Regalwood Global Energy Ltd. (RWGE), announced this afternoon that it will be redeeming all of its outstanding Class A ordinary shares, effective as of December 16, 2019. Net of taxes and dissolution expenses, the per-share redemption price for the public shares is expected to be approximately $10.37.
The Company anticipates that the Class A Shares will cease trading as of the open of business on December 16, 2019, and the Class A Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
Regalwood, which raised $300 million at their IPO on November 30, 2017, is the fourth SPAC to liquidate this year and the third energy-focused SPAC to do so, following Vantage Energy ($552 million) and Sentinel Energy ($345 million). That’s nearly $1.2 billion in failed energy deals alone. Saban Capital is the fourth 2019 liquidated SPAC at $250 million.
It’s been a tough year for the energy sector in general, SPACs or otherwise, but it’s a disappointing announcement nonetheless. We still have four more SPACs with an energy-focus searching for targets – HL Acquisitions (HCCH), Trident (TDAC), Tortoise (SHLL) and the recent Alussa Energy (ALUS) – so let’s see if they can change things around.
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...
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...