There were a number of new filings this evening, so to expedite we’ve summarized the relevant information below:
Gores Metropoulos
Gores Metropoulos Acquisition Corp. filed another amendment to their prospectus, however, there are no material changes to the terms. However, the lawyers did remove the delaying amendment so that if the government shutdown continues, Gores Metropoulos still has the option to price 20 days later. For those unfamiliar with how the SEC is handling the government shutdown, due to their limited staff and their inability to provide a review of registration statements (among other things) they’ve taken the unusual step in allowing companies to file without a delaying amendment and letting those registration statements get effective 20 days later. We’ve already seen Andina III and Monocle remove their delaying amendments and you can expect the other four on file to do the same in due turn.
Pensare Acquisition Corp.
Pensare Acquisition Corp. filed their definitive proxy for their shareholder vote to extend their completion deadline three months from February 1, 2019 to May 1, 2019. The vote will take place on January 28th and the record date was December 26th. However, there is no additional contribution to trust for extending. Per the proxy, the cash per share portion of the trust was $10.12 at September 30th, 2018, and is approximately $10.17 today, according to our calculations.
Pensare seems to be flirting with danger by not providing additional compensation for an extension and without additional funds contributed, they could potentially see a big chunk of their $314.1 million in trust (as of 9/30) redeemed at the vote. We’ll watch to see if that changes ahead of January 28th.
Modern Media Acquisition Corp.
Modern Media Acquisition Corp. initially filed a preliminary proxy statement on January 4th, to extend their completion deadline four months from February 17, 2019 to June 17, 2019. However, it would appear that the preliminary proxy disclosed that the Board fixed the record date for that vote as January 4th. Instead, today’s 8-K amends that record date to January 14th, with the vote taking place on February 8, 2019.
Nonetheless, Modern Media (just like Pensare) did not say they were planning on contributing additional funds to the trust in order to extend. Given how tough the current SPAC market is, this is unwise for both Modern Media and Pensare, so perhaps that situation will change. We’ll keep an eye out.
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...