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.
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...
At the SPAC of Dawn Ever since Digital World announced its combination with Trump Media (NASDAQ:DJT) back in October 2021, it was clear that SPACworld and the Trump show were set to be intertwined for quite some time. And, although not every headline has a bearing on the wider SPAC world, Trump Media’s post-close rise...
AltC (NYSE:ALCC) has reportedly been taking the pitch deck for its combination with nuclear fission firm Oklo on the road in recent weeks, which has generated the rare result of a SPAC trading significantly above its trust value still well before completing its deal. The SPAC has an estimated $10.59 per share in its trust...
Trump Media (NASDAQ:DJT) is down about -15% in the pre-market following the filing of its first S-1 since closing its combination with Digital World, and this includes the issuance of the 21,491,251 shares. Of these, 14,375,000 are to be made available for those exercising warrants while the rest would go out to note holders from...
At the SPAC of Dawn This week, bookended by the end of Ramadan and the beginning of Passover, could wind up stacked with events to avoid those holiday times, but for now SPACs have scheduled just six extension votes for this stretch. Redwood (NASDAQ:RWOD) and Genesis Growth Tech (OTC:GGAAF) have yet to release results from...