Tonight’s notable news below.
NEW 1/2 WARRANT SPAC: SUSTAINABLE OPPORTUNITIES ACQUISITIONS CORP. (SOAC.U)
In “Wow! They’re filing now??” news, Sustainable Opportunities Acquisitions Corp. (SOAC.U), a $300 million SPAC focused on the sustainability sector, filed to IPO. Keep in mind that Social Capital Hedosophia, which arguably had one of the most successful SPACs, has delayed the pricing of it’s follow-up IPOs (IPOB.U and IPOC.U). And yet, we’re still seeing SPACs get filed in the midst of an unprecedented global shutdown thanks to the Coronavirus.
Nonetheless, SOAC.U is a 24 months, 100% in trust, 1/2 warrant SPAC being underwritten by Citigroup. 1/4 warrant deals have been getting all the headlines lately, but it’s not altogether unsurprising to see a 1/2 warrant SPAC get filed right now.
This SPAC will be led by Scott Leonard, as CEO and Director, and Scott Honour, as Chairman. Interestingly, Mr. Honour, who is a Managing Partner of Northern Pacific Group (“NPG”), the private equity firm, also has 10 years of experience working for The Gores Group, of Gores SPACs fame.
Check back tomorrow for more info after I give the prospectus a thorough read.
TOTTENHAM ACQUISITION I LIMITED (TOTA)
Tottenham Acquisition I Limited (TOTA), filed a proxy this evening to extend their completion deadline six months from May 6, 2020 to November 6, 2020. Considering the current market conditions and the questionable timeline as to when the coronavirus quarantines will end, asking for a six month extension seems smart. TOTA will be contributing $0.10 to trust for non-redeeming shareholders for two 3-month extensions. That means, if TOTA needs to use all six months, they will be contributing an additional $0.20 to trust.
The vote date has been set for April 9, 2020, with a record date of March 6, 2020. The redemption deadline is April 7th.
TIBERIUS ACQUISITION CORP. (TIBR)
Tiberius Acquisition Corp. (TIBR), announced earlier today that it has consummated it’s business combination with International General Insurance Holdings Limited (“IGI”). The business combination was previously approved by Tiberius stockholders at a Special Meeting of Stockholders on Friday, March 13, in what was quite possibly one of the most difficult weeks for the capital markets, ever.
The newly combined company will be renamed IGI Holdings Ltd., and the shares and warrants will commence trading on the Nasdaq Capital Market tomorrow morning under the symbols “IGIC” and “IGICW”, respectively.
The Tiberius extension vote, that was scheduled for March 19th, is now cancelled.
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...