Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPACs may be a boon to CLO equity returns and SAB Biotherapeutics receives positive safety review
SPAC Acquisitions of Distressed Companies Help Drive CLO Returns
The increase of SPACs is yet another positive factor working in favor of the red-hot collateralized loan obligation market, which is very close to achieving an annual sales record, according to CLO equity investor Flat Rock Global.
That’s because having SPACs hunt for acquisition targets in the riskiest borrowers within CLO loan pools may mean credits that currently trade somewhat below par can trade back up to that price as a result of the SPAC merger process, Shiloh Bates, managing director at Flat Rock, said in a telephone interview with Bloomberg.
READSAB Biotherapeutics Announces SAB-185 Receives Positive DSMB Review and Advances to Phase 3 in NIH-Sponsored ACTIV-2 Trial for Treatment of COVID-19
SAB Biotherapeutics, a clinical-stage biopharmaceutical company with a novel immunotherapy platform that produces specifically targeted, fully-human polyclonal antibodies without the need for human donors, today announced that an independent Data Safety Monitoring Board (DSMB) has completed its prespecified interim analysis data review of the safety and efficacy of SAB-185 in the Phase 2 portion of the ACTIV-2 trial and has recommended advancement to Phase 3.
SAB-185 is a fully-human, specifically-targeted, broadly-neutralizing polyclonal antibody therapeutic candidate for the treatment of non-hospitalized patients with mild to moderate COVID-19.
On June 22, SAB announced a planned merger with Big Cypress Acquisition Corp. (NASDAQ: BCYP). The transaction is expected to close in the fourth quarter of 2021.
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At the SPAC of Dawn As the SPAC market has come streaming back to life in a burst of new issuance beginning this summer, some long abandoned vehicles are rising anew as well. The latest of these is FPA Energy (NASDAQ:FPAQU), whose 2023 filing was later withdrawn, but it is now back with a fresh...
Flagfish Acquisition Corporation (NASDAQ:FFSHU) has filed for a $60 million IPO to give another bite at the apple to a China-based team that last closed a deal in the biotech space. Flagfish Chairman and CEO Matthew Chen also serves in the same role for Flag Ship (NASDAQ:FSHP), which just last month announced a deal with...
At the SPAC of Dawn SPACs have been betting on a post-pandemic rebirth in live events over the past few years, but it appears that this boom has fully come to fruition. Event organizer Live Nation (NYSE:LYV) announced yesterday that it just closed its busiest summer concert season ever, bringing in $7.7 billion in revenue...
Hennessy Capital VII (NASDAQ:HVIIU) has filed for a $150 million IPO with competitive terms to give a fresh vehicle to one of the most prolific SPAC teams of the past decade. This team has had a hand in 13 different business combinations dating back to Hennessy I‘s 2015 combination with school bus manufacturer Blue Bird...
At the SPAC of Dawn With the US election and a historic stock rally in the rear view, the question now turns to how long this rally will last and SPACs have not been shy so far about trying to take advantage of the good vibes. Two new SPACs filed for IPOs Friday evening and...