It’s not Christmas yet…read below for this afternoon’s notable SPAC filings news.
ALLEGRO MERGER CORP. (ALGR)
Allegro Merger Corp. (ALGR), adjourned their shareholder vote (scheduled for today) to January 3, 2020, and made a few important changes to their proxy. Notably, the sponsors will now be contributing funds to the trust to the tune of $0.02 for January (pro-rated) and $0.025 per share for shareholders who do not redeem for the months of February and March. Allegro will be asking for a three month extension to March 31, 2020, for additional time to complete their proposed combination with TGIFridays. As is usually the case with an additional contribution of funds to trust, it minimizes the number of redemptions and protects the cash in trust. However, if a significant number of shareholders redeem even WITH a contribution, we can generally get a sense of how the combination vote will go. Extension votes are sometimes tea leaves….let’s see what happens.
The record date remains the same, December 5, 2019, but the new redemption deadline is now December 31, 2019.
OPES ACQUISITION CORP. (OPES)
Opes Acquisition Corp. (OPES), filed a preliminary proxy this afternoon to further extend their deadline from January 15th to a date yet-to-be-determined. However, while there are still many blanks in the preliminary proxy, there are spaces for a contribution to trust for non-redeeming shareholders. These blanks will be updated in either an amended preliminary proxy or a definitive proxy, but most likely within the next week or so in order to make it to the January 15th vote date. However, we do know the record date has been set for tomorrow, December 24, 2019, and the redemption deadline will be January 13th, 2020. Once additional information becomes available, an additional update will be provided.
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...
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Overall deal flow between SPACs and biotech firms has slowed over the last year, but some pending FDA changes could breathe new life into particular business models within the space. In particular, the FDA has asked Congress as part of its 2025 Legislative Proposals to eliminate the interchangeability designation for biosimilar medications, claiming the existing...