Covid-19 claims its second SPAC.
Allegro Merger Corp. (ALGR), announced this morning it has mutually terminated its merger agreement with TGI Fridays. Once again, the reason cited being, “extraordinary market conditions“, as well as the failure to meet necessary closing conditions.
Unfortunately, it’s not “always Happy Hour” at TGI Fridays. Additionally, in light of the termination of its proposed combination, Allegro has decided to not extend its deadline and will instead opt to liquidate its trust. Given the current environment of Covid-19 and social distancing, this combination faced a very steep uphill battle, so terminating the merger agreement is not entirely a surprise. However, it seems the Allegro team determined the current environment was too challenging to continue and try and find another deal.
On March 31, 2020, the Company’s corporate existence will cease except for the purposes of winding up its affairs and liquidating.
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...