A quick update on today’s announcement from Brooge Holdings Ltd./Twelve Seas (BROG), that they intend to pay a $0.25 per share quarterly dividend. It’s become standard for more recent SPACs to include anti-dilution provisions for warrant holders in the event of a dividend issuance. However, the Twelve Seas prospectus does not explicitly have an anti-dilution provision. Instead, it says it “may” adjust, but it doesn’t appear that the company is “obligated” to do so. However, the “unconfirmed” word is, Brooge will adjust the warrant strike $0.50 per year. Still waiting on confirmation, but that will certainly make the dividend announcement more palatable than no adjustment for warrant holders. Especially since the dividend is intended to be a sweetener for “new” sector investors, not SPAC warrant holders. However, making sure warrant holders are happy certainly helps when heading to a completion vote. Stay tuned for further details.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
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...
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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...