Pontem Corporation (NYSE:PNTM) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with a target company.
The unnamed target, which has been in business for almost forty years, operates a multinational industrial technology business that serves diversified end markets.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
A group of lenders to struggling data-center firm Cyxtera Technologies Inc.
RMG Acquisition Corporation III (NASDAQ:RMGC) announced this morning that it has signed a letter of intent (LOI) to combine with hydrogen energy systems provider H2B2 Electrolysis Technologies.
The announcement comes just a few days before RMGC’s shareholder vote next Tuesday, January 10, to extend its timeline from February 9 to August 9.
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Jack Creek Investment Corp (NASDAQ:JCIC) announced this morning that it is pushing out its shareholder vote scheduled for January 10, to 10:30 am ET January 12.
This means that the SPAC’s new redemption deadline is to be 5 pm ET, January 10.
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Kernel Group Holdings (NASDAQ:BIOT) announced in an 8-K that it has agreed to sell most of its sponsor economics and undergo a management change.
VKSS Capital is coming in to purchase 7,187,500 of the sponsor’s promote shares (94.3%) at par value $0.0001 per share, leaving the original sponsor 431,250 remaining.
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Deep Lake Capital Acquisition Corp. (Nasdaq: DLCA) announced that it will liquidate and intends to redeem all of the outstanding Class A ordinary shares at a per-share redemption price of approximately $10.124.
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
American Acquisition Opportunity Inc.’s
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Marlin Technology Corporation (Nasdaq: FINM) today announced that it will redeem all of its outstanding Class A ordinary shares, effective as of the close of business on January 17, 2023.
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Dune Acquisition Corporation (NASDAQ: DUNE) announced in an 8-K this afternoon that it has settled its lawsuit with equities trading platform TradeZero and mutually terminated its combination agreement.
As a refresher, Dune launched a lawsuit against its combination partner TradeZero in April 2022 claiming that its target, “fraudulently induced” it into entering the merger and “materially breached” that agreement, causing “irreparable injury” to the SPAC.
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AlphaTime Acquisition Corp. priced its $60 million IPO and its units began trading on the Nasdaq under the symbol “ATMCU” Friday, December 30, 2022.
The new SPAC intends to acquire businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams and definable low working capital. AlphaTime
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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
NWTN Inc.
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CENAQ Energy Corp. (NASDAQ:CENQ) in an 8-K filing gave an update this morning that its investors have not yet been able to raise the full $80 million PIPE that was initially intended at its deal announcement.
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Northern Star Investment Corp. II (NYSE:NSTB) and Pivotal Investment Corp. III (NYSE:PICC) both announced in morning filings that they have signed non-redemption agreements with shareholders in connection with their extension votes.
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MDH Acquisition Corp. (NYSE: MDH) announced that in accordance with the announced December 29, 2022 termination date set by its Board of Directors, the company expects to redeem all outstanding public shares by December 29, 2022.
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Fortune Rise Acquisition Corp. (NASDAQ: FRLA) announced this afternoon that it has entered into a membership interest purchase and transfer agreement resulting in a change in leadership.
On December 22, FRLA’s sponsor, Fortune Rise Sponsor LLC, entered into a purchase agreement with water fintech startup Water On Demand, Inc.
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2022 was the year of the SPAC steeplechase. Just when SPACs thought they had cleared one hurdle, they would turn the corner and find they needed to jump a new and deeper moat.
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