Daily SPAC Update for Jan 30, 2024. MARX and NRAC extensions. MBTC + Cognos Deal Vote. PGSS revises deal valuation. NVAC deal deck.
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Daily SPAC Update
EXTENSION VOTES
MARX – MARS ACQUISITION CORP * extend to Nov 16, 2024
NRAC – NORTHERN REVIVAL ACQUISITION CORP * extend to Aug 4, 2024
MERGER VOTES
MBTC + Cognos Therapeutics Inc
SPAC VOTES SET
WNNR – ANDRETTI ACQUISITION CORP * Deal Vote Set w/ Zapata AI: Feb 13, 2024 * trust $10.93
SLAC – SOCIAL LEVERAGE ACQUISITION CORP I * Extension Vote Set: Feb 13, 2024 * trust $10.52
QFTA – QUANTUM FINTECH ACQUISITION CORP * Extension Vote Set: Feb 08, 2024 * trust $10.88
IFIN – INFINT ACQUISITION CORP * Extension Vote Set: Feb 16, 2024 * trust $11.34
OTHER SPAC NEWS
NVAC – NORTHVIEW ACQUISITION CORP * Released updated investor deck
PGSS – Deal valuation revised down from $640 to $504M
YESTERDAY’S TOP SPAC GAINERS
18.40% ~ $ 5.02 | ATAK – Aurora Technology Acquisition Corp. (Announced)
16.11% ~ $ 11.03 | SZZL – Sizzle Acquisition Corp. (Announced)
14.68% ~ $ 9.45 | NUBI – Nubia Brand International Corp. (Announced)
10.50% ~ $ 10.00 | SEPA – SEP ACQUISITION CORP (Announced)
6.81% ~ $ 11.29 | TWLV – Twelve Seas Investment Company II (Pre-Deal)
YESTERDAY’S TOP SPAC LOSERS
-26.78% ~ $ 5.55 | LGST – Semper Paratus Acquisition Corp (Announced)
-9.03% ~ $ 10.49 | CETU – Cetus Capital Acquisition Corp. (Announced)
-8.68% ~ $ 4.84 | DECA – Denali Capital Acquisition Corp. (Announced)
-8.63% ~ $ 11.75 | OTEC – OceanTech Acquisitions I Corp. (Announced)
-5.99% ~ $ 16.94 | MCAF – Mountain Crest Acquisition Corp. IV (Announced)
ICYMI: SEC APPROVES SPAC 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.
- 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