The Morning Update with the Weekly Review

SPAC Market Snapshot

Activity last Week:

Deals

• 3 mergers announced: $AQU & Bestpath, $NOVV & Real Messenger, $DMAQ & TruGolf

• 2 completions: JMAC & Apollonomics [$APLM], DHHC & United Homes Group [$UHG]

• 1 termination: $REVE & Two Bit Circus (REVE announced liquidation)

IPOs and New S-1s

• 2 IPOs: $TBMC-U & $TMTC-U

• 1 new registration: AACT-U

Liquidations

• 5 SPACs liquidated (delisted ahead of liquidation) and 2 upcoming liquidations were announced last week

• 71 SPACs liquidated in 2023 and 3 are in the process of liquidating

Current Stats:

• Total SPACs Searching: 288

• Announced Deals: 153

• Liquidating: 3

• Total Active SPACs: 444

SPAC Trading Stats (prev. session)

News & De-SPAC Updates

• Shell USA completed its all-cash acquisition of Volta (VLTA: 2021 De-SPAC), which valued the company at $169M. (PR)

• GreenLight Biosciences [$GRNA: 2022 De-SPAC] announced it received a non-binding all-cash offer from Fall Line Endurance Fund to acquire the company for $0.60 per share. The company is reviewing the offer. (PR)

• Barry Sternlicht resigns from the board of Cano Health [$CANO 2021 De-SPAC] and issues a resignation letter as a press release outlining his fundamental disagreements with management and his belief that the CEO, Marlow Hernandez, should be ousted. Sternlicht highlighted the transaction with MSP Recovery [$LIFW: 2022 De-SPAC] as his prime example of what he considers poor governance at the company. (PR)

• Porter Stansberry, the controversial founder of MarketWise [$MKTW: 2021 De-SPAC], who has been vocal in his opposition to the company’s management and board of directors, posts a Twitter thread lambasting the management and the SPAC transaction.

• Parsec Capital (PCX) announced a merger with Enteractive Media last October and then liquidated its trust in December after not paying to extend. Parsec now reports it completed the merger with Enteractive. (SF)

• United Homes Group [$UHG: 2023 De-SPAC] reported that it was waiving the lock-up restriction in connection with the lockup shares the company sold just prior to the close of the merger with DiamondHead. (SF)

• Alliance Entertainment [$ADRA: 2023 De-SPAC] Hit With Investor Lawsuit Over SPAC Deal (BB Law)

• Boxed [$BOXD: 2021 De-SPAC] files for Chapter 11 bankruptcy. The company will wind down its retail ops in the coming weeks and plans to sell "Spresso", its SaaS segment, to first-lien lenders. A few weeks ago Boxed advised that it held a majority of its cash and other liquid assets in Silicon Valley Bank. (RTS)

• Ensysce Biosciences [$ENSC: 2021 De-SPAC] completed a 1-for-12 reverse stock split (its second). In October of last year it completed a 1-for-20 reverse stock split. (SF)

The Deals

Announced late Friday night:

1) Deep Medicine [$DMAQ] & TruGolf

• Valuation: $134.1 Pro-forma equity value

• Press Release

SPAC Updates

Liquidations / Terminations

• Aries I Acquisition Corp. (RAM) was delisted for liquidation.

Deal Updates

• Aspiration & InterPrivate III [$IPVF] extended the outside date to May 1. Aspiration filed a WARN notice with the State of Oregon, notifying the state it intends to lay off 180 people by June 1. Aspiration has pivoted from an environmentally-friendly neobank to selling carbon credits to businesses, per a TechCrunch source.

• dMY Technology Group VI [$DMYS] & Rain Enhancement Technologies (Rainwater Tech) enter into an FPA with Meteora for up to 6M shares, in which Meteora will purchase the shares in the open market and waive redemption rights. The arrangement details here: SF

Extensions

• Arogo Capital [$AOGO] Extension Funded: deposited $0.0378 per public share into trust to extend its deadline by 1 month and corrected its previous press release noting the contribution to trust was $0.0345 per public share. (SF)

• Hawks [$HWKZ] Extension Update: reports it will not make any permitted working capital withdrawals (permitted to withdraw $1M per year) from the trust account after the extension vote. Any withdrawals will occur prior to the redemption in connection with the upcoming extension. Additionally, HWKZ clarified that the trust funds will not be used to cover excise tax liabilities. (SF)

• Worldwide Webb [$WWAC] Extension Update: entered into non-redemption agreements for 4,935,000 public shares in exchange for 987,000 sponsor shares. (SF)

• Sagaliam [$SAGA] Extension Update: intends to deposit $57,380 into trust to extend by one month to April 23. (SF)

• Home Plate [$HPLT] Extension Approved: to Oct 4. Shareholders redeemed 17,727,065 shares or an estimated ~89% of the public SPAC shares, leaving 2,272,935 public SPAC shares outstanding. (SF)

Other SPAC Updates

• Iris [$IRAA] (SF), Belong [$BLNG] (SF), Alpha Healthcare III [$ALPA](SF), and SEP (fk/a Mercury Ecommerce MEAC) [$SEPA] (SF) received listing compliance warnings from Nasdaq.

• ClimateRock’s [$CLRC] sponsor converted 1,968,749 Class B shares into Class A shares. (SF)

• Sagaliam’s [$SAGA] sponsor group agreed to sell all of its membership interest in the sponsor to a new group, BN Holdings Trust. (SF)

• Enterprise 40 Technology [$ENTF] reported that all of its directors resigned. (SF)

• Hudson I [$HUDA] announced it has entered into a non-binding LOI, with a "pre-clinical-stage biotechnology company focused on developing intranasal preventives for major disease-causing respiratory viruses." (SF)

Key Filings

Extensions:

• ClimateRock [$CLRC] (PRE)

• Blue World [$BWAQ] (PRE)

• Tailwind International [$TWNI] (PRE)

• Crescera Capital [$CREC] (PRE)

• Swiftmerge [$IVCP] (PRE)

• HH&L [$HHLA] (PRE)

S-4 Filings*:

• ROC Energy [$ROC] & Drilling Tools International (S-4/A)

Post-Merger S-1 Filings**:

• Southland [$SLND] (S-1)

• Oculis [$OCS] (F-1)

• Lanvin Group [$LANV] (EFFECT)

*Latest S-4 filings are found in the “Deal Details” view under the column “S-4 Link”

**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”

Key Event Calendar:

See the full calendar with proxy links and in a sortable table form here.

Thanks for reading,

The team at SPAC Track (spactrack.io)

Abbreviations: DA: Definitive Agreement, MA: Merger Approved, PR: Press Release, SF: Company filing with the SEC, IP: Investor Presentation, Bloomberg: BB, Reuters: RTS, TechCrunch: TC, Business Insider: BI

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