Terms Tracker for the Week Ending January 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This was a short week, but a more eventful one for sure. Most importantly, the SEC will finally be holding a meeting on Wednesday, January
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After almost two years since it was first proposed, the SEC will be holding a meeting on Wednesday, January 24th, at 10AM, to consider changes to the current SPAC rules.
Bowen (NASDAQ:BOWN) has signed a merger agreement with Qianzhi BioTech for up to $86 million in share compensation.
The Shenzhen, China-based company provides plant-based remedies for various medical conditions.
The combined company is expected to trade on the Nasdaq once the deal is completed in the second or third quarter of 2024.
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Newcourt (NASDAQ:NCAC) announced this morning that its shareholders approved its combination with psychedelic medicine company Psyence (CSE:PSYG) during a special meeting yesterday, January 18.
Shareholders opted to redeem 929,727 shares at a redemption price of approximately $11.51 per share in connection with the vote, removing about $10.7 million from Newcourt’s trust and leaving it with 183,294 public shares outstanding and about $2.1 million in trust.
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Long awaited, the SEC has finally set 10 am ET Wednesday, January 24 as the kickoff of its discussion of its proposed SPAC rules.
The broad strokes of its proposals have been known for nearly two years (SPACInsider broke them down here) and some have already had effects in the market even in the absence of a concrete change.
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JVSPAC Acquisition Corp. (NASDAQ: JVSA) announced the pricing of its $50 million IPO this morning. Its units are expected to begin trading on the Nasdaq under the symbol “JVSAU” on Friday, January 19, 2024.
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Battery Future Acquisition Corp. (NYSE:BFAC) announced in an 8-K filing that it has entered into a purchase agreement to transfer control of its sponsor to Camel Bay, resulting in a change in management.
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Direct Selling Acquisition Corp. (NYSE:DSAQ) has entered into a definitive agreement to combine with urban air mobility company FlyBlade India, known as Hunch Mobility, at an enterprise value of $223 million.
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Quadro Acquisition One Corp. (NASDAQ:QDRO) has entered into a definitive agreement to combine with Global Growth Companies at an enterprise value of $3 billion.
Global Growth operates a diverse set of companies in the healthcare, financial services and communications fields.
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While East Asia continues to account for the largest portion of SPAC teams based outside of the US, the unique team behind Oxus (NASDAQ:OXUS) put a few more bricks in its path to completion this week.
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Vision Sensing (NASDAQ:VSAC) has entered into a definitive agreement to combine with Korean drug developer firm Mediforum at an enterprise value of $250 million.
Seoul-based Mediforum provides supplements and medicines derived from traditional ingredients to treat Alzheimer’s and memory loss.
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Buzz around generative AI has been off to the races lately and that is exactly where Zapata AI has put many of its tools to work.
This week, we speak with Christopher Savoie, CEO and Co-founder of Zapata AI and Bill Sandbrook, Co-CEO and Chairman of Andretti Acquisition Corp.
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Digital World Acquisition Corp. (NASDAQ:DWAC) has disclosed the termination of the remaining $530.5 million of its PIPE, with investors currently exploring alternative financing options.
The decision comes as a result of challenges related to one of the closing conditions for the PIPE, specifically the effectiveness of the initial resale Registration Statement by the SEC.
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Despite a slow start to 2024, there are a variety of signs of the market coming back. Among them, NASDAQ CEO Adena Friedman noted yesterday in a Bloomberg interview in Davos that 85 companies have already lined up to list on the exchange.
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Flame Acquisition Corp. (NYSE:FLME) has once again increased the PIPE for its combination with Sable Offshore, totaling around $520.4 million, or 52 million shares at $10 per share, upon completion of the deal.
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Newcourt (NASDAQ:NCAC) announced in an 8-K this morning that it has secured an aggregate of $12.5 million in convertible notes for its merger with psychedelic medicine company Psyence (CSE:PSYG).
The notes will consist of up to four senior secured convertible notes, issuable to the purchaser at or after the closing, in exchange for up to $10 million in subscription amounts.
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The SPAC market has officially entered an election season with former President Donald Trump’s victory Monday in the Iowa caucus on the road to a potentially securing the Republican nomination.
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