On March 2, VectoIQ Acquisition Corp. (VTIQ) proposed to combine with Nikola Motors, a company focused on the development of next-generation smart transportation. Upon the closing of the transaction, the combined company will be named Nikola Corporation and remain NASDAQ-listed under the new ticker symbol “NKLA.”
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EdTechX Holdings Acquisition Corp., (EDTX), announced this afternoon they have closed their combination with Meten Education. The combined entity will operate as Meten EdtechX Education Group Ltd. (“Meten EdtechX”) and will continue to focus on providing English language and future skills training for Chinese students and professionals.
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Gordon Pointe Acquisition Corp. (GPAQ), filed a an 8-K this afternoon announcing that they are increasing the amount being contributed to the trust account for non-redeeming shareholders at it’s extension vote, to be held on March 30th, from $0.013 per share to $0.06 per share.
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Andrew Pendergast, from Marsh, is back again to help further explain a SPAC team’s insurance needs in the time of Covid-19. Additionally, Andrew will walk us through what teams and investors should be considering when evaluating SPACs and their risk going forward.
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EdTechX Holdings Acquisition Corp., (EDTX), which held their shareholder vote yesterday to complete their business combination with Meten Education, announced via 8-K that their combination has been approved.
As you can see in the table below, the combination was approved with 4,619,383 shares in the “For” column and only 300,000 shares voting “Against” this transaction.
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This morning, Allegro Merger Corp., released the details of their shareholder vote to approve moving their previously extended deadline one month, from March 31 to April 30, 2020.
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This morning, Leisure Acquisition Corp. (LACQ), released the details of their shareholder vote to approve extending their deadline three more months from April 5, 2019 to June 30, 2020.
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GigCapital3, Inc. (GIK.U), re-filed their S-1 registration statement today, for their $200 million IPO, with no changes to the terms. No changes, at first blush, seems curious given that the current SPAC IPO market has also been on “lock-down” with nothing getting out.
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KBL Merger Corp. IV (KBLM), filed a definitive proxy this evening for their upcoming extension vote on April 8th, to extend their deadline from April 9, 2020 to July 9, 2020.
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Early this morning, Big Rock Partners Acquisition Corp. (BRPA), released the details of their shareholder vote to approve moving their extension deadline to July 23, 2019, from March 23, 2020. The extension was approved and as a result, the Company’s Sponsor will be contributing $0.02 to the trust account per month for each public share that was not redeemed, or $11,610.56
Per the 8-K, 2,433,721 shares of the Company’s common stock elected to redeem, which resulted in approximately $26.1 million (at an estimated $10.71 per share) being removed from the Trust Account.
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8i Enterprises Acquisition Corp. (JFK), announced this afternoon that it had adjourned it’s scheduled shareholder vote. The vote was originally scheduled for this morning, but shareholders voted to adjourn the meeting to June 15, 2020, instead.
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Nebula Acquisition Corp. (NEBU), filed an 8-K tonight announcing they have amended their business combination agreement with Open Lending LLC. Given the current market conditions, amendments are expected. However, Nebula’s amendments mostly revolved around the public warrants, but didn’t make any substantial adjustments to valuation.
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Sustainable Opportunities Acquisition Corp. (SOAC.U), filed for a new $300 million IPO last night, focused on the sustainability sector. Which, if you’re a little fuzzy on what “sustainability” is, or what it includes, it’s essentially companies with a strong ESG profile, or Environmental, Social and Governance (“ESG”), but specifically companies with existing environmental sustainability practices.
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Social Capital Hedosophia, which was anticipated to price SPACs II & III on Monday night, but delayed due to market conditions, re-filed new prospectuses this morning with a notable change to both – their warrants included in their units, which were originally 1/4 warrants, are now 1/3 warrants.
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Tonight’s notable news below.
In “Wow! They’re filing now??” news, Sustainable Opportunities Acquisitions Corp. (SOAC.U), a $300 million SPAC focused on the sustainability sector, filed to IPO.
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Opes Acquisitions Corp. (OPES), filed an 8-K this afternoon announcing the results of their shareholder vote, held yesterday, to extend their completion deadline three months from March 16, 2020 to June 18, 2020.
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Arya Sciences Acquisition Corp. (ARYA), announced this morning that they have entered into a definitive business combination agreement with Immatics Biotechnologies GmbH (“Immatics”), a clinical-stage biopharmaceutical company active in the discovery and development of T cell redirecting cancer immunotherapies.
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Gordon Pointe Acquisition Corp. (GPAQ), filed a an 8-K this afternoon whereby they will be amending their merger agreement with HOF Village, LLC (“HOFV”). If you recall, this transaction with HOFV will create a sports, entertainment and media enterprise surrounding the Pro Football Hall of Fame.
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This is still unconfirmed, but Bloomberg is reporting that the two Social Capital Hedosophia SPAC IPOs (IPOB.U and IPOC.U), that were anticipated to price tonight for trading tomorrow, are rumored to be postponed.
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Very late Friday evening, Virgin Galactic (SPCE), which combined with Social Capital Hedosophia Acquisition Corp., announced they will be redeeming all of their public warrants that remain outstanding at 5:00 p.m.
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