FMAC Drops PIPE Price Ahead of Starry Vote

by | Mar 28, 2022

FMAC closes Starry merger, with some major tweaks. ACBA extends. And the day’s news in SPACs.

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ACBA Extends Merger Vote

Ace Global Business Acquisition Ltd. (ACBA) announces extension and has added  $0.099 per share to trust. This is the first of three possible extensions from April 9, 2022 to July 8, 2022. The SPAC has a deal announcement with Hong Kong-based DayDayCook,  a recipe hub founded by former HSBC banker-turned-online influencer Norma Chu.

FMAC Closes Starry Merger after Some Major Tweaks

FirstMark Horizon Acquisition Corp. (FMAC) closed its merger with Starry, which will trade tomorrow on the NYSE as STRY. The transaction implies a pro forma enterprise value of $1.76 billion–up from $1.65 billion at the time of the original announcement–with gross proceeds of $176 million. FMAC made significant changes to the deal. The deal’s $130 million PIPE is now priced at $7.50 per share and Tiger Global agreed to invest an additional $10 million at this price, bringing the total PIPE to $140 million made up of 18.7M shares. The $300M minimum cash condition was also waived.

Reducing the PIPE price post-vote is a move we don’t see very often, but likely necessary given redemptions (~91%) and waiver of the indebtedness condition, meaning that PIPE investors were no longer obligated to participate in the original PIPE.

Starry provides wireless internet to consumers at gigabit speeds using narrow-wave technology.

Today’s Price Action

Biggest Gainers

2.77% ~ $ 10.39 | AMAO – American Acquisition Opportunity Inc (Pre-Deal)
1.95% ~ $ 9.92 | PFTA – Portage Fintech Acquisition Corp. (Pre-Deal)
1.86% ~ $ 10.39 | THCA – Tuscan Holdings Corp. II (Pre-Deal)
.71% ~ $ 9.93 | CFFS – CF Acquisition Corp. VII (Pre-Deal)
.70% ~ $ 10.00 | KNSW – KnightSwan Acquisiton Corp (Pre-Deal)
.61% ~ $ 9.95 | TGVC – TG Venture Acquisition Corp. (Pre-Deal)
.60% ~ $ 10.13 | HUGS – USHG Acquisition Corp. (Announced)
.51% ~ $ 9.91 | RONI – Rice Acquisition Corp. II (Pre-Deal)
.51% ~ $ 9.95 | WINV – WinVest Acquisition Corp. (Pre-Deal)
.50% ~ $ 9.97 | FNVT – Finnovate Acquisition Corp. (Pre-Deal)
.46% ~ $ 9.79 | FRW – PWP Forward Acquisition Corp. I (Pre-Deal)
.46% ~ $ 9.90 | DAOO – Crypto 1 Acquisition Corp (Pre-Deal)
.41% ~ $ 9.74 | PEGR – Project Energy Reimagined Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.76 | CCAI – Cascadia Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.81 | KAIR – Kairos Acquisition Corp (Pre-Deal)
.41% ~ $ 9.83 | MSDA – MSD Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.84 | OHAA – Opy Acquisition Corp. I (Pre-Deal)
.41% ~ $ 9.87 | GIAC – Gesher I Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.90 | CREC – Crescera Capital Acquisition Corp. (Pre-Deal)
.40% ~ $ 9.93 | SCUA – Sculptor Acquisition Corp I (Pre-Deal)

Biggest Losers

-4.45% ~ $ 9.45 | HLXA – HELIX ACQUISITION CORP (Announced)
-1.93% ~ $ 70.12 | DWAC – Digital World Acquisition Corp. (Announced)
-1.20% ~ $ 11.54 | CFVI – CF Acquisition Corp. VI (Announced)
-1.04% ~ $ 11.40 | GGPI – Gores Guggenheim, Inc (Announced)
-.97% ~ $ 10.19 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
-.76% ~ $ 9.78 | LITT – Logistics Innovation Technologies Corp. (Pre-Deal)
-.67% ~ $ 9.92 | ROCL – Roth CH Acquisition V Co. (Pre-Deal)
-.61% ~ $ 9.84 | HTPA – Highland Transcend Partners I Corp (Pre-Deal)
-.57% ~ $ 9.89 | DNAA – Social Capital Suvretta Holdings Corp. I (Announced)
-.53% ~ $ 24.54 | PCPC – Periphas Capital Partnering Corporation (Pre-Deal)
-.50% ~ $ 9.93 | PPGH – Poema Global Holdings Corp. (Announced)
-.49% ~ $ 10.09 | LCAP – Lionheart Acquisition Corporation II (Announced)
-.41% ~ $ 9.76 | OHPA – Orion Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.80 | CSTA – Constellation Acquisition Corp I (Pre-Deal)
-.40% ~ $ 9.85 | PRLH – Pearl Holdings Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.86 | WTMA – Welsbach Technology Metals Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.86 | VBOC – Viscogliosi Brothers Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.86 | FTCV – FinTech Acquisition Corp. V (Announced)
-.40% ~ $ 9.97 | WRAC – Williams Rowland Acquisition Corp. (Pre-Deal)
-.36% ~ $ 9.80 | DMYS – dMY Technology Group, Inc. VI (Pre-Deal)

SPAC Calendar

SPAC Deal Votes

  • Mar 29 | HTPA –> Packable
  • Mar 31 | HLXA –> MoonLake Immunotherapeutics AG

SPAC Extension Votes

  • Mar 29 | THCA

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<a href="https://www.boardroomalpha.com/author/joanna/" target="_self">Joanna Makris</a>

Joanna Makris

Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Navigating stock market volatility since it all began in 2000. Banjo player, artist, and frittata-maker.

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