Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Palihapitiya files for four more SPACs while Canyon’s Josh Friedman sees mistakes being made
Billionaire Investor Chamath Palihapitiya Files For Four New Biotech SPACs
Chamath Palihapitiya filed for four blank-check companies on Wednesday along with a new partner Suvretta Capital Management, according to paperwork registered with the Securities and Exchange Commission. Each SPAC is seeking to raise $200 million and has a distinct focus in biotech.
READSPAC Surge May Benefit Targets That Can Play a Waiting Game
Founder of Methuselah Advisors John Chachas said his firm is telling companies looking to merge with a SPAC to wait. As blank-check firms start to run out of time, companies might be in a better position to negotiate a superior deal, Chachas told Bloomberg.
“We think companies shouldn’t answer their phones until about September 2022,” Chachas said. “After that they will have many suitors desperate to do a deal to save their founder’s capital from getting flushed.”
READCanyon’s Josh Friedman Sees Distressed Funds Feasting On SPAC Remains
“Distress will come back,” Friedman, who oversees $27 billion as co-chief executive officer of Canyon Capital, said in a Bloomberg “Front Row” interview. “It always does, because this type of environment is exactly what creates mistakes.”
“You’ve got big portions of the equity markets that are in business just to make acquisitions,” Friedman said. “SPACs, they go out of business if they don’t make acquisitions. And when people make acquisitions and they use debt to make acquisitions, there will be mistakes.”
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...