The Morning Update with the Weekly Review

Good morning and welcome to 2023!

There will be some massive improvements coming to the platform over the coming months including expanded data coverage, better tools, and improved user experience.

Some of the updates deployed over the past couple of months include:

• Easier to navigate filters on the SPAC Screener

• New simplified lists to quickly access information as opposed to drilling down to the "views" within the more robust Screener tool:

  • Active SPACs List

  • Announced Deals List (for Pro users only)

  • Liquidations List (for Pro only)

Scheduled for the month (all for Pro users only):

• De-SPAC Screener

• Trust Values List

• Calendar table view

SPAC Market Snapshot

• We will issue an annual report in tomorrow's newsletter.

Current Stats:

• Total SPACs Searching: 379

• Announced Deals: 146

• Total Active SPACs: 532

Activity last Week:

Deals

• 1 Merger Announced

• 1 Merger Completed

• 2 Terminations

IPOs and New S-1s

• 1 IPO

• 0 New S-1s

Liquidations

• 16 Liquidated

• 4 Liquidations Announced

• 144 SPACs liquidated in 2022, with 7 in the process of liquidating in 2023

SPAC Trading Stats (prev. session)

News & De-SPAC Updates

• Revenue shortfall causes layoffs and delays at Satellogic [$SATL: 2022 De-SPAC] (SpaceNews)

The Deals

1) Monterey Capital [$MCAC] & ConnectM

• Valuation: $145M pre-money equity value

• Press Release

2) Nocturne [$MBTC] & Cognos Therapeutics

• Valuation: $120M enterprise value

• Press Release

SPAC Updates

Liquidations / Terminations

The Departed:

• Kairos (KAIR)

Liquidation Announcements:

• Marlin Technology [$FINM] will liquidate effective Jan 17 at a per share redemption price of appx. $10.14. The last trading day is expected to be Jan 13. (PR)

Terminations:

• Dune [$DUNE] & TradeZero mutually agreed to terminate their merger. Dune has until Dec 22 to complete a merger. "Pursuant to the Settlement Agreement, the Defendants will pay and/or cause to be paid by their insurers $5,000,000.00 to the Plaintiffs within 15 business days of the date of the Settlement Agreement." (More information: SF)

Merger Votes / Completions

Completions:

• LightJump (LJAQ) & Moolec Science [$MLEC] completed on Friday, Dec 30. The combined company is now trading under the new ticker, MLEC. (PR)

Vote Set:

• Decarbonization Plus IV [$DCRD] & Hammerhead Resources: Jan 23 (SF)

Deal Updates

• Pathfinder [$PFDR] & Movella filed a management presentation. (SF)

Extensions

Approvals:

• Evo [$EVOJ]: Feb 8 to Aug 8 (six 1-month extensions). Shareholders redeemed 11,538,407 shares or an estimated ~92% of the public SPAC shares. Following the redemption, appx. $9,702,853 remains in trust. (SF)

• Northern Star Investment II [$NSTB]: Jan 28 to July 28. Taking into account non-redemption agreements (in exchange for 363,848 sponsor shares), shareholders redeemed 37,926,283 shares or an estimated ~95% of the public SPAC shares. Following the redemption, an estimated ~$21M remains in trust. (SF)

• Pivotal Investment III [$PICC]: Feb 11 to Aug 11. Taking into account non-redemption agreements (in exchange for 409,051 sponsor shares), shareholders redeemed 25,577,957 shares or an estimated ~93% of the public SPAC shares. Following the redemption, an estimated ~$20M remains in trust. (SF)

Postponements and More:

• Western Acquisition Ventures [$WAVS] adjourned its meeting to Jan 6 due to insufficient shares voted to approve the extension. (SF)

• Osiris [$OSI] updated its redemption numbers from its extension vote to account for a "late redemption of 2,070,000 shares." The total number is now at 19,896,459 shares or an estimated ~86% of the public SPAC shares. Following the redemption, an estimated ~ $31M remains in trust. (SF)

More

• D and Z Media [$DNZ] reported that Betty Liu was appointed the new CFO, after the outbound CFO resigned. (SF)

Listings

IPOs

• AlphaTime Acquisition Corp [$ATMC-U]

  • $60M, 1 Warrant & 1 Right (1/10th of a share)

  • UW: Chardan

Registration Withdrawals

• Renewable Energy (REAI), Golden Ventures (GVAC), Artemis (ARAC), Singularity (n/a)

Key Filings

Extensions:

• Talon 1 [$TOAC] (PRE)

• Quantum FinTech [$QFTA] (PRE)

• Acri Capital [$ACAC] (PRE)

• Goal [$PUCK] (PRE)

• Seaport Calibre Materials [$SCMA] (PRE)

• BlueRiver [$BLUA] (PRE)

• AIB [$AIB] (DEF)

• OCA [$OCAX] (DEF)

• East Resources [$ERES] (DEF)

• Constellation I [$CSTA] (DEF)

S-4 Filings*:

• Roth CH IV [$ROCG] & Tigo Energy (S-4)

• Genesis Unicorn Capital [$GENQ] & Environmental Solutions Group (F-4)

*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 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

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.