This afternoon, Jensyn Acquisition Corp. (JSYN), announced that they have closed their business combination with Peck Electric Co., a leading commercial solar engineering, procurement and construction (EPC) company. The combined company will be renamed named “The Peck Company Holdings, Inc.” (“Peck”), whose common stock is expected to be listed on The Nasdaq Capital Market under the symbol “PECK.”
Additionally, more than 87% of the issued and outstanding shares which voted were in favor of the business combination. However, as seems to be the current trend, no details were given as to how many shares redeemed or how many public shares remain. What we do know, is that since Jensyn had only approximately $6.2 million in trust ahead of the vote, this is sure to be another “low float” company post-vote (actually, it was low float going into the vote).
However, Jensyn’s SPAC unit did have Rights, and by now, you know what that means….get ready for some selling pressure. Nonetheless, this should not be another KERN situation (or PHUN, or ORGO, or HUNT…) all of which did not have Rights in their units.
Instead, PECK should trade more like RBZ and WINR, both of which did have Rights.
However, it should be noted that the Jensyn team never gave up. Their deal IPO’d back on March 2, 2016, over three years ago, and while they had multiple extensions (and redemptions) they actually managed to close a deal. Whether this deal “should” have closed is something else entirely, but their persistence is noted.
The transaction is expected to close on June 20, 2019.
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...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...