SCVX Corp. (SCVX) Cancels Non-Binding LOI. Continues the Search…
by Kristi Marvin on 2022-03-31 at 5:15pm

This afternoon, SCVX Corp. III (Nasdaq: SCVX), filed an 8-K announcing that they have terminated their previously announced non-binding LOI.

While not much was known about the company with which it had been negotiating (it was unnamed), it was disclosed that its focus was in the Environmental, Social, and Governance (ESG) space. It was also released that the target company’s existing shareholders were anticipated to roll over 100% of their equity.

Furthermore, as part of the previous announcement in January, it was revealed that SCVX had already rounded up $75 million in PIPE indications from an institutional investor and certain strategic partners.  Securing a PIPE in the 2022 SPAC market was a very promising sign at the time.

Nonetheless, this non-binding LOI has now been terminated and SCVX stated that it is, “currently exploring alternative options for consummating a business combination.

SCVX had previously announced a combination with manufacturing-software company Bright Machines on May 17, 2021, but subsequently terminated that agreement on December 13, 2021, citing, “..the low likelihood that the business combination agreement could be completed prior to the January 15, 2022 “outside date” .” 

SCVX, which original priced its IPO on January 24, 2020, with a cybersecurity focus, now has until July 28, 2022 to complete a new combination. SCVX had earlier extended it’s deadline six months on January 28th, and will most likely need to extend further with only 3.9 months remaining on its clock.

 

Recent Posts
by Nicholas Alan Clayton on 2024-11-04 at 1:57pm

Cantor Equity Partners I, Inc. (NASDAQ:CEPO) has filed for a $200 million IPO with near identical terms to its sister SPAC Cantor Equity Partners, Cantor Equity Partners (NASDAQ:CEP), giving the team a second vehicle in the mix with terms designed to be particularly attractive to targets. It would be the fourth SPAC to IPO in...

by Kristi Marvin on 2024-11-04 at 8:13am

This week, we speak with Betsy Cohen and Maxwell Smeal from the Cohen Circle Acquisition Corp. I team to get their views on the current SPAC landscape. Betsy Cohen is already a well-known figure in SPAC circles for having previously led the Fintech Acquisition and FTAC SPACs. Betsy and Max discuss the past, present and...

by Nicholas Alan Clayton on 2024-11-04 at 8:12am

At the SPAC of Dawn The first full week of November is expected to be action-packed as SPAC shareholders will be turning in scores of ballots of their own amid the US election week. The next five days are to play host to 10 extension meetings and a pair of completion votes by Atlantic Coastal...

by Kristi Marvin on 2024-11-02 at 10:01am

Terms Tracker for the Week Ending November 1, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Once again, the past week was all about new issuance while the DeSPAC announcements remain quiet. To kick off November, two SPACs priced IPOs to...

by Anthony Sozzi on 2024-11-01 at 3:47pm

October continued the recent trend of SPAC teams seeking additional extensions beyond their first one, as they work on closing their combinations with the remaining funds after redemptions. Meanwhile, new SPACs are launching IPOs and beginning their search processes, signaling a shift in the market. Extension Votes In October, there were 13 scheduled extension votes....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved