B. Riley Principal Merger Corp. (BRPM.U) re-filed their S-1 tonight and amended a few important terms. Of note, the SPAC life dropped to 18 months from their previously stated 24 months. Additionally, the Crescent Term has been added with a threshold of $9.20.
Commanding 24 months without prior SPAC experience and and/or a well-recognized, high-profile name attached means investors are going to push back. Plus, they’re going to want additional re-assurance via the Crescent Term. These changes feel appropriate and are now more in-line with Iswill’s terms.
Part of the problem is, we now have 65 SPACs searching for targets (which is about 15 too many) so investors are being forced to “classify” deals and they can’t give everybody Tier-1 terms. And since there are so many good looking teams, it’s kind of like if everyone is driving a Rolls Royce, a Rolls Royce starts to feel average. Everybody’s got one. Hence, a SPAC has to really “bring it” these days in order to command top notch terms and stand out.
Additionally, I’m hearing that B. Riley is now anticipated to price Monday, April 8th, for trading on Tuesday, April 9th.
Revised summary of terms below:
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...