The Nightcap

Navitas Semiconductor, a maker of power chips, has agreed to go public through a merger with Live Oak Acquisition Corp. II, a blank-check firm, according to a person with knowledge of the matter.

The transaction, which could be announced as soon as this week, is set to value the combined entity at about $1 billion, said the person. That includes a so-called private investment in public equity, or PIPE, of about $145 million, the person said.

Alto Pharmacy, a startup that specializes in same-day delivery of prescription medications, is in talks to go public via a blank-check firm affiliated with Alec Gores, according to people with knowledge of the matter.

A deal between Alto and Gores Technology Partners II Inc., featuring a so-called private investment in public equity, or PIPE, is set to value the combined entity at around $2.3 billion, one of the people said. A transaction hasn’t been finalized and it’s possible talks could collapse, but if one is reached, it could be announced in the coming weeks.

Most SPAC defendants facing these disclosure demands, according to these lawyers, decide it's less expensive to issue additional disclosures and pay mootness fees than to litigate the breach-of-duty suits. In effect, they said, defendants are willing to pay a nuisance fee to shareholder firms to keep their deals on track.

“This is going to be another deal tax for a while,” one of the defense lawyers said.

Stable Road had not received the vote of the holders of at least 65% of all outstanding shares of stock as of the record date in favor of the Extension Amendment Proposal, which is the threshold needed to approve that proposal. As a result, Stable Road believes adjourning the Special Meeting until May 13, 2021 is in the best interest of its stockholders to provide additional time for stockholders to vote to approve the Extension Amendment Proposal.