Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (July 15, 2022)
The Stats:
Pre-Market Movers*:
Active Moves (1%+): -
Some De-SPAC Moves (5%+): EVTL +25.6%, CLVR -7.4%, GOEV -6.7%
*at time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
No new deals
News:
Lender Better faces SEC probe for alleged federal laws violation (Reuters)
The U.S. Securities and Exchange Commission (SEC) is examining whether mortgage lender Better.com and the special purpose acquisition company it has agreed to merge with, Aurora Acquisition Corp (AURC), violated federal securities laws.
In the second-quarter of 2022, Better and Aurora received voluntary requests from the regulator for some documents and information, Aurora said in a filing on Thursday.
The SEC requests, cover among other things, information on the business transactions of Chief Executive Officer Vishal Garg and allegations made in a lawsuit against him filed by Sarah Pierce, Better.com's former head of sales and operations.
Last month, Pierce filed a lawsuit claiming that Garg misrepresented Better.com's statements to ensure investors go through with a SPAC merger instead of withdrawing due to its financial condition.
Better.com and Aurora are cooperating with the SEC, the blank check company added in the SEC filing.
The SEC declined to comment and Aurora Acquisition Corp, too, declined to comment beyond the filing.
Updates:
Merger Vote Set:
—> L&F Acquisition Corp. (LNFA) & ZeroFox (8/2)
Duddell Street Acquisition Corp. (DSAC) & FiscalNote file updated investor presentation
HPX Corp. (HPX) shareholders approved the deadline extension from 7/20 to 11/20
—> 19,472,483 shares were redeemed, leaving ~$58.4M remaining in trust
Crown PropTech Acquisitions (CPTK) received a notice from Golub Capital, a PIPE investor to the tune of $68M of the $75M total PIPE for CPTK’s merger with Brivo, advising that they are terminating their subscription agreement as the merger will not complete by the subscription agreement’s termination date of 7/11
The deal’s min. cash condition is $75M, and CPTK notes that “as of the date of this report, Crown has not secured any such additional financing”
Clover Leaf Capital Corp. (CLOE)’s sponsor plans to extend the deadline from 7/22 to 10/22
—> This extension is the first of three 3-month extensions permitted
—> The sponsor intends to deposit an $0.10 per public share into the trust on or before 7/22
New SPACs (S-1s):
No new S-1s
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De-SPAC S-1s (including PIPE resale registrations*):
S-1:
Effective:
Super Group (SGHC)
S-4 Activity:
S-4/A:
Cohn Robbins Holdings Corp. (CRHC) & Allwyn Entertainment (1st amendment)
Social Capital Suvretta Holdings Corp. I (DNAA) & Akili Interactive (5th amendment)
Effective:
L&F Acquisition Corp. (LNFA) & ZeroFox
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,