A quick note on TKK Symphony (TKKS) and this morning’s announcement of their Tender Offer since there seems to be some confusion out there around why TKKS is not doing a standard shareholder vote and redemption. This is because TKKS is domiciled in the Cayman Islands AND it is also classified as a Foreign Private Issuer (FPI). As an FPI, the rules are a little bit different when it comes to closing a combination. Specifically, an FPI is required to conduct a tender offer rather than seek shareholder approval under SEC rules.
Nonetheless, TKKS commenced their Tender Offer today and it will run through November 15th, 5:00 p.m. ET. Additionally, the details of the Tender Offer are that TKKS is offering to purchase up to 25,000,000 of its outstanding shares at a purchase price of $10.26 per ordinary share. Interestingly, the purchase price of $10.26 represents the amount that was on deposit in the Trust as of October 14, 2019. However, the Trust will continue to earn interest and at November 15th, when the Tender Offer closes, the Trust should be around ~$10.28.
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...