Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: Nanosys in talks to merge with GigInternational1, blank-check firms turn to expensive sources of financing
Nanosys Is in Talks to Go Public Via GigInternational1 SPAC
Quantum-dot technology developer Nanosys Inc. is in talks to go public through a merger with blank-check firm GigInternational1 Inc., according to Bloomberg.
A transaction is set to value the combined entity at about $1 billion.
READSPACs Forced to Fund Deals With More Expensive Financing
SPACs are turning to expensive sources of financing to push their deals in a fresh sign of stress in what had been one of the hottest corners of Wall Street, according to the Financial Times. Several companies that recently announced plans to go public through merging with a blank-check company have recently raised cash to fund the deals by issuing convertible bonds.
“The PIPE market has basically been shut so it isn’t surprising that you’re seeing these types of structures,” said a senior bank executive who works on financing for SPAC deals. “But, it’s a last resort.”
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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...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...
At the SPAC of Dawn A brand new market may have just opened up for space de-SPACs as NASA administrator Bill Nelson announced a shift in the agency’s $11 billion program for a mission to return samples from Mars. Rather than rely on the agency’s internal technologies that would be predicted to get a sample...