Regalwood Global Energy Ltd. (RWGE), announced this afternoon that it will be redeeming all of its outstanding Class A ordinary shares, effective as of December 16, 2019. Net of taxes and dissolution expenses, the per-share redemption price for the public shares is expected to be approximately $10.37.
The Company anticipates that the Class A Shares will cease trading as of the open of business on December 16, 2019, and the Class A Shares will be deemed cancelled and will represent only the right to receive the Redemption Amount.
Regalwood, which raised $300 million at their IPO on November 30, 2017, is the fourth SPAC to liquidate this year and the third energy-focused SPAC to do so, following Vantage Energy ($552 million) and Sentinel Energy ($345 million). That’s nearly $1.2 billion in failed energy deals alone. Saban Capital is the fourth 2019 liquidated SPAC at $250 million.
It’s been a tough year for the energy sector in general, SPACs or otherwise, but it’s a disappointing announcement nonetheless. We still have four more SPACs with an energy-focus searching for targets – HL Acquisitions (HCCH), Trident (TDAC), Tortoise (SHLL) and the recent Alussa Energy (ALUS) – so let’s see if they can change things around.
Terms Tracker for the Week Ending January 17, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We may be heading into a Polar Vortex, but SPACs managed to generate some heat this week with three more IPOs. For those keeping count,...
Giving internet users a place to chat or post pictures of their lunch has never been an especially profitable endeavor until social media platforms gain the scale to leverage user data en masse like Meta (NASDAQ:META). But, the addition of retail investor appetites to the equation has suddenly turned even smaller platforms into a tantalizing...
At the SPAC of Dawn This week comes to a close with the debut of the year’s fourth SPAC IPO as Hennessy Capital Investment Corp. VII (NASDAQ:HVIIU) priced last night. This brings the month’s total IPO proceeds to $597.5 million, which is already a drastic year-on-year improvement from January 2023, which saw just $144 million...
Hennessy Capital Investment Corp. VII (NASDAQ:HVIIU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “HVIIU”, Friday, January 17, 2025. The new SPAC intends to seek out a business combination with a company in the industrial technology and energy transition sectors. Hennessy...
Equites and crytpo trading platform eToro has reportedly filed for a traditional IPO two-and-half years after nixing its SPAC combination and its renewed thrust to the public markets could provide a useful demonstration of where things sit for SPACs in 2025. For one, eToro is reportedly making its IPO move at a valuation of $5...