At the SPAC of Dawn
The first trading day of the year kicks off with five extension votes, which is fitting because that is likely to be a theme throughout early 2024.
As noted in SPACInsider‘s Full Year 2023 SPAC Review, 22 SPACs are currently heading into their maximum deadline this month and will either need shareholder consent for an extension or will liquidate. This big tally in January is but a prelude to February and March where the number of SPACs staring down a deadline within the month is set to balloon to 38 and 33, respectively.
But, on a whole, SPACs are ushering in a new year that has a lot more optimism in the air than existed for the asset class in January 2023. The SPAC cycle has also already put a large amount of the bloodletting behind it with 193 liquidations in 2023.
The active SPAC market is still plump coming around the bend from the holidays, however, with 268 SPACs in the Searching and Announced categories to start the year.
Deals and Funding
- Twelve Seas Investment Company II (NASDAQ:TWLV) has signed a definitive agreement to combine with aquatic entertainment firm Crystal Lagoons for $350 million in share compensation.
News and Rumors
- PR: EV maker VinFast (NASDAQ:VFS) opened its first five dealerships in four US states, which it aims to expand to 125 points of sale across the country. It combined with Black Spade in August 2023.
- C21Media: Lionsgate (NYSE:LGF) has completed its $375 million acquisition of film studio eOne, which will form a part of its Lionsgate Studios branch. It announced it would spin off Lionsgate Studios in a combination with Screaming Eagle (NASDAQ:SCRM) on December 22.
- SCMP: The Hong Kong stock exchange is facing calls to further ease its SPAC listing requirements after no new SPACs were listed on the HKEX in 2023.
Scheduling Notes
-
Revelstone Capital (NASDAQ:RCAC) adjourned its completion vote with private aviation firm Set Jet until 1 pm ET, January 5.
- Denali Capital (NASDAQ:NECA) has postponed its completion vote with Longevity Biomedical to 9 am ET January 9, from January 4.
Few corners of the market have seen a bigger boost from the result of the US elections than the crypto industry, and SPACs are always sure to be drawn to where the action is. But, in crypto’s case, this is a play that SPACs have been involved in before, so the question is more of...
At the SPAC of Dawn As more information continues to trickle out about what investors should expect from the Trump 2.0 tax changes, it has become increasingly clear that the $7,500 EV tax credit is on the outs. Such a change could shift the strategies for many EV de-SPACs and prospective SPAC targets in the...
Horizon Space Acquisition II Corp. (NASDAQ:HSPTU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HSPTU”, Friday, November 15, 2024. The new SPAC intends to make a broad search for a target with a strong management team and long-term revenue visibility. Horizon...
At the SPAC of Dawn The US is set to get its first jobs report of the post-election period as well as the producer price index (PPI) for several baskets of products. Traders will be waiting to see if the PPI reflects the same unexpected bump in inflation recorded in the last consumer price index...
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...