The implication that SPACs would have to pay the 1% excise tax on redemptions has sent ripples of uncertainty through the market, but, despite much investor engagement throughout 2023, the issue did not appear to be a primary factor in the fall of any vehicles that year.
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Corner Growth (NASDAQ:COOL) has reduced the pre-money equity value -64% for its merger target Noventiq to $315 million from $877 million in a series of amendments as the two sides approach close.
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Investors are about to get a pair of indicators today on the health of the US housing market heading into the new year with both the Mortgage Market and Mortgage Refinance indices announcing this morning.
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Israel Acquisitions Corp. (NASDAQ:ISRL) has entered into a definitive agreement to combine with software firm Pomvom (TA:PMVM) at an equity value of $125 million.
The Tel Aviv-based company provides app-based tools to allow visitors to amusement parks to access media of themselves captured by the venue’s cameras.
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Twelve Seas II (NASDAQ:TWLV) has signed a definitive agreement to combine with aquatic entertainment firm Crystal Lagoons for $350 million in share compensation.
Miami-based Crystal Lagoons has developed the technology to construct large pool-like water features for resorts and entertainment venues.
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The first trading day of the year kicks off with five extension votes, which is fitting because that is likely to be a theme throughout early 2024.
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Below is a summary of the 2023 SPAC market.
SPACs finally made it to the end of 2023. It was a challenging year, but one that was marked by a necessary rebalancing of supply and demand.
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Adit EdTech (NYSE: ADEX) announced this afternoon that it has closed its combination with bitcoin self-mining company Griid Infrastructure. ADEX shareholders previously approved the deal at a special meeting held on November 30.
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Banyan Acquisition Corporation (NYSE: BYN) announced this afternoon that it has completed its business combination with hospitality venture Pinstripes. BYN shareholders previously approved the deal during a special meeting held on December 27.
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Closing the curtains on 2023, Focus Impact BH3 Acquisition Corp. (NASDAQ: BHAC) announced this morning that it has signed a Letter of Intent (LOI) with XCF Global Capital, Inc., a New York-based sustainable fuels producer.
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Christmas is for closers only in 2023, apparently, as the month has featured the most SPAC deals closed all year with 14.
In fact, this is the highest monthly total in two years since the doozy in December 2021 during which 24 deals were closed.
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Innovative International Acquisition Corp. (NASDAQ:IOAC) announced yesterday evening that it has completed its combination with car-sharing program Zoomcar. The approval from shareholders was previously obtained in a special meeting on December 19.
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2023 was clearly a challenging year for deal-making, but, it wasn’t all doom and gloom. Within the SPAC ecosystem there were some noteworthy standouts that are worth highlighting.
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AIB Acquisition Corporation (NASDAQ:AIB) has entered into a definitive agreement to combine with Hong Kong-based logistics service provider PSI Group at an enterprise value of $200 million, or 1.5x its 2021 revenue.
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Banyan Acquisition Corporation (NYSE: BYN) announced this morning that its shareholders approved its business combination with hospitality venture Pinstripes during a special meeting held on December 27.
At the meeting, stockholders holding 10,191,836 shares of common stock were present, representing 90.6% of the voting power of Banyan’s common stock, and constituting a quorum for the transaction.
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Berenson Acquisition Corp. I (NYSE:BACA) announced this morning that it has secured a share purchase agreement of up to $260 million from ACM ARRT N.
As part of the agreement, the investor will purchase 1 million Series A preferred shares, which will each convert to 26 common shares at close.
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On the docket today, two SPACs will hold extension meetings while ShoulderUp Technology is set to have a shareholder meeting to elect new board members and confirm an auditor.
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EG Acquisition Corp. (NYSE:EGGF) announced this afternoon that it has closed its combination with private aviation firm flyExclusive.
The SPAC initially had a meeting slated for today for shareholders to approve an extension that would have pushed its completion deadline to January 28.
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