Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.
Latest SPAC News: SPACs see a flurry of deals, first blank-check company in the Middle East surges
SPACs Make Flurry of Deals as Blank Checks Seek Something to Own
Blank-check companies settled on deals to buy a members-only startup airline, a startup augmented reality firm and a company called Two Bit Circus this month as SPACs face pressing deadlines to strike deals or close shop.
At least 16 special-purpose acquisition company tie-ups have been announced so far in May, the most since December, chipping away at a backlog of nearly 600 SPACs that need something to buy. Almost half the targets aren’t expected to be profitable this year, according to merger presentations, which could hurt their prospects in a sector that’s been one of the market’s worst performers.
READFirst SPAC in the Middle East Surges in Abu Dhabi Trading Debut
The first special purpose acquisition company to list in the Middle East soared in its Abu Dhabi trading debut as the region’s blank-check market gains traction.
ADC Acquisition Corp., backed by Abu Dhabi’s wealth fund ADQ and Chimera Investments, rose as much as 30% before trimming gains to trade at 11.48 dirhams as of 10:24 a.m. local time. The SPAC sold 36.7 million shares at 10 dirhams apiece.
Abu Dhabi is the first exchange in the Middle East to set up a legal framework for blank-check firms, with Dubai looking to follow suit. Saudi Arabia’s bourse said last year it’s still considering whether to open its doors to SPACs.
READWith the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
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...