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De-SPACs XBP Europe (XBP), Gogoro (GGR) and NRX (NRXP) Among Monday’s Double-Digit Gainers

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De-SPACs XBP Europe (XBP), Gogoro (GGR) and NRX (NRXP) Among Monday’s Double-Digit Gainers

May 6, 2024 Headline Post, INTEL by Nicholas Alan Clayton

Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela
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Metals Acquisition (MTAL) Launches Warrant Exchange

May 6, 2024 Headline Post, INTEL by Nicholas Alan Clayton
Metals Acquisition (NYSE:MTAL) has begun an exchange of all outstanding warrants, offering holders up to 0.361 shares per warrant on a cashless basis or $0.10 per warrant if they so choose. The cashless option provides significantly more value as Metals last closed at $12.85, meaning warrants converted under that ratio would be worth about $4.63
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Morning SPAC News Roundup: May 6, 2024

May 6, 2024 SPACs in the News by Nicholas Alan Clayton
 At the SPAC of Dawn Autonomous driving has seen some of the highest peaks and deepest valleys in share performance as the market has adjusted its appetites on tech companies. But, although it has shown many pitfalls, it continues to attract significant investment and is a focus for both startups and established automakers. Hyundai (KS:005380)
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Opendoor (OPEN) Finishes Week with +27% Spike

May 3, 2024 Headline Post, INTEL by Nicholas Alan Clayton
Real estate marketplace Opendoor (NASDAQ:OPEN) is poised to be the latest de-SPAC to take a double-digit jump on earnings as it heads towards the weekend up +10%, having spiked as high as +27% earlier in the day. The movement comes as the former Social Capital II target reported progress towards profitability despite a high rates
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Rush Street Interactive (RSI) Surges on Q1 Results and Raised Guidance

May 2, 2024 Headline Post, INTEL by Nicholas Alan Clayton
Online casino and sports company Rush Street (NYSE:RSI) is up +18.4% in trading today on the back of a solid first quarter earnings release, bringing the company’s stock to its highest price since the second half of 2022 (currently $7.60). This makes it the latest in a line of 2020 and 2021 de-SPACs that have
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Mountain Crest Acquisition Corp. V (MCAG) Signs Term Sheet with CUBEBIO for $620M Deal

May 2, 2024 Deal Announcements & Amendments, Headline Post, INTEL by Nicholas Alan Clayton
Mountain Crest V (NASDAQ:MCAG) broke a long dealmaking silence by SPACs this morning, albeit with a non-binding agreement to combine with Seoul-based diagnostic biotech firm CUBEBIO. The term sheet would give the company a $620 million pre-transaction equity value and help accelerate the rollout of CUBEBIO’s CEED-NOVUS cancer screening kit products. The company signed an
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Viking Cruises Joins Hospitality De-SPACs in Demonstrating Market Hunger for Sector

May 2, 2024 Headline Post, INTEL by Nicholas Alan Clayton
Cruise operator Viking Holdings (NYSE:VIK) put to sea with its traditional IPO yesterday and immediately showed that the public market winds could be favorable for more SPAC hospitality deals. Viking debuted near the top of its $21 to $25 range at $24, and immediately cruised up about +8.7% further to a day one close at
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April Corporate Actions Analysis

May 1, 2024 Headline Post, INTEL by Anthony Sozzi
As the month closes, the urgency among teams to get shareholder approval for more time to finalize business combinations continues to grow. The deadline for completing these combinations is increasingly extended as teams face rising timelines and gradually diminishing trust funds due to multiple extensions. Extension Votes April, much like the previous months, has seen
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SPAC Lock-Up Expirations to Watch in May 2024

Apr 30, 2024 Headline Post, INTEL by Nicholas Alan Clayton
The pace of de-SPACs making it to their lock-up expirations is set to roughly remain level with last month as May’s batch includes five companies and six sponsors set to be released. This group features a high number of Asia-based deals including its headline performer, SunCar Technology (NASDAQ:SDA), which last closed at $7.91. Earlier this
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New SPAC: DT Cloud Star Acquisition Corporation (DTSQU) Files for $60M IPO

Apr 30, 2024 Headline Post, INTEL, New S-1 Filings by Nicholas Alan Clayton
DT Cloud Star (NASDAQ:DTSQU) filed an S-1 to raise $60 million as the second SPAC by its sponsor team, but this venture would be the 13th foray by underwriter Alliance Global Partners and the first under its new branding as AGP. However, three of those initial filings have subsequently been withdrawn. Nonetheless, AGP is offering
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Morning SPAC News Roundup: April 30, 2024

Apr 30, 2024 SPACs in the News by Nicholas Alan Clayton
At the SPAC of Dawn Tuesday brings another packed day in a packed week of potentially market-moving events and individual SPAC actions. The market today will take in the update on US consumer confidence readings as well as the employment cost index and Treasury’s decision on its quarterly refunding plans. An unusually large portion of
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Corner Growth (COOL) Target Noventiq’s Presentation Shows Costs and Promise of Transitions at Firm

Apr 29, 2024 Headline Post, INTEL by Nicholas Alan Clayton
Few target companies have gone through a greater amount of change through the course of their de-SPACing process than digital transformation firm Noventiq, which makes its latest update via a new investor presentation a particularly interesting read. When it initially announced its combination with Corner Growth (NASDAQ:COOL) in May 2023, Noventiq was still listed in
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Morning SPAC News Roundup: April 29, 2024

Apr 29, 2024 SPACs in the News by Nicholas Alan Clayton
At the SPAC of Dawn Several sleepy weeks in SPACland come to an end today with five votes, including BITE‘s (NYSE:BITE) completion vote for its combination with plant-based food producer Above Food. Similarly, CONX (NASDAQ:CONX) is to hold its tender offer to complete its acquisition of the DISH Wireless HQ. Two more SPACs are holding
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Cash Continues to Flow into AI with Less Cash Flowing Out

Apr 26, 2024 Headline Post, INTEL by Nicholas Alan Clayton
AI has quietly been creeping to the top of the buzziest sectors for SPAC deals, but it’s become host to an even larger arms race in the private funding market. Elon Musk is currently pushing a $6 billion capital raise for his OpenAI competitor xAI at a valuation of $18 billion, according to TechCrunch, while
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