China, China, China….(click)
TKK Symphony is widely expected to price their $200 million China consumer/lifestyle SPAC tonight. As a reminder, TKK Symphony is being led by Sing Wang, as Chairman and CEO. Mr. Wang, who is currently Chairman of TKK Capital, a private equity/wealth management company, is also CEO and Director of CM Seven Star Acquisition Corporation.
TKK does offer a slight twist on the extensions via a 4-month extension on top of their stated 18 months to complete. In order to access that extension, there is no shareholder vote. Instead, TKK must issue to shareholders, via a dividend, another warrant to purchase one-half of one Share, essentially turning the deal into one Share + one FULL Warrant (rather than the initial one half of one Warrant), plus one Right.
China-focused SPACs are hot, so getting the IPO priced for TKK should not be an issue. However, I’m curious to see how this one trades tomorrow versus the “Chardan-template” for China SPACs, which offer three 3-month extensions for $0.10/share for each extension. TKK is offering warrants, whereas the other China-focused SPACs are offering cash. As the saying goes, cash is king, but it will be interesting to compare.
Summary of terms located below:
- Focus: Consumer/Lifestyle in China
- $10.00 unit comprised of one Ordinary Share + one Warrant (1/2 share) + one Right
- Each Right entitles the holder to receive one-tenth (1/10) of one Share
- Warrant call for redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
- 100% held in trust ($10.00 per share)
- 18 months to complete an acquisition + 4 month extension by vote (shareholders receive 1/2 warrant)
- Underwriter fees: 2.0% + 3.5% business combination marketing agreement. EarlyBirdCapital is sole book-runner, I-Bankers Securities is co-manager.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...