CF Finance Acquisition Corp., in a very surprising move, re-filed their prospectus this afternoon changing their warrant included in their unit from a full warrant to three-quarters of a full warrant. It is highly unusual to amend terms to a LESS favorable position for investors rather than the other way around.
Granted, CF Finance’s original terms were extremely investor friendly given the strength of the team, but…this has been a challenging SPAC market as of late. To amend terms that are “less” friendly to investors one day before expected pricing is unprecedented. However, it does indicate a strong book and it brings their SPAC more in line with the Chardan Healthcare’s terms.
Of course, there may be some investors that will not like this move, but it shows that Cantor is confident enough in demand to pull it off. However, we’ll get a clearer picture of that demand on day-one of trading.
An amended summary of terms is provided below.
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...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...