The Morning Update with the Weekly Review 🔒

SPAC Market Snapshot

Activity last Week (Aug 7-Aug 11):

Deals

• 6 mergers announced:

  • $ARTE & Danam Health

  • $VCXB & Addimune

  • $MAQC & Immersed

  • $BWAQ & Vietnam Sunergy Cell Company

  • $MCAA & Barça Media

  • $IVCP & HDL Therapeutics

• 2 completions:

  • MTAC & TriSalus Life Sciences [$TLSI]

  • OXAC & Jet.AI [$JTAI]

• 4 terminations

  • $GFX & MNG Airlines (GFX will liquidate)

  • $MACA & Holisto

  • $INAQ & Avila Energy (official termination report)

  • $APNC & GIO World Health (APNC will liquidate)

IPOs and New S-1s

• No new IPOs or S-1 filings.

Liquidations

• 1 SPAC delisted following liquidation announcements and 3 intentions to liquidate were announced last week.

• 140 SPACs liquidated YTD in 2023 and another 5 have announced they intend to liquidate.

Current Stats:

See the full live stats page here.

SPAC Trading Stats (prev. session)

The Deals

1) Mountain & Co. I [$MCAA] & Barça Media (FC Barcelona unit)

• Valuation: $973M Pro-forma enterprise value

• Press Release

• Investor Presentation

2) Swiftmerge [$IVCP] & HDL Therapeutics

• Valuation: $400M Pre-money equity value

• Additional Financing: Seeking $80M PIPE raise

• Press Release

SPAC Updates

Liquidations / Terminations

• Conyers Park III (CPAA) was delisted following its liquidation announcement.

• Apeiron Capital Investment [$APNC] terminated the merger agreement with GIO World Health and will liquidate effective Aug 14. Redemption price TBA. (PR)

• Insight [$INAQ] reported that the merger with Avila Energy is officially terminated (Avila issued a PR advising of INAQ's notice of termination back in late June). Avila will partially reimburse INAQ's expenses in the amount of $300,000. (SF)

Merger Votes / Completions

• Black Spade [$BSAQ] & VinFast reported redemption results from the merger vote: ~52% of the public SPAC shares were redeemed, leaving ~$13.7M / 1,308,900 shares, prior to any possible reversals. Closing is expected on Aug 14 with the combined company trading on the Nasdaq under the new ticker, VFS, on Aug 15. (SF)

• Aurora [$AURC] & Better: AURC shareholders approved the merger. Closing is expected to be on Aug 22 with the combined company renamed to Better Home & Finance Holding Company. The ticker will change to BETR upon closing. (PR)

• Murphy Canyon [$MURF] & Conduit Pharmaceuticals set the merger vote for Sep 7. (SF)

Deal Updates

• TG Venture [$TGVC] & The Flexi Group amended the merger agreement to revise the earnout periods. (SF)

• TLGY [$TLGY] & Verde Bioresins filed administrative amendments to the merger agreement. (SF)

• Redwoods [$RWOD] & ANEW MEDICAL (OTC: LEAS) filed an investor presentation for the deal. (SF)

• Bannix [$BNIX] reported a patent purchase agreement with GBT Technologies, in connection with its proposed merger agreement with EVIE Autonomous (currently LOI stage), that would close concurrently with the closing of the merger. (SF)

• Healthwell I [$HWEL] & Starton Therapeutics entered into an amendment to the merger agreement. (SF)

Extensions

Approvals:

• byNordic [$BYNO]: up to Aug 2024. ~79% of the public SPAC shares were redeemed. Remaining in trust: ~$38.1M / 3,586,272 shares. (SF)

• Sizzle [$SZZL]: to Feb 2024. ~30% of the public SPAC shares were redeemed. Remaining in trust: ~$33.5M / 3,086,053 shares. (SF)

• Integrated Rail and Resources [$IRRX]: up to Feb 2024. ~53% of the public SPAC shares were redeemed. Remaining in trust: ~$70.3M / 6,489,246 shares. (SF)

• Data Knights [$DKDCA]: up to May 2024. ~37% of the public SPAC shares were redeemed. Remaining in trust: ~$19.0M / 1,712,698 shares. (SF)

• Plutonian [$PLTN]: up to Aug 2024. ~43% of the public SPAC shares were redeemed. Remaining in trust: ~$34.2M / 3,262,910 shares. (SF)

• Investcorp India [$IVCA]: up to Aug 2024. ~62% of the public SPAC shares were redeemed. Remaining in trust: ~$104.6M / 9,789,446 shares. (SF)

• Bite [$BITE]: up to Feb 2024. ~4% of the public SPAC shares were redeemed. Remaining in trust: ~$29.8M / 2,878,178 shares. (SF)

Other SPAC Updates

• TKB Critical Technologies 1 [$USCT] filed a preliminary proxy for a proposal to change the company name to Roth CH Acquisition Co., reflecting the new sponsor group. (SF)

• Fintech Ecosystem Development [$FEXD] received a listing warning for non-compliance of the minimum 400 total holder requirement. (SF)

Key Filings

Extensions:

• Definitive Proxies: Genesis Growth Tech [$GGAA] (DEF)

• Prelim. Proxies: CF VIII [$CFFE] (PRE), Plum I [$PLMI] (PRE), Iris [$IRAA] (PRE), Insight [$INAQ] (PRE)

S-4 Filings*:

• Initial S-4s: HCM [$HCMA] & Murano PV (F-4)

• Amended S-4s: InFinT [$IFIN] & Seamless Group (S-4/A), OmniLit [$OLIT] & Syntec Optics (S-4/A), 10X Capital Venture II [$VCXA] & African Agriculture (S-4/A), Chavant Capital [$CLAY] & Mobix Labs (S-4/A), M3-Brigade III [$MBSC] & Greenfire Resources (F-4/A), Mercato Partners [$MPRA] & Nuvini Group (F-4/A), Armada I [$AACI] & Rezolve (F-4/A)

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

Key Event Calendar:

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

Thanks for reading,

The team at SPAC Track (spactrack.io)

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