First Reserve (NASDAQ:FRSG) announced this morning that it has mutually terminated its combination with EV-charging platform EO, citing “market conditions.”
Neither party appears to have been required to pay a break up fee, but they passed the deal’s extended outside date on March 11 without a completion at hand. EO CEO Charlie Jardine said in the press release that the SPAC route was “No longer in the best interests of the business.”
First Reserve’s management said that the market’s turn against “high-growth companies” made the environment particularly challenging. Yesterday’s news of federal rate hikes does not appear to have helped put the deal back on the path.
The SPAC still has plenty of time to complete a deal with First Reserve’s transaction deadline coming on March 8, 2023. It initially IPO’d on that date in 2021 with a focus on combining with an EV company, but the market environment of today may direct it to look further afield.
Rithm Acquisition Corp. (NYSE:RAC.U) has filed for a $200 million SPAC with a loaded room of underwriters to hunt down a target in financial services or real estate. The Rithm team has driven aggressive terms for the sponsor’s first SPAC with the help of a deep-pocketed backer and the trio of Citigroup, BTIG and USB...
At the SPAC of Dawn With the North American tariff threats set aside for now, there’s still plenty of momentum for the sorts of investments that might be able to dodge such trade disputes, or become more valuable should trade barriers arise. Among the clearest examples of these are producers of critical materials like rare...
In January 2025, SPAC teams continued extending beyond their third round, with one SPAC notably reaching its seventh extension vote as they searched for suitable deals. The month saw five announcements, marking the highest level in recent months, while only four SPACs held completion votes. Extension Votes In January, 14 extension votes were scheduled, representing...
At the SPAC of Dawn February is set to start with the jolt of a new potential trade war in North America. While some observers had expected tough trade action on China, the incoming administration’s decision to begin with 25% tariffs on the US’ biggest trading partners and neighbors, Mexico and Canada, and tariffs of...
Terms Tracker for the Week Ending January 31, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw three new SPAC IPOs price, bringing the January and year-to-date IPO count to eight and underlining an active start to 2025....