It’s Day One of the Third Quarter and We Already Have a SPAC Pricing
Allegro Merger Corp., in what is supposed to be a quiet week, just filed their CERT and should be pricing their IPO tonight for trading Tuesday.
The $130 million Allegro, which does not have a sector or industry focus, will be Eric Rosenfeld’s sixth consecutive SPAC. Summary of current IPO terms below.
Deal Terms:
- Sector Focus: General / Broad
- $10.00 unit comprised of one share of common stock, one right and one full warrant
- Each right entitles the holder to receive one-tenth (1/10) of one share
- 100% held in trust ($10.00 per share)
- 18 months to complete an acquisition
- Warrant redemption price: $18.00
- Redemption rights: limitation of 20% of the shares sold in the IPO
- Founders, Cantor Fitzgerald and Chardan (the Underwriters) to purchase 372,500 Private Placement units at $10.00 to bring the trust to 100% (Founders – 322,500 units / Cantor – 38,250 units / Chardan – 11,250)
- Underwriter fees: 2.0% + 3.5% deferred fee. Cantor Fitzgerald is sole book-runner.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...