Looking Ahead to August and the Fall Calendar…
In keeping with the pattern we’ve been seeing in July – busy Mondays, slow mid-week, capped off with new filings late Friday afternoon – what are the odds we see some new SPAC registration statements filed post-close today?
Chances are better than average. We are hearing from multiple sources that the deal calendar could get quite heavy come September and October with a number of deals that have yet to file, but are slated for the Fall. Plus, we’re nearing “August vacation season”, so it would be advantageous to get through the SEC comment period now, to launch a roadshow post-Labor Day. I will be watching the filings closely tonight and maybe we’ll get a surprise Chinh Chu deal to discuss.
However, where are all the business combination announcements?? There are currently 13 SPACs, representing $2.5 billion gross proceeds in trust, that have six months or less to complete. Plus, there are another 10 SPACs with 12 months or less and they represent another $2.6 billion held in trust. But six months or less is cutting it close. In fact, of those 13 SPACs, nine of them have less than four months to complete!
Taking all that into consideration, August “should” be combo season, with an emphasis on “should”. If not, it means we’re most likely looking at quite a few completion-extension shareholder votes this Fall. The next two weeks will be very telling, so let’s see how it shakes out.
As a reminder, any new SPAC filings will show up on the Latest News Page under the S-1 column, so you can check back this afternoon to see if anything pops up.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...