Freedom Acquisition I Corp. (NYSE:FACT.U) announced this afternoon that a former member of its sponsor, LVS III SPE XLIII LP, has sold its entire interest to NextG Tech Limited.
Freedom I, which included PIMCO in the sponsor group, still has nearly nine months left to find an acquisition with a deadline date of March 2, 2023. However, this is now the third SPAC in roughly a week’s time that has negotiated a new arrangement for its sponsor. This comes on the heels of Group Nine’s deal with the 890 5th team, and Tribe Capital Markets resigning from Tribe Capital Growth Corp. I’s sponsor group.
However, under the Freedom’s amended letter of agreement, LVS assigned all of its rights, interests and obligations to NextG. Additionally, the agreement permits Freedom I to pay China Bridge Capital (“CBC”), an affiliate of NextG, for certain advisory services pursuant the CBC Agreement.
In May 2021, the SPAC entered into an agreement with CBC for advisory and investment banking services in connection with a potential business combination. Under the CBC Agreement, Freedom I will pay CBC a customary advisory fee, which will be negotiated at the time of the business combination, upon closing.
Furthermore, Freedom I issued an unsecured promissory note in the amount of up to $500,000 to its sponsor. The proceeds of the note, which may be drawn down from time to time until, will be used for general working capital purposes. The note doesn’t bear interest and is payable in full before 24 months from the closing of the IPO or the consummation of the business combination.
Prior to the first payment of all or any portion of the principal balance of the note in cash, the payee has the option to convert all of the principal balance into private placement warrants, each warrant exercisable for one ordinary share at an exercise price of $1.50 per share. The terms of the warrants would be identical to those issued by Freedom I to the payee in a private placement that was consummated in connection with its IPO.
Freedom I priced its $300 million IPO on February 25, 2021 and aims to combine with a scalable fintech target with distinct business strengths and differentiations. The SPAC is led by Executive Chairman Tidjane Thiam and CEO Adam Gishen.


Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...