This afternoon, KBL Merger Co. IV (KBLM), released the details of their shareholder vote to approve their extension deadline to September 9, 2019, or December 9, 2019, if the Company has executed a definitive agreement.
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MTech Acquisition Corp. (MTEC), announced today that they have arranged a $7 million PIPE in anticipation of their upcoming shareholder vote to approve their business combination with MJ Freeway LLC. As part of the transaction, 685,599 shares of Class A common stock will be issued in the private placement at $10.21 per share, however, MTech also stated they may issue up to an additional 799,907 shares of Class A Common Stock in subsequent transactions.
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GigCapital2, Inc. (GIX.U), after a few pricing delays and a last minute change in terms, announced this morning that not only have they priced their IPO, but they also managed to upsize a full $20 million to $150.0 million in gross proceeds raised.
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This morning, GigCapital, Inc. (GIG), released the details of their shareholder vote to approve their extension deadline to December 12, 2019, from June 12, 2019. As a result, the Sponsor and Founders will be contributing $240,000 to GigCapital’s Trust account for each calendar month that is needed to complete their business combination with Kaleyra.
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I had a recent conversation about this topic with a buy side investor that came about because we were both sort of lamenting the marketing efforts of some SPACS at the de-SPACing phase.
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Gordon Pointe Acquisition Corp. (GPAQ) announced this afternoon that they need an additional three-months time to complete their acquisition, and as such, they will be offering $0.10 per share to trust for every share not redeemed at their extension vote.
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Pensare Aquisition Corp. (WRLS) announced this afternoon that the Company’s sponsor will reduce its contributions to the trust account so that the total monthly payment will be no greater than $200,000.
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This afternoon, GigCapital2 (GIX.U), the second SPAC effort led by Avi Katz, re-filed their S-1 and amended their terms ahead of their expected IPO pricing next week. Gig2, which is a $130 million TMT focused SPAC, has now added a Right to its Unit and reduced it’s life from 21 months to 18.
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Constellation Alpha Capital Corp. (CNAC) announced this afternoon that they have signed a definitive agreement with DermTech Inc., a molecular genomics company with an initial focus on skin cancer.
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Proficient Alpha Acquisition Corp. (PAACU), announced the pricing of their $100 million SPAC IPO this evening and the units are expected to begin trading tomorrow, May 29th, under the symbol Nasdaq: PAACU.
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Both Proficient Alpha (PAACU) and GigCapital2 (GIX.U) are expected to price their IPOs tonight to kick off the summer season and close out May.
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This morning, One Madison Corp. (OMAD), released the details of their shareholder vote to approve their merger with Ranpak Corporation., and while the combination was strongly approved, there were a significant amount of redemptions.
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If you’re still stuck in the office ahead of the Holiday Weekend, below is a list of interesting links/reads to help pass the time between now and the 4PM closing bell.
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TPG Pace Holdings Corp. (TPGH), announced this morning that they had entered into a “non-binding letter of intent” with a private company.
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The Memorial Day weekend slow down has already begun and tomorrow should extremely quiet, if not dead. However, a few items of note before everyone fires up the grill and starts working on their tans…
This afternoon, Big Rock Partners Acquisition Corp. (BRPA), released the details of their shareholder vote to approve their extension deadline to August 22, 2019, from May 22, 2019. Big Rock has extended twice now, for $0.10 for each 3-month extension, however, this time around they will be extending for $0.02 per month for the next three months, or an aggregate of $95,604.50 each month.
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This morning, we had another new SPAC filing with the addition of Fellazo Inc. (FLLCU), a $50 million SPAC IPO focused on health food and supplements in Asia. Fellazo will be led by Nicholas Ting Lun Wong, who is currently a director of Shanghai Linxin Food and Beverage Management Ltd.
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**THIS POST HAS BEEN UPDATED (SCROLL TO THE BOTTOM)**
Pivotal Acquisition Corp. (PVT), announced Monday evening that they have entered into a definitive agreement to merge with KLDiscovery (“KLD”). KLD is a global provider of electronic discovery and information governance services to Fortune 500 companies with an enterprise value of approximately $800 million.
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Monday night, the Haymaker team filed for their second SPAC with the $300 million Haymaker Acquisition Corp. II (HYACU). “HYAC II” will be seeking to capitalize on their recent success with the OneSpaWorld deal, by once again focusing on consumer products and services, which plays to their background and strengths.
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Pivotal Acquisition Corp. (PVT), announced Monday evening that they have entered into a definitive agreement to merge with KLDiscovery (“KLD”). KLD is a global provider of electronic discovery and information governance services to Fortune 500 companies with an enterprise value of approximately $800 million.
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