Daily SPAC Update – Feb 6, 2024

by | Feb 6, 2024

Daily SPAC Update for Feb 6, 2024. Legato III (LEGT) $175M IPO. MBTC Delays Deal Vote Again. SZZL Vote. GPAC Deal Deck.

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SPAC DEALS ANNOUNCED
SLAM + Lynk Global, Inc.

SPAC IPO
LEGT – Legato Merger Corp. III $175M IPO

EXTENSION VOTES
SZZL – SIZZLE ACQUISITION CORP * extend from Feb 8, 2024 to Aug 8, 2024

OTHER SPAC NEWS
MBTC – NOCTURNE ACQUISITION CORP * Article amendment vote * trust $11.70
CHEA – CHENGHE ACQUISITION COUpdate merger vote redemptions * 8,133,060 redeemed * trust $11.08
MBTC – NOCTURNE ACQUISITION CORP * Another deal delay; now to Feb 27
GPAC – GLOBAL PARTNER ACQUISITION CORP II * SPAC Deal Investor Deck

VOTE RESULTS
ARIZ – ARISZ ACQUISITION CORP * Extend to Nov 22, 2024 * 777,050 redeemed * trust $11.14
NFYS – ENPHYS ACQUISITION CORP * Extend to Jun 08, 2024 * 3,940,414 redeemed

YESTERDAY’S TOP SPAC GAINERS
32.08% ~ $ 7.04 | CHEA – Chenghe Acquisition Co. (Announced)
25.95% ~ $ 5.29 | LGST – Semper Paratus Acquisition Corp (Announced)
18.40% ~ $ 5.02 | ATAK – Aurora Technology Acquisition Corp. (Announced)
17.19% ~ $ 47.58 | DWAC – Digital World Acquisition Corp. (Announced)
10.50% ~ $ 12.16 | MBTC – Nocturne Acquisition Corporation (Announced)

YESTERDAY’S TOP SPAC LOSERS
-13.65% ~ $ 7.59 | QFTA – Quantum FinTech Acquisition Corp (Announced)
-13.34% ~ $ 9.81 | PBAX – Phoenix Biotech Acquisition Corp. (Announced)
-10.94% ~ $ 16.03 | MCAF – Mountain Crest Acquisition Corp. IV (Announced)
-8.63% ~ $ 11.75 | OTEC – OceanTech Acquisitions I Corp. (Announced)
-4.36% ~ $ 11.20 | BREZ – Breeze Holdings Acquisition Corp (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.

Recent Analysis

Daily SPAC Update – May 21, 2024

GGAAF + MindMaze Deal Vote. DIST + Youlife Deal Announced. BFAC, IVCB Extension Votes. GODN Sets Deal Vote. INAQ, GLST, PLMI Set Extension Votes.

Weekly Activism & Executive Moves Review (May 17)

Ashford Hospitality (AHT) wins its fight with Blackwells and tells shareholders is doesn’t care what they think. Erez fails at Whitestone (WSR). ISS and Glass Lewis disagree on Crown Castle (CCI).

Daily SPAC Update – May 17, 2024

RFAIU $100 million SPAC IPO. BFAC & SUAC Extension Votes. PWUP Vote Delayed. FLFV Deal Vote Set. SWSS, EVE, NFYS, PLAO, BREZ Set Extension Votes.

Daily SPAC Update – May 16, 2024

PLMI SPAC Deal Vote Set. CNDA Extension Vote Set. BFAC & GTAC Merger Agreements. ICVB Merger Agreement Amendment. BCSA, NPAB, EVGR Extensions Approved.

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