FMAC Drops PIPE Price Ahead of Starry Vote

by | Mar 28, 2022

FMAC closes Starry merger, with some major tweaks. ACBA extends. And the day’s news in SPACs.

————————————————-
Free Investor Resources from Boardroom Alpha
—————————————————-
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing

ACBA Extends Merger Vote

Ace Global Business Acquisition Ltd. (ACBA) announces extension and has added  $0.099 per share to trust. This is the first of three possible extensions from April 9, 2022 to July 8, 2022. The SPAC has a deal announcement with Hong Kong-based DayDayCook,  a recipe hub founded by former HSBC banker-turned-online influencer Norma Chu.

FMAC Closes Starry Merger after Some Major Tweaks

FirstMark Horizon Acquisition Corp. (FMAC) closed its merger with Starry, which will trade tomorrow on the NYSE as STRY. The transaction implies a pro forma enterprise value of $1.76 billion–up from $1.65 billion at the time of the original announcement–with gross proceeds of $176 million. FMAC made significant changes to the deal. The deal’s $130 million PIPE is now priced at $7.50 per share and Tiger Global agreed to invest an additional $10 million at this price, bringing the total PIPE to $140 million made up of 18.7M shares. The $300M minimum cash condition was also waived.

Reducing the PIPE price post-vote is a move we don’t see very often, but likely necessary given redemptions (~91%) and waiver of the indebtedness condition, meaning that PIPE investors were no longer obligated to participate in the original PIPE.

Starry provides wireless internet to consumers at gigabit speeds using narrow-wave technology.

Today’s Price Action

Biggest Gainers

2.77% ~ $ 10.39 | AMAO – American Acquisition Opportunity Inc (Pre-Deal)
1.95% ~ $ 9.92 | PFTA – Portage Fintech Acquisition Corp. (Pre-Deal)
1.86% ~ $ 10.39 | THCA – Tuscan Holdings Corp. II (Pre-Deal)
.71% ~ $ 9.93 | CFFS – CF Acquisition Corp. VII (Pre-Deal)
.70% ~ $ 10.00 | KNSW – KnightSwan Acquisiton Corp (Pre-Deal)
.61% ~ $ 9.95 | TGVC – TG Venture Acquisition Corp. (Pre-Deal)
.60% ~ $ 10.13 | HUGS – USHG Acquisition Corp. (Announced)
.51% ~ $ 9.91 | RONI – Rice Acquisition Corp. II (Pre-Deal)
.51% ~ $ 9.95 | WINV – WinVest Acquisition Corp. (Pre-Deal)
.50% ~ $ 9.97 | FNVT – Finnovate Acquisition Corp. (Pre-Deal)
.46% ~ $ 9.79 | FRW – PWP Forward Acquisition Corp. I (Pre-Deal)
.46% ~ $ 9.90 | DAOO – Crypto 1 Acquisition Corp (Pre-Deal)
.41% ~ $ 9.74 | PEGR – Project Energy Reimagined Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.76 | CCAI – Cascadia Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.81 | KAIR – Kairos Acquisition Corp (Pre-Deal)
.41% ~ $ 9.83 | MSDA – MSD Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.84 | OHAA – Opy Acquisition Corp. I (Pre-Deal)
.41% ~ $ 9.87 | GIAC – Gesher I Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.90 | CREC – Crescera Capital Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.93 | SCUA – Sculptor Acquisition Corp I (Pre-Deal)

Biggest Losers

-4.45% ~ $ 9.45 | HLXA – HELIX ACQUISITION CORP (Announced)
-1.93% ~ $ 70.12 | DWAC – Digital World Acquisition Corp. (Announced)
-1.20% ~ $ 11.54 | CFVI – CF Acquisition Corp. VI (Announced)
-1.04% ~ $ 11.40 | GGPI – Gores Guggenheim, Inc (Announced)
-.97% ~ $ 10.19 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
-.76% ~ $ 9.78 | LITT – Logistics Innovation Technologies Corp. (Pre-Deal)
-.67% ~ $ 9.92 | ROCL – Roth CH Acquisition V Co. (Pre-Deal)
-.61% ~ $ 9.84 | HTPA – Highland Transcend Partners I Corp (Pre-Deal)
-.57% ~ $ 9.89 | DNAA – Social Capital Suvretta Holdings Corp. I (Announced)
-.53% ~ $ 24.54 | PCPC – Periphas Capital Partnering Corporation (Pre-Deal)
-.50% ~ $ 9.93 | PPGH – Poema Global Holdings Corp. (Announced)
-.49% ~ $ 10.09 | LCAP – Lionheart Acquisition Corporation II (Announced)
-.41% ~ $ 9.76 | OHPA – Orion Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.80 | CSTA – Constellation Acquisition Corp I (Pre-Deal)
-.40% ~ $ 9.85 | PRLH – Pearl Holdings Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.86 | WTMA – Welsbach Technology Metals Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.86 | VBOC – Viscogliosi Brothers Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.86 | FTCV – FinTech Acquisition Corp. V (Announced)
-.40% ~ $ 9.97 | WRAC – Williams Rowland Acquisition Corp. (Pre-Deal)
-.36% ~ $ 9.80 | DMYS – dMY Technology Group, Inc. VI (Pre-Deal)

SPAC Calendar

SPAC Deal Votes

  • Mar 29 | HTPA –> Packable
  • Mar 31 | HLXA –> MoonLake Immunotherapeutics AG

SPAC Extension Votes

  • Mar 29 | THCA

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

Recent Analysis

Daily SPAC Update – May 5, 2026

APARADISE ACQUISITION CORP (APAD) and WILLOW LANE ACQUISITION CORP (WLAC) both secured deal approvals today, with APAD reporting 19.6M shares redeemed. Additionally, FSHP terminated its merger with Great Future Technology Inc, marking one of the few deal terminations in recent weeks.

Impactive Capital Secures Full Three-Seat Slate at WEX

Impactive Capital has reached a cooperation agreement with WEX Inc., securing all three board seats it sought. The agreement follows a proxy contest and addresses WEX’s underperformance, trailing the S&P 500 by 24 points on a three-year CAGR basis.

Beretta Holding Gains Two Seats at Sturm Ruger After Proxy Fight

Sturm, Ruger & Co. Inc. (RGR) and Beretta Holding S.A. have reached a cooperation agreement granting Beretta the right to appoint two independent directors post-2026 Annual Meeting. This move follows Beretta’s campaign for boardroom change, highlighting governance and performance issues.

Daily SPAC Update – May 4, 2026

Blueport + SingAuto and Galaxyedge + Rongcheng Group Deals announced late Friday. Pono Capital Four separate trading. Gigcapital 7 non-redemption agreement.

Weekly Boardroom & Executive Moves: May 1, 2026

This week, significant leadership changes occurred across several companies facing financial difficulties. Abbott Laboratories (ABT) and Agilon Health Inc (AGL) appointed new board members and executives amidst high activist risks and declining TSRs. Accuray Inc (ARAY) and ALT5 Sigma Corp (ALTS) also saw key executive departures and appointments as they navigate substantial TSR declines. These shifts highlight the ongoing challenges and strategic redirections needed to stabilize operations and improve shareholder value.

Subscribe to Boardroom Alpha Newsletters

Subscribe to Boardroom Alpha's research to receive the latest on governance, SPACs, and people.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.