently purchased BROG shares ahead of their upcoming vote (most likely responsible for the recent volume in the share), indicated they will not redeem if the company announces a $1.00 yearly dividend.
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A quick update on today’s announcement from Brooge Holdings Ltd./Twelve Seas (BROG), that they intend to pay a $0.25 per share quarterly dividend. It’s become standard for more recent SPACs to include anti-dilution provisions for warrant holders in the event of a dividend issuance.
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Brooge Holdings Ltd., the intended acquisition of Twelve Seas Investment Company (BROG), announced this morning that they intend to pay a $0.25 per share quarterly dividend to their public shareholders following the consummation of the business combination, with the first dividend to be paid in the first quarter of 2020.
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Software Acquisition Group Inc. (SAQNU), announced the pricing of their up-sized $130 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, November 20th, under the symbol NASDAQ: SAQNU.
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Amplitude Healthcare Acquisition Corp. (AMHCU), announced the pricing of their $100 million SPAC IPO this evening and the units are expected to begin trading tomorrow, Wednesday, November 20th, under the symbol Nasdaq: AMHCU.
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GreenVision Acquisition Corp. (GRNVU), announced the pricing of their $50 million SPAC IPO this evening. GreenVision’s units are expected to begin trading, tomorrow, Tuesday, November 19th, under the symbol Nasdaq: GRNVU.
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Ahead of GreenVision Acquisition Corp.’s (GRNVU) anticipated IPO pricing tonight, below is a short summary of Monday’s notable evening news.
Early this afternoon, Opes Acquisition Corp. (OPES), released the details of their shareholder vote to approve their extension deadline from November 15, 2019 to December 16, 2019, or January 15, 2020 if they extend an additional 30 days further.
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As most everyone already knows by now, TKK Symphony (TKKS) announced earlier that it would be extending the expiration of it’s tender offer. The tender offer was expected to expire tonight (at one minute past 11:59PM), but will now expire at 5:00 p.m.
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This afternoon, TPG Pace Holdings Corp. (TPGH), filed an 8-K detailing the results of their shareholder vote, which was held earlier today, and shareholders overwhelmingly voted “yes’ to approve TPGH’s business combination with Accel Entertainment.
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The SPAC Calendar for votes is HEAVY. In light of the busy schedule, a summary of upcoming dates has been provided below.
We have two votes and the closing of a tender offer today (OPES, TPGH, TKKS, respectively), but on deck next week we have Big Rock Partners (BRPA) and GigCapital (GIG).
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In light of the closing of the business combination, Trinity has cancelled its extension vote, previously scheduled for today, November 15, 2019.
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DFB Healthcare Acquisition Corp., which recently announced shareholders have approved their business combination with AdaptHealth Holdings, LLC (AHCO), filed additional documents via an 8-K this morning. DFB/AdapHealth did not indicate the redemption price per share, but they did disclose the total amount redeemed at their vote, which was $213.665 million.
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Yesterday, Pivotal Acquisition Corp. (PVT), announced that it had entered into a commitment letter with MGG Investment Group, LP (“MGG”), where Pivotal may borrow up to $150 million of 5-year convertible notes, thus providing a backstop to their business combination with KLDiscovery.
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Chaserg Technology Acquisition Corp. (CTAC), announced this morning that they have signed a definitive agreement to combine with Grid Dynamics International, Inc. (“Grid Dynamics'”). Grid Dynamics is a leader in driving enterprise-level digital transformation services for Fortune 1000 corporations.
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Sentinel Energy Services (STNL), three trading days post-redemption of it’s Shares, rose from the dead tonight and announced a special meeting of Warrant Holders. Amen. Sentinel will be asking Warrant Holders to vote on a proposal to approve an amendment to the Warrant Agreement whereby Sentinel will automatically convert the Public Warrants into the right to receive $0.02 per whole Public Warrant.
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This afternoon, Trinity Merger Corp. (TMCX), announced the shareholder approval of their combination with Broadmark real estate lending companies (“Broadmark”). Additionally, the proposal to amend Trinity’s public warrants was also approved.
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Pivotal Acquisition Corp. (PVT), filed a new preliminary proxy/S-4 this morning, setting a record date of November 18, 2019, for it’s upcoming shareholder vote to complete it’s combination with KLDiscovery. The vote date has still not been set, but based on the record date it should now occur roughly mid-December.
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Allegro Merger Corp. (ALGR), took the unusual step today of posting their 8-K submission and presentation on the Allegro Merger Corp. website. These documents apparently should have been filed with the SEC on Friday afternoon, in tandem with their press release announcing their combination with TGI Fridays.
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Allegro Merger Corp. (ALGR), Eric Rosenfeld’s sixth SPAC, announced this afternoon that they have signed a definitive agreement with privately held TGIF Holdings, LLC (“TGIF”).
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