This afternoon, Pure Acquisition Corp. (PACQ), released the results of its warrant tender offer and warrant holders overwhelmingly said, “Nah. Let’s wait.”
RESULTS
Of Pure’s 20,700,000 outstanding Public Warrants, only 248,000 opted to Tender for $1.00 per Warrant, or just 1.2%. However, warrant holders will get another chance to tender their warrants once Pure announces their combination. Clearly, many opted to take the wait and see approach. After all, Pure could announce an attractive deal that pushes the warrant price much higher than $1.00.
Nevertheless, now that Pure has secured their new extension deadline of February 17, 2020, this team has four more months to bring back an acquisition. However, Pure did ask for just four months….not three months, not six months. If a SPAC has already announced their combination and needs more time, three months is generally what they ask for. Six months is usually used when teams are not close to announcing yet. But four months? Four months is enough time to announce and close an acquisition….if they announce this month. That extra month, on top of three, is key. So, could Pure be getting ready to announce something soon? We’ll have to wait and see…stay tuned.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
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...