Wednesday evening, we had a new SPAC IPO filing in the form of the $225 million Tortoise Acquisition Corp. Tortoise is being led by Vincent Cubbage, as CEO, President and Chairman of the Board of Directors. ...READ MORE
MNCLU Expected to Price Tonight for Trading Tomorrow
Wealthbridge, which intends to focus on businesses in and around the air transportation and aviation industry in China, is being led by Yongsheng Liu, as Chairman and CEO. ...READ MORE
GTY Technology (GTYH), which has been pumping out 8-Ks at a furious pace lately, released another 8-K this morning announcing they have entered into an agreement to negotiate a strategic partnership with a global payment processing company 45 days from the closing of their business combination. ...READ MORE
Three quick news items to start the week:
Sentinel Energy Services (STNL)
Pensare Acquisition Corp. (WRLS), announced this morning that they have entered into a definitive agreement to combine with TPx Communications, a provider of Unified Communications and cloud-focused Managed IT Services.
The transaction implies a combined company enterprise value of approximately $1.1 billion and a multiple of approximately 8.0x expected 2019 adjusted EBITDA. ...READ MORE
Gores Metropoulos, Inc. (GMHIU), announced the pricing of their $375 million SPAC IPO this afternoon and the units are expected to begin trading tomorrow, February 1st, under the symbol Nasdaq: GMHIU. ...READ MORE
DiamondPeak Holdings Corp.
DiamondPeak Holdings Corp., re-filed their S-1 early this afternoon and just like Monocle, they added back their delaying amendment. By putting the delaying amendment back on, the SEC now declares the registration effective rather than just waiting out the 20 days the way you would with no delaying amendment. ...READ MORE
Pivotal, which intends to focus on companies in North America that are ripe for disruption from digital technology, is being led by Jonathan Ledecky, as Chairman and CEO. ...READ MORE
Pivotal Acquisition Corp. (PVT.U), is now expected to price their $200 million SPAC tonight, rather than tomorrow, January 31st. The delaying amendments have created all sorts of confusion regarding getting effective in 20 days, but it turns out that it’s NOT 20 days starting the day after you file, but rather, you need to include the actual day you file without the delaying amendment. ...READ MORE
Monocle Acquisition Corporation (MNCL), re-filed their S-1 this morning and while there were no changes to the terms, they did remove the language indicating that the registration statement would become effective automatically in 20 days. ...READ MORE
Andina Acquisition Corp. III (ANDAU), the $100 million SPAC focusing on companies in the Americas, announced the pricing of their IPO Monday evening, while also gaining the title of the first SPAC (and IPO) of 2019. ...READ MORE
Modern Media Acquisition Corp. (MMDM), announced early this afternoon that they have signed a definitive merger agreement to combine with Akazoo Ltd, a global digital music streaming platform based in the United Kingdom. ...READ MORE
Andina Acquisition Corp. III (ANDAU), which filed their last registration amendment on January 4th, with an anticipated pricing date of January 24th (20 days later), is now rumored to be pricing on Monday, January 28th, instead. ...READ MORE
Monocle Acquisition Corporation (MNCL), re-filed their S-1 this afternoon, however, there were no changes to their terms. The new fIling appears to be for the purposes of re-starting the 20-day clock since, once again, the delaying amendment has been removed. ...READ MORE
To quote Fleetwood Mac: “Thunder only happens when it’s raining.” So did they make it rain?
Thunder Bridge Acquisition Ltd. (TBRG), announced this morning that they have signed a definitive merger agreement with REPAY Holdings, for an implied enterprise value at closing of $653 million. ...READ MORE
This morning, DiamondPeak Holdings Corp. (DPHCU) filed for a $250 million SPAC IPO focused on the real estate sector. DiamondPeak will be led by David Hamamoto, the former founder of the Northstar Companies, which was sold to Colony Capital (NYSE: CLNY) in January of 2017. ...READ MORE
For lack of a better way to describe the SPACs we currently have on file to IPO, we’re going to call this group the “Government Shutdown SPACs.” This is due to the fact that six of the seven have had to remove their delaying amendments just so they can price in this crazy situation where the SEC has been furloughed indefinitely. ...READ MORE
Pensare Acquisition Corp. (WRLS), announced this evening that the company has agreed to contribute to its trust, $0.033 per month for each share that is not redeemed in connection with their stockholder vote to extend their completion deadline. ...READ MORE
This afternoon, RMG Acquisition Corp. (RMG.U), filed a new registration statement with both the removal of the delaying amendment and two Anchor Investors in the form of BlackRock, Inc. and Alta Investment Advisers LLC. ...READ MORE