The Morning Update (Aug 25, 2023) 🔒

SPAC Trading Stats (prev. session)

News & De-SPAC Updates

• Mortgage lender Better's [$BETR: Newly Minted De-SPAC] shares sink in grim Nasdaq debut (Reuters)

• Trump made his return to X (formerly Twitter) with his first post since January 2021, when he was banned by Twitter. Despite Elon's move to reinstate Trump's Twitter account last November, the former president had opted to withhold his posts from that platform. Instead, communicating via his self-established social media platform, Truth Social, which is owned by Trump Media & Technology ($DWAC’s merger partner). The first post:

• Clever Leaves [$CLVR: 2020 De-SPAC] which closed yesterday’s session at $0.18, effected a 1-for-30 reverse stock split and will start trading on the split-adjusted basis today. More on De-SPAC reverse splits:

SPAC Updates

Liquidations / Terminations

• Cascadia [$CCAI] will liquidate effective Aug 31 at an appx. redemption price of $12.34, per the press release. (SF)

Merger Votes / Completions

• Vahanna Tech Edge I [$VHNA] & Roadzen: announced that at least 12M shares were redeemed, thus VHNA will continue operating as a BVI company. (SF)

• Prime Number I [$PNAC] & Noco-Noco reported that the updated estimated redemption price per share is $10.6467, and after a late 10,000 share redemption was accepted (was due to some technical glitch, apparently), the total shares redeemed is now 2,703,111. This is before any potential additional reversals prior to closing. (SF)

• First Light Group [$FLAG] & Calidi Biotherapeutics adjourned the vote to Aug 28. (SF)

Deal Updates

• Edoc [$ADOC] & Australian Oilseeds Investments announced a potential $7M convert and warrant investment and plans for a $50M ELOC from Arena Investors. (PR)

Extensions

Upcoming Vote Updates:

• Clean Energy Special Situations [$SWSS] reported that the redemption price per share will be appx. $10.18, rather than the $10.36 previously reported, due to erroneously not taking taxes payable into account. Thus, SWSS adjourned the meeting to Aug 28 to allow for more time given the new information. (SF)

• Fusion II [$FSNB] announced it will adjourn its meeting from Aug 30 to Sep 1. (SF)

Approvals:

• Finserv II [$FSRX]: to Feb 2024. ~79% of the public SPAC shares were redeemed. Remaining in trust: ~$10.7M / 1,038,155 shares. (SF)

Other SPAC Updates

• Enphys [$NFYS] signed a non-binding LOI with a "leading and well established" Latin American biofuels company. (PR)

• Listing Warnings —

  • Ace Global Business Ltd [$ACBA] regained compliance with Nasdaq pursuant to the minimum public holders rule. (SF)

  • Nova Vision [$NOVV]: non-compliance with the 300 minimum public holder rule. (SF)

  • Fintech Ecosystem Development [$FEXD]: non-compliance with the $50M minimum market value rule. (SF)

  • Chavant Capital [$CLAY]: under 300 minimum public holder rule (SF)

  • Khosla Ventures [$KVSA]: under $35M minimum market value rule (SF)

  • Digital World [$DWAC]: failure to timely file its 10-Q. (SF)

  • Project Energy Reimagined [$PEGR]: failure to timely file its 10-Q. (SF)

Key Filings

Extensions:

• Insight [$INAQ] (DEF)

• Newbury Street [$NBST] (PRE), BYTE [$BYTS] (PRE)

S-4 Filings*:

• American Opportunity [$AMAO] & Royalty Management Corporation (S-4/A), Anzu Special I [$ANZU] & Envoy Medical Corporation (S-4/A), Perception Capital II [$PCCT] & Spectaire (S-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)

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. SPAC Track and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the SPAC Track website.