Cartesian Growth Corporation (NASDAQ:GLBL) announced this afternoon that its shareholders have approved its business combination with wealth management firms Tiedemann Group and Alvarium Investments during a special meeting held earlier today.
The SPAC did not disclose redemption amounts, but the share price of GLBL briefly spiked to a high of $28.49 yesterday on volume of 1,183,779 shares. GLBL’s share price has since come down and is currently trading today near $10.27.
Additionally, Cartesian stated that the closing-related processes are “underway, but in the interest of merger-accounting simplicity, the closing will not occur until January 3, 2023, after the end of the 2022 fiscal year.” However, there was no explanation as to why there is a potential six-week delay to close this combination. Plus, whether the redemptions will happen in 2022 or would happen concurrently with the closing in 2023, which would subject it to the 1% excise tax.
Upon closing, the combined company will operate as Alvarium Tiedemann Holdings and its common stock and warrants are expected to be listed on Nasdaq under the ticker symbols “GLBL” and “GLBLW”, respectively.
The parties initially announced their $1 billion combination on September 20, 2021. The two firms serve as alternative asset managers to clients on four continents and are expected to have about $60 billion in assets under management by the end of 2021.
ADVISORS
- Piper Sandler & Co. is serving as financial advisor to the Tiedemann Group.
- Seward & Kissel LLP is serving as legal counsel to the Tiedemann Group.
- The Asset & Wealth Management Investment Banking Group of Raymond James & Associates, Inc. and Spencer House Partners LLP are serving as financial advisors to Alvarium.
- Goodwin Procter LLP is serving as legal counsel to Alvarium.
- Cantor Fitzgerald & Co. is serving as capital markets advisor to Cartesian Growth Corporation.
- BofA Securities is serving as financial advisor and capital markets advisor to Cartesian.
- Greenberg Traurig, LLP is serving as legal counsel to Cartesian.
Columbus Circle I (NASDAQ:CCCMU) has filed for a $200 million SPAC to serve as an in-house SPAC led by underwriter Cohen & Company. The new SPAC is to have 24 months on its initial clock with a 1/2 warrant in each unit and will not over-fund its trust, instead including $10.00 per unit in the account...
At the SPAC of Dawn This week is set to be busy for SPACs at both ends of their processes as four SPACs are seeking to price their IPOs in the first two days of the week while six SPACs that are already trading have scheduled votes clustered on Wednesday and Friday. Distoken (NASDAQ:DIST) and...
Terms Tracker for the Week Ending April 25, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Everybody’s back in the pool. Two more SPACs filed this week while four others priced their IPOs. Additionally five SPACs announced their combinations, breaking the...
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...