It’s Been a Tough Week for SPACs. Plus, Barington/Hilco to Liquidate.
by Kristi Marvin on 2018-11-01 at 11:00am

When the going gets tough….

In the least shocking news of the week, Barington/Hilco announced this morning of their intention to liquidate.  The redemption price per share is $10.87854059 (they really carried that out far) and its public shares ceased trading as of this morning, November 1, 2018.  As of the close of business on November 1, the public shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.

It’s been a tough week for SPACs.  We’ve had two announced adjournments due to “market conditions” (FSAC, MPAC) and two announced liquidations (BHAC, AHPA).  Plus, we have yet to see any results from GTY Technology Holdings (GTYH) since they held their vote to extend on Tuesday (a bad sign?).

Furthermore, we have two more SPACs running up on their completion deadlines without having yet announced a deal – Modern Media Acquisition Corp. (MMDM) is due to expire on November 9th and Big Rock Partners Acquisition Corp. (BRPA) hits the wall on November 20th.

The most shocking of all of the SPACs above is obviously Avista Healthcare.  It’s still a bit of a head scratcher as to how they forgot they needed 100% approval of the extension (or why that was in their articles to begin with), but nonetheless…it counts as another failed deal.

Hence, the SPAC market is starting to feel a bit ominous coming off the high of an active and exciting summer of high profile deals.  Ironically, four out of the five above deals (FSAC, MPAC, AHPA, GTYH) were all large, high profile IPOs that had high expectations.  This was not a case of “these should have never IPO’d in the first place”.  So, if the A-teams are struggling, is this a sign of more trouble to come?

Let’s hope not.  On deck tomorrow we have the Easterly Acquisition Corp. (EACQ) vote, plus the MPAC vote. This will be followed by Kayne Anderson’s vote (KAAC) on Tuesday, November 6th.  Let’s see how these three shake out.

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved