Pure Acquisition Corp. (PACQ), announced this afternoon, in an expected move, that it had terminated its transaction with HighPeak Energy. The decision was mutual and is effective as of April 24, 2020.
Additionally, Pure Acquisition Corp. simultaneously filed an extension proxy whereby they will be looking to extend their deadline from May 21, 2020, to August 21, 2020, or an additional three months. So far, the vote date, record date and amount to be contributed to trust for the extension have been left blank, but it appears there will be a contribution since there are currently place holders left to be filled in at a later filing.
However, seeing as how the energy sector is currently under extreme duress, the termination of this combination agreement was anticipated. The upside for Pure is, they have effectively cleaned up their warrant overhang via their multiple tender offers. As of the most recent tender offer results, only 328,888 public warrants remain outstanding, which makes Pure’s SPAC, with approximately $374 million in trust, much more attractive for any future acquisition candidates. The only question is, within which sector will they look for their next combination?
We have until the end of August find out, but since Pure has only asked for three additional months, let’s hope that means they have a back-up transaction already in the works.
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...