Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (June 28, 2022)
The Stats:
Pre-Market Movers*:
Active Moves (1%+): —
Some De-SPAC Moves (10%+): BRDS +78%, PHGE +21%, WEJO +20.5%, MSPR +12.3%
*at time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
No new deals
News:
India’s JetSynthesys Is Said in Talks to Merge With BurTech SPAC
JetSynthesys, an Indian digital entertainment and technology company, is in talks to go public through a merger with blank-check firm BurTech Acquisition Corp. (BRKH) , according to people with knowledge of the matter.
The two companies have signed a non-binding letter of intent regarding a transaction that values the combined entity at more than $700 million, said the people, who asked not to be identified discussing private talks. BurTech may seek an additional $120 million in new financing to support the deal, one of the people said. Terms could still change and it’s possible that talks collapse.
A representative for Washington-based BurTech declined to comment, as did a JetSynthesys representative.
JetSynthesys, led by Chairman Kris Gopalakrishnan and Chief Executive Officer Rajan Navani, says its aim is “to build world class digital products and platforms with the goal of impacting the lives of 1.3 billion Indians and extending to the world.” The company’s holdings include gaming and e-sports, entertainment and wellness platforms including “Real Cricket,” meditation app ThinkRight.me and “Sachin Saga Cricket Champions,” named for former batsman Sachin Tendulkar, the company’s website shows. JetSynthesys’s minority stake in Nodwin Gaming is set to be included in the transaction, the people said.
Updates:
Tuscan Holdings Corp. II (THCA) shareholders approved the deadline extension from 6/30 to 12/31
39,400 shares were redeemed, or $407,192
THCA will add $0.033 per share per each month
Northern Lights Acquisition Corp. (NLIT) rescheduled its shareholder meeting to vote on its merger with Safe Harbor Financial for the 2nd time to today, 6/28 at 4pm
NLIT also announced that it had deposited $0.10 per public SPAC share into trust to extend its deadline from 6/28 to 9/28
Waldencast Acquisition Corp. (WALD) announces it has entered into a credit agreement for up to $225M:
for a four-year secured first-lien (i) term loan facility in an aggregate principal amount of $175M and (ii) revolving loan facility in an aggregate principal amount of up to $50M
Benessere Capital Acquisition Corp. (BENE) files an 8-K noting that its directors (same sponsor as DWAC) have also received subpoenas by a federal grand jury in the Southern District of New York in connection with the DWAC investigation. BENE notes that the investigation “can be expected to delay effectiveness of the Registration Statement, which could materially delay, materially impede, or prevent the consummation of the Business Combination” as well
Merger vote date set:
New SPACs (S-1s):
No new S-1s
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De-SPAC S-1s (including PIPE resale registrations*):
S-1/A:
SAI.TECH Global (SAI)
Effective:
Global Business Travel Group (GBTG)
S-4 Activity:
S-4/A:
CC Neuberger Principal Holdings II (PRPB) & Getty Images (4th amendment)
Brookline Capital Acquisition Corp. (BCAC) & Apexigen (3rd amendment)
Duddell Street Acquisition Corp. (DSAC) & FiscalNote (7th amendment)
Cartesian Growth Corp (GLBL) & Tiedemann Group and Alvarium Investments (2nd amendment)
Social Capital Suvretta Holdings Corp. I (DNAA) & Akili Interactive (4th amendment)
Global SPAC Partners Co. (GLSPT) & Gorilla Technology Group (6th 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,