Pure Acquisition Corp. (PACQ), announced the results of its warrant tender this afternoon and as expected, a significant number of warrant holders opted to tender at this go-around. If you recall, Pure previously tendered its warrants twice before, both times for $1.00, same as for the current tender offer.
However, by way of background, Post-IPO, Pure had 20,700,000 public warrants outstanding. At their first tender offer, 248,000 warrants were tendered. Pure subsequently held a second tender offer in January, where 17,293,805 public warrants were validly tendered. That left 3,158,195 warrants outstanding out of the original 20,700,000.
At this most recent tender offer, 2,829,307 public warrants were validly tendered, leaving just 328,888 public warrants outstanding, or 1.6% of the original amont. A significant reduction in the warrant overhang.
Pure currently has until May 21, 2020 to close its combination with HighPeak Energy, an independent oil and natural gas company with assets located in the northeastern part of the Midland Basin. That’s roughly a month and a half away and the energy sector is currently in the middle of a very challenging environment. We’ll have to stay tuned and see what develops, but at least Pure now has a cleaner looking capital table.
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...