Morning Roundup: December 4, 2023
by Nicholas Alan Clayton on 2023-12-04 at 7:52am

At the SPAC of Dawn

Although cryptocurrencies and SPACs are not directly related in any way beyond the 11 announced and completed deals in the space, the two have coincidentally seen their stars rise and fall virtually in concert over the past few years.

It may be encouraging therefore that Bitcoin briefly crossed above $42,000 over the weekend and still sits at its highest price in nearly two years. That’s a good omen for the four SPACs currently working to close crypto combinations – Global Blockchain (NASDAQ:GBBK), Arisz (NASDAQ:ARIZ), Thunder Bridge IV (NASDAQ:THCP) and Adit EdTech (NYSE:ADEX).

But it’s perhaps better for the two still searching in that domain and those seeking a combination in a growth sector more broadly. Regardless of how well earned SPAC’s reputation for risk is, an increase in risk appetite in the market is a good indicator for SPACs in 2024 if not before.


Deals and Funding


Non-Redemption Agreements

  • Pearl Holdings (NASDAQ:PRLH) and its sponsor intend to enter into customary non-redemption agreements with certain existing shareholders with respect to up to 2,500,000 Class A Ordinary Shares. In addition, the sponsor intends to convert an aggregate of 2,500,000 of its Class B ordinary shares into Class A Ordinary Shares.
  • Dune Acquisition Corporation (NASDAQ:DUNE) has signed on to a forward-purchase agreement with Meteora Capital Partners covering up to 950,000 shares. Meteora will be prepaid for such purchases and will receive up to 80,000 additional shares. It updated that it has about $11.9 million in its trust as of December 1.
  • Clean Earth (NASDAQ:CLIN) has signed a forward purchase agreement (FPA) with Meteora Capital Partners covering up to 2,796,554 Class A ordinary shares. The FPA provides for a prepayment shortfall in an amount equal to $1 million. Clean Earth shareholders are set to vote on its business combination with Alternus Energy Group in a meeting today at 10:00 a.m. ET.

Subscription Agreements

  • SportsMap Tech (NASDAQ:SMAP) entered into a subscription agreement with various investors, pursuant to which it will issue and sell an aggregate of $6.805 million in convertible promissory notes. Of the $6.805 million in notes, $1.48 million will be issued in exchange for cancellation of an equal amount of existing SportsMap promissory notes, $1 million will be rolled over from an existing ICI Convertible Note, and $4.3 million will be cash proceeds to the company.

Scheduling Notes

  • Dune also reconvened and then further adjourned, without conducting any other business, the special meeting relating to its previously announced proposed business combination with Global Hydrogen Energy. The meeting has been further adjourned until December 4 at 10:00 a.m., New York City time.

 

Recent Posts
by Nicholas Alan Clayton on 2025-01-14 at 8:45pm

Ribbon Acquisition Corp. (NASDAQ:RIBBU) announced the pricing of its $50 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RIBBU”, Wednesday, January 15, 2025. The new SPAC intends to take a generalist approach in searching for a business combination, but will not consider targets located in China. Ribbon’s...

by Nicholas Alan Clayton on 2025-01-14 at 6:36pm

Plum Acquisition Corp. IV (NASDAQ:PLMKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PLMKU”, Wednesday, January 15, 2025. The new SPAC intends to take a broad approach in searching for a business combination that leverages its team’s global network of contacts....

by Nicholas Alan Clayton on 2025-01-14 at 8:10am

At the SPAC of Dawn  It has clearly taken some time for SPACs to break out from their niche, but SPACs and de-SPACs are suddenly everywhere in current events. As the Russian invasion of Ukraine drags on, one of the most prolific SPAC teams has stepped forward with a letter of intent to take Ukraine’s...

by Nicholas Alan Clayton on 2025-01-13 at 4:07pm

Live Oak Acquisition Corp. V (NASDAQ:LOKVU) has filed for a $200 million IPO that brings another serial SPAC team back to the mix for a generalist search but with a pair of technology deals already in their pocket. The new S-1 also puts Santander on the board for the 2025 SPAC market after it made...

by Nicholas Alan Clayton on 2025-01-13 at 1:40pm

CH4 Natural Solutions (NYSE:MTNE.U) has filed for a $250 million SPAC to bring both the Riverstone sponsor team and underwriter Citigroup back to the market for 2025. The team secured notably sponsor-friendly terms for the vehicle and will not overfund its trust. In fact, along with fellow Friday filer Live Oak V (NASDAQ:LOKVU), these two...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved