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.
- 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
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:
- NSTB settles w SEC. have to pay $1.5M if they do a SPAC deal…unless they liquidate the trust and return shareholder money app.boardroomalpha.com/feed/sec/00012
- NSTB won’t complete a deal by Jan 28, so will liquidate @ $10.48 app.boardroomalpha.com/feed/sec/00012
- But, NSTB management still wants to continue on as a traded entity, so trying to change its charter. Prelim proxy here: sec.gov/Archives/edgar
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)