Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (June 9, 2022)
The Stats:
Pre-Market Movers*:
Active Moves (1%+): TCAC -1.1%, VGII -2.3%
Some De-SPAC Moves (5%+): VLN +14.6%, WEJO +11.6%, ZGN +9.7%, VIEW -7.5%, FRGE -18%, SYM -18.6%
*at time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
No new deals
News:
Asti associate EoCell in talks for potential SPAC combination (Business Times)
Lithium-Ion battery manufacturer EoCell, an associate of Asti Holdings, has entered into a non-binding letter of intent with an unnamed publicly-traded special-purpose acquisition corporation (SPAC) for a potential combination.
If a definitive agreement is reached after negotiations, and the business combination is completed, it is expected that the SPAC will acquire EoCell by reverse triangular merger, or by a similar structure mutually agreed by the parties; the shareholders of EoCell will become shareholders of the SPAC, said Asti, a watch-listed semiconductor manufacturing services company, in an exchange filing on Wednesday (Jun 8).
“Shareholders and potential investors should note that there is no assurance that a definitive agreement will be entered into, or that the transaction will be completed if a definitive agreement is entered into,” the company said.
Asti, which has an indirect interest in EoCell, will accordingly have an indirect interest in the SPAC, if the transaction is completed.
Ex-Credit Suisse Boss Thiam Loses Pimco Backing for Fintech SPAC (Bloomberg)
Tidjane Thiam, the former chief executive officer of Credit Suisse Group AG, has lost the backing of fund management giant Pimco for his fintech SPAC.
Pimco, which was one of the financial backers behind the creation of Thiam’s Freedom Acquisition I Corp. (FACT), has agreed to sell its entire stake in the sponsor vehicle for the blank-check firm to an affiliate of China Bridge Capital, according to a filing Wednesday.
Jamie Weinstein, Pimco’s head of corporate special situations, has resigned from the board of the special purpose acquisition company effective June 6. China Bridge Capital founder Edward Zeng has been appointed as a director in his place, Freedom Acquisition said in the filing.
Grove Collaborative [merging with Virgin Group Acquisition Corp. II (VGII)] slashes long-term growth expectations as revenue drops (Retail Dive)
Updates:
Pimco, a sponsor of Freedom Acquisition I (FACT), which is led by the former CEO of Credit Suisse, Tidjane Thiam, "sold its entire interest in our sponsor to NextG Limited”
Altitude Acquisition Corp. (ALTU) announces non-redemption agreements with holders of 1.25M shares in exchange for $0.033 per share per month for the 4-month extension (funded by ALTU’s CEO, Gary Teplis)
ALTU also announced that is in talks with a "leading global travel technology business and intends to announce a definitive agreement for the transaction in the coming weeks"
Dynamics Special Purpose Corp. (DYNS) completes its merger with Senti Biosciences with the combined company set to trade as SNTI starting today
The transaction raised ~$140.3M including $84.5M from the SPAC trust and $50.6M out of the expected $66.8M PIPE
Globis Acquisition Corp. (GLAQ) adjourned its shareholder meeting to approve its merger with Forafric to today, 6/9, and the company entered into forward purchase agreements to purchase 1.5M shares at $10.80 per share
Forge (FRGE) Announces Redemption of Public Warrants with an exercise deadline of 7/11 at 5pm
New SPACs (S-1s):
No new S-1s
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De-SPAC S-1s (including PIPE resale registrations*):
S-1/A:
Gogoro (GGR)
Effective:
Forge Global (FRGE)
Microvast (MVST)
S-4 Activity:
S-4/A:
Silver Crest Acquisition Corporation (SLCR) & Tim Hortons China (5th amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
SPAC Track Pro Notes:
Please note that a list of all the data points available on the Pro Screener with download eligibility can be found here: spactrack.io/screener-instructions
Thanks for reading,