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Eyes on Hyzon
Turbulence at a fuel cell truck maker and back-to-back IPO days in this edition of the Morning Update, the pre-market recap for SPAC Track Pro subscribers.
Good Morning,
Are SPAC IPOs back? For EF Hutton they are!
The last 2 SPACs to file registration statements and the latest 2 SPACs to IPO count EF Hutton as underwriter.
Also, things are going downhill for a hydrogen fuel cell truck company that doesn’t end in ‘kola’: Hyzon Motors stock dropped 36% after hours yesterday. More below.
Previous Session Stats
Gainers & Losers
Volume Leaders
News & De-SPAC Updates
Hyzon Motors [$HYZN] reported yesterday that the information on its latest 10-K and 10-Q should no longer be relied upon due to issues regarding “revenue recognition timing and internal controls and procedures, primarily pertaining to its China operations”.
In addition, Hyzon reported “operational inefficiencies” in its Europe operation (a joint venture with Holthausen) “which will have a material adverse effect on the Company’s ability to produce and sell vehicles”. Hyzon will be restructuring its European operation and a “board-appointed special committee, working with external advisors” will investigate the financial reporting issues as well as “other governance and compliance issues” (SF)
In January, Hyzon disclosed it received a subpoena from the SEC in relation to Orca Capital’s (a short-seller firm) report from September alleging that some Hyzon vehicle orders were phony. In April, Hyzon announced that it was replacing its CFO effective immediately.
The Deals
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SPAC Updates
Merger Votes / Completions
Deal Updates
Founder SPAC [$FOUN] announced an up to $150M FPA with ACM ARRT in connection with its merger with Rubicon Technologies. The merger was approved on Tuesday, with no word on redemptions or completion date (PR)
Aries I’ [$RAM] merger partner, Infinite Assets (to be renamed InfiniteWorld upon closing), acquired Super Bit Machine, “an independent gaming studio and Armajet developer” (PR)
Extensions
Kensington V’s [$KCGI] sponsor purchased 3.68M warrants at $0.75 each for a total of $2.76M and deposited the funds in the trust account, extending its deadline by 6 months to Feb 17th, 2023 (SF)
More
Departures: Anzu I [$ANZU] reported that its Chairman, CFO, General Counsel, and another member of its Board have resigned, and unlike the typical “the resignation was not due to any disagreement with the company” statement, we have some meat:
IPOs
Pono Capital Two [$PTWO-U]
$100M, 1 Warrant
UW: EF Hutton
Registrations
New S-1s
No new S-1s
Registration Withdrawals
Cedarlake Acquisition Corp. (CEDA)
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Key Filings
SPAC S-4 Activity
Effective:
Riverview [$RVAC] & Westrock Coffee
*Latest S-4 filings are found in the “Deal Details” view under the column “S-4 Link”
De-SPAC/ Post-Merger S-1s
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*including PIPE resale registrations where applicable — latest post-merger S-1 filings are found in the “De-SPAC" view under the column “Post-Close S-1”
Upcoming Dates:
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SPAC Track Pro:
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Thanks for reading,
The team at SPAC Track (spactrack.io)