Daily SPAC Update – Jan 26, 2024

by | Jan 26, 2024

Daily SPAC Update for Jan 26, 2024. NSTB settles with SEC; decides to liquidate. NCAC deSPACs as Psyence Group (PBM). JWSM and CSTAF adjourn extensions.

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SEC APPROVES FINAL RULES

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.

Daily SPAC Update

SPAC Insanity: NSTB – Northern Star Investment Corp II
Yesterday was a big, crazy day for NSTB as it settled with the SEC. Decided to liquidate (in part surely to avoid settlement payments to SEC). And, somehow letting holders retain ownership of shares so it can trade on the OTC. Here are the details:

DeSPACs
NCAC -> PBM on Jan 26

OTHER SPAC NEWS
CVII – CHURCHILL CAPITAL CORP VII * Investor Day Deck
NSTB – NORTHERN STAR INVESTMENT CORP II * Liquidation-> 2024-01-28 * trust $10.48
WTMA – WELSBACH TECHNOLOGY METALS ACQUISITION CORP * Entered LOI
EAC – EDIFY ACQUISITION CORP * Extend to Jul 20, 2024 * 67,766 redeemed
KYCH – KEYARCH ACQUISITION CORP * Extend to Jul 27, 2024 * 337,446 redeemed * trust $10.91
JWSM – JAWS MUSTANG ACQUISITION CORP * Extension vote adjourned to Feb 2, 2024
CSTAF – CONSTELLATION ACQUISITION CORP I * Extension vote adjourned to Jan 29, 2024
ADRT – AULT DISRUPTIVE TECHNOLOGIES CORP * Extension Vote Set: Feb 15, 2024 * trust $11.68
DMAQ – DEEP MEDICINE ACQUISITION CORP * Deal Approved * 378,744 redeemed * trust $11.50

EXTENSION VOTES
DMAQ – DEEP MEDICINE ACQUISITION CORP * extend to July 29, 2024

YESTERDAY’S TOP SPAC GAINERS
18.40% ~ $ 5.02 | ATAK – Aurora Technology Acquisition Corp. (Announced)
10.84% ~ $ 9.00 | NUBI – Nubia Brand International Corp. (Announced)
4.28% ~ $ 9.74 | MEAC – Mercury Ecommerce Acquisition Corp (Announced)
2.93% ~ $ 11.26 | GTAC – Global Technology Acquisition Corp. I (Pre-Deal)
1.22% ~ $ 11.65 | BREZ – Breeze Holdings Acquisition Corp (Announced)

YESTERDAY’S TOP SPAC LOSERS
-15.74% ~ $ 4.79 | NCAC – Newcourt Acquisition Corp (Announced)
-11.99% ~ $ 6.90 | QFTA – Quantum FinTech Acquisition Corp (Announced)
-8.71% ~ $ 11.45 | APAC – StoneBridge Acquisition Corp. (Announced)
-8.63% ~ $ 11.75 | OTEC – OceanTech Acquisitions I Corp. (Announced)
-8.49% ~ $ 34.91 | DWAC – Digital World Acquisition Corp. (Announced)

Recent Analysis

Daily SPAC Update – June 13, 2024

Catcha Investment (CHAA) + Crown LNG Approved. DHAC + VSee Labs Deal Approved. SEDA Investor Deck. Feutune Light (FLFV) Updates Trust & Redemptions.

Daily SPAC Update – June 10, 2024

Bayview Acquisition Corp + Oabay Inc. SPAC deal announced. EVE extension vote today. BUJA sets extension vote. PWUP amends merger agreement. COOL postpones to June 26.

Activism Update – June 7

Wisdom Tree (WT) gets Glass Lewis, ISS, and Egon-Jones support. Medallion (MFIN) calls ZimCal self-serving. F9 Investments continues to hammer LL Flooring (LL).

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