Pure Acquisition Corp. (PACQ), announced a few changes this morning, mostly concerning amending many of the dates within their agreements since they have previously extended their deadline and are heading into another extension vote on February 17th. At the February 17th vote, Pure will be asking to extend to May 21, 2020, with a $0.033 per share contribution to trust for non-redeeming shareholders.
However, the more notable change is regarding Pure’s Forward Purchase Agreement (“FPA”). Previously, PACQ had secured a $150 million FPA at their IPO, where HPEP I, an affiliate of the Sponsor, agreed to purchase 15,000,000 of units at $10.00 (15,000,000 shares of Class A Common Stock and 7,500,000 warrants). This has been amended now so that HPEP I, will assign its rights and obligations to HighPeak Energy Partners II, LP, and HighPeak Energy Partners III, LP, both also affiliates of Sponsor, AND the number of warrants to be purchased is reduced to 5,000,000 (down from 7,500,000), effectively purchasing only a 1/3 of a warrant in the unit, rather than the 1/2 warrant that matched the public unit.
Keep in mind that Pure is in the process of its third tender offer for its warrants (at $1.00 per warrant) since they still have 3,158,195 public warrants remaining outstanding (down from their original 20,700,000). So by reducing the FPA amount of warrants purchased, they should be able to close their transaction with a much better looking warrant overhang. Every little bit helps.
Look for results post-Pure vote on February 17th.
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...