Far Point Acquisition Corp. (FPAC), announced this morning that its board of directors “has unanimously determined that the previously announced business combination transaction with Global Blue Group AG (“Global Blue”) is not advisable or fair to, or in the best interest of, FPAC and its stockholders.” This came to no one’s surprise.
However, for a deal that held so much promise when it was first announced in early January of this year, it has had extraordinary bad luck. You would be hard pressed to find another company to be more impacted by a global pandemic and resulting recession that one predicated on international luxury travel.
Nonetheless, the board of directors is recommending AGAINST the transaction, however, the press release did not say they were terminating the transaction. Nor did FPAC say they were liquidating. I’m not a lawyer, but I suspect today’s press release is due to some sort of legal process.
Regardless, this deal is not happening. The real question is, will FPAC continue? And do they have a Plan B company up their sleeve? FPAC is running out of time since their deadline is June 14th, a little more than a month away. So clearly if they want to continue, they will need to extend, but they’ll need to get an extension proxy on file quickly in order to do that. Perhaps today’s announcement is the first step in that process, to be followed by a terminated deal and eventually an extension vote.
We should know more shortly….
Terms Tracker for the Week Ending May 9, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After the sprint that was last week, with nine IPOs and six new SPAC filings, this week took a breather. Only two SPACs priced, there...
Lake Superior (NASDAQ:LKSPU) has filed for a $100 million SPAC as its CEO attempts to go three-for-three with SPACs that led to completed deals. This new vehicle has one right to a 1/6 share in each unit and some common features of a SPAC underwritten by Cohen & Company in this current climate. Although the...
At the SPAC of Dawn De-SPACs were among the biggest movers in yesterday’s stock market rally, but most of this momentum came on the backs of direct earnings performance. Only three US-listed companies had bigger one-day gains than quantum computing firm D-Wave’s (NYSE:QBTS) +51.2% jump. This came as the company announced $15 million in revenue...
EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....