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….
Cohen Circle Acquisition Corp. II (NASDAQ:CCIIU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CCIIU”, Tuesday, July 1, 2025. The new SPAC plans to combine with a target company in the financial services technology (fintech) sector and fintech adjacent sectors that...
Indigo Acquisition Corp. (NASDAQ:INACU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “INACU”, Tuesday, July 1, 2025. The new SPAC plans to combine with an established, profitable company whose growth potential can benefit from its team’s expertise. Indigo’s management team is...
After a quiet June, July is set to be active throughout the month with nine de-SPACs and sponsors coming unlocked from their trading restrictions. This timing is most fortuitous for insurance investor Abacus Life (NASDAQ:ABL) and East Resources, which took it public in 2023, as it is the best performer of this group of companies...
Pyrophyte II (NYSE:PAII.U) has filed for a $175 million SPAC to dig for a natural resources target while the team’s first deal remains pending. The new SPAC is offering investors 1/2 warrants in each unit and it will have 24 months to complete a business combination without asking shareholders for an extension. It is the...
At the SPAC of Dawn The last day of the quarter is to play host to a pair of shareholder votes and a possible pricing of Indigo‘s (NASDAQ:INACU) $100 million IPO. This week is also to play host to fresh jobs numbers just before the long July 4 weekend. Black Hawk (NASDAQ:BKHA) was also one...