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The Weekly SPAC Review & Friday's Update
Recapping the SPAC action of the previous week + the detailed update from Friday's activity
Good morning!
I hope you all had an enjoyable (short) week and a restful weekend.
If you are receiving this newsletter for the first time, welcome! You will find the Weekly SPAC Review in the first section below followed by an update on Friday’s SPAC activity.
While Friday's update is included in this Weekly newsletter, other daily updates are covered in our SPAC Morning Update newsletter, which is sent to ListingTrack Pro users on the morning of each trading day.
Transition Reminder:
SPAC Track will soon be ListingTrack! Our users now enjoy an improved user experience and access to a significantly broader dataset covering initial public listings, including traditional IPOs, SPACs, spinoffs, direct listings, as well as pre-IPOs, at Listingtrack.io. This is all in addition to retaining all of the coverage provided by SPAC Track.
Starting on August 1, the Spactrack.io URL will re-route users to the revamped site at Listingtrack.io, and the new home for SPACs will be ListingTrack’s SPAC Hub.
Weekly SPAC Review (July 1st - 5th)
Headlines of the Week
De-SPAC M&A
Desktop Metal ($DM) announced it has agreed to be acquired by Nano Dimension for a price between $4.07 and $5.50 per share, amounting to a total consideration between $135M and $183M. The final price will depend on the transaction expenses and whether DM draws on a $20M loan facility from Nano.
Akili’s (AKLI) acquisition by Virtual Therapeutics closed for $0.434 in cash per share.
Other De-SPAC News
Shapeways ($SHPW) ceased operations and filed for Chapter 7 bankruptcy. Shapeways' assets will be liquidated.
Hagerty ($HGTY) completed its warrant exchange offer.
TriSalus Life Sciences ($TLSI) announced it completed its exchange offer, which resulted in 2,110,366 shares being issued in exchange for the tendered warrants.
SPAC Coverage*
The Canna-Global ($CNGL) fiasco has seemingly been resolved after Continental, the stock and transfer company, announced it would guarantee the full trust value for the 724k shares that were erroneously issued and allowed to be sold in the market. This is a huge win for investors affected and the SPAC market as a whole, as Continental's action reinforces the reliability of the SPAC trust as an inviolable safety floor.
Denali Capital ($DECA) entered into an LOI with Semnur Pharmaceuticals, a subsidiary of Scilex ($SCLX), which went public via SPAC in November 2022.
*Covering the notable activity not included in the section below
Key Weekly SPAC Activity
Deal Announcements/ Terminations/ Closings
See more: SPAC Deal Pipeline
1 Merger announced:
$AITR & American Metals (American Resources Corp. subsidiary)
1 Termination:
$COOL & Noventiq
1 Completion:
BWAQ & Toyo Global ($TOYO), -83% from IPO
Merger Votes
See more: Merger Votes Calendar
No Merger votes set
5 Deals in limbo (merger approved & pending closing):
$PEGR & Heramba Electric
$GGAAF & MindMaze IP
$PLMI & Veea
$CHAA & Crown LNG
$GPAC & Stardust Power
Extensions
See more: Extension Votes Calendar
Approvals:
$GODN: Feb 2025
$BUJA: June 2025
$THCP: Jan 2025
$WAVS: Oct 11
$WTMA: Jun 2025
$PFTA: Apr 2025
Votes set:
$BHAC, $AVHI, $ASCB, $CLOE, $BYNO
IPOs and New S-1s
See more: IPO Calendar & Pre-IPO Dataset
1 new IPO:
Eureka ($EURK-U)
No new registrations
Liquidations
See more: Liquidations Dataset
No new liquidation announcements.
27 SPACs have liquidated in 2024.
Current Stats:
See more: SPAC Stats
Friday’s SPAC Update
The section below is the format for the SPAC Morning Update newsletter sent to ListingTrack Pro subscribers on the morning of each trading day. You can sign up for ListingTrack Pro here.
SPAC & De-SPAC Daily Trading (prev. session)
SPAC Gainers & Losers
Ticker | DA Target | Price | Daily % Chg. |
---|---|---|---|
$13.35 | 9.07% | ||
Abpro Corporation | $12.39 | 5.00% | |
Stardust Power | $11.68 | 4.66% | |
Crown LNG | $9.06 | 3.78% | |
Gresham Worldwide | $17.03 | 2.59% | |
ConnectM | $11.21 | -0.80% | |
$11.06 | -2.12% | ||
Veea | $9.85 | -5.29% | |
Heramba Electric | $9.86 | -7.50% | |
MKD Technology | $9.00 | -16.12% |
SPAC Volume Leaders
De-SPAC Gainers & Losers
Ticker | IPO Return | Price | Daily % Chg. |
---|---|---|---|
-52% | $4.84 | 125.12% | |
-98% | $4.07 | 49.63% | |
-99% | $0.40 | 28.96% | |
-85% | $1.50 | -17.58% | |
-16% | $8.43 | -18.47% | |
-99% | $0.21 | -21.61% |
De-SPACs listed from 2019- in descending order with the 3 Gainers followed by the 3 Losers
News & De-SPAC Updates
Calidi Biotherapeutics ($CLDI) will implement a 1-for-10 reverse stock split that will be effective ahead of trading on July 15. — PR
SPAC Updates
Extensions
Welsbach Technology Metals ($WTMA) was approved to extend up to Jun 2025. ~50% of the public SPAC shares were redeemed. Remaining in trust: ~$12.1M / 1,082,789 shares. — SF
Perception III ($PFTA) was approved to extend up to Apr 2025. ~59% of the public SPAC shares were redeemed. Remaining in trust: ~$17.7M / 1,622,500 shares. — SF
Listings
Listing Warnings / Transfers:
Canna-Global ($CNGL) reported that it won't appeal Nasdaq's delisting determination. It expects to trade OTC, but no guarantee that it will be traded. CNGL has a deadline of Dec 2. — SF
Coliseum’s ($MITA) stock was suspended by Nasdaq on Friday due to failure to appeal the delisting determination. MITA submitted an appeal and expects trading to resume today, Monday, July 8. — SF
Roth CH V ($ROCL) was granted continued listing until Nov 11. — SF
Zalatoris II ($ZLS) was granted continued listing until July 31. — SF
Key Filings
Extensions:
S-4 Filings*:
Post-Merger S-1 Filings**:
Nature’s Miracle ($NMHI) — S-1/A
*The latest S-4 filings can be found in the Announced Mergers dataset.
**Includes PIPE resale registrations where applicable — the latest post-merger S-1 filings can be found in the De-SPAC Screener in the column group “De-SPAC Profile”.
Thanks for reading,
The team at ListingTrack (listingtrack.io)
Abbreviations: BC: Business Combination, BCA: Business Combination Agreement, DA: Definitive Agreement, PR: Press Release, SF: Company SEC filing
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. ListingTrack, SPAC Track, and the 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 ListingTrack or SPAC Track websites.