Daily SPAC Update for Feb 2, 2024. Deal votes for OXUS, CHEA, and LCAA. ARRW, BLUA, JWSM, and NFYS extension votes. HUDA sponsor misses extension payment.
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Daily SPAC Update
MERGER VOTES
OXUS + Borealis Foods Inc.
CHEA + Taiwan Color Optics
LCAA + Lotus Technology Inc.
EXTENSION VOTES
ARRW – ARROWROOT ACQUISITION CORP * extend to Aug 7, 2024
BLUA – BLUERIVER ACQUISITION CORP * extend to 3 monthly options to May 2, 2024
JWSM – JAWS MUSTANG ACQUISITION CORP * extend to Feb 4, 2025
NFYS – ENPHYS ACQUISITION CORP * extend to June 8, 2024
VOTE RESULTS
CSTAF – CONSTELLATION ACQUISITION CORP I * Extend to Jan 29, 2025 * 2,126,159 redeemed * trust $11.13
MARX – MARS ACQUISITION CORP * Extend to Nov 16, 2024 * 4,818,568 redeemed * trust $10.68
VOTE SET
LIBY – LIBERTY RESOURCES ACQUISITION CORP * Extension Vote Set: Feb 12, 2024 * trust $11.15
OTHER SPAC NEWS
HUDA – Hudson Bay’s sponsor fails to make extension payment but confirms it intends to
YESTERDAY’S TOP SPAC GAINERS
18.40% ~ $ 5.02 | ATAK – Aurora Technology Acquisition Corp. (Announced)
12.06% ~ $ 5.76 | NUBI – Nubia Brand International Corp. (Announced)
7.08% ~ $ 11.80 | AVHI – Achari Ventures Holdings Corp. I (Announced)
5.98% ~ $ 40.22 | DWAC – Digital World Acquisition Corp. (Announced)
5.68% ~ $ 8.56 | QFTA – Quantum FinTech Acquisition Corp (Announced)
YESTERDAY’S TOP SPAC LOSERS
-16.87% ~ $ 11.68 | MCAF – Mountain Crest Acquisition Corp. IV (Announced)
-8.73% ~ $ 4.81 | LGST – Semper Paratus Acquisition Corp (Announced)
-8.63% ~ $ 11.75 | OTEC – OceanTech Acquisitions I Corp. (Announced)
-7.57% ~ $ 9.53 | SEPA – SEP ACQUISITION CORP (Announced)
-6.54% ~ $ 11.00 | MBTC – Nocturne Acquisition Corporation (Announced)
ICYMI: SPAC FINAL RULES APPROVED BY SEC
For most, the SPAC boom is long-dead and was unlikely to ever return to the levels of irrational exuberance seen during peak times. Still, the SEC has long wanted to layer on additional regulation to ensure that it doesn’t happen. On Jan 24 the SEC commission, chaired by Gary Gensler, voted 3-2 to adopt the new rules which will make SPACs feel a lot more like traditional IPOs. For more on the new rules and the market’s reaction, below are some good reads.
- Sidley Austin: SEC Adopts Final Rules Regarding Special Purpose Acquisition Companies and De-SPAC Transactions
- Barrons: SEC Adopts SPAC Rules, Years After the Blank-Check Boom
- Vinson & Elkins: SEC Approves Final SPAC Rules
- Paul Hastings: SEC Adopts Long-Awaited SPAC Rules
- WSJ: SPAC Mania Is Dead. The SEC Wants to Keep It That Way