SPAC Daily: Court Battles Heat Up

by | Aug 17, 2022

FAST Acquisition Corp. (FST) investor Special Opportunities Fund (SPE) today announced that they have reached an agreement that FST cannot distribute the $26M to the sponsor until the court decides. If you recall FST was entitled to a $26M breakup fee upon cancellation of the Fertitta deal, but had said they would not distribute that to shareholders and keep for themselves. This appears to be headed to court, and feel like the SPAC shareholders might have a good case on their hands.

Post close yesterday Crown PropTech Acquisitions (CPTK) filed that their deal with smart building company Brivo has been terminated. In the filing Crown states that they believe Brivo breached its Stockholder Support Agreement and that “Crown intends to vigorously pursue its remedies”. ūüė¨

To boot, Crown’s CFO and an additional member of the board resigned. This one might look like a liquidation (or extension) ahead of its February deadline. A lot has changed in the long time since December 2021 when both sides were jazzed up about the deal.

So, looks like these SPAC court battles are heating up between these two, and we haven’t mentioned what will happen with DUNE & TradeZero? Something says more of these are on the way.

Elsewhere in SPACs

  • Breeze Holdings Acquisition (BREZ) set a vote date of 9/13 for its 6month extension, $0.035 per month to trust
  • Better World Acquisition Corp. (BWAC) shareholders approved its 6mo extension from August to February, just over 4M shares remain after another 2.8M redeemed. This is their 4th extension, including 2 used at the sponsors option.

Upcoming SPAC Calendar

Full calendar and SPAC database access here

Source: Boardroom Alpha

Today’s Price Action

Biggest Gainers

1.85% ~ $ 9.92 | TPBA – TPB Acquisition Corporation I (Pre-Deal)
.98% ~ $ 10.35 | FOXW – FoxWayne Enterprises Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.03 | CBRG – Chain Bridge I (Pre-Deal)
.41% ~ $ 9.76 | DALS – DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.90 | TRIS – Tristar Acquisition I Corp. (Pre-Deal)
.31% ~ $ 9.98 | BLSA – BCLS Acquisition Corp. (Pre-Deal)
.30% ~ $ 9.89 | KIII – Kismet Acquisition Three Corp. (Pre-Deal)
.30% ~ $ 9.94 | MCAG – Mountain Crest Acquisition Corp. V (Pre-Deal)
.30% ~ $ 9.99 | CREC – Crescera Capital Acquisition Corp. (Pre-Deal)
.30% ~ $ 10.02 | TWND – Tailwind Acquisition Corp (Announced)
.30% ~ $ 10.03 | FGMC – FG Merger Corp. (Pre-Deal)
.30% ~ $ 10.19 | CFVI – CF Acquisition Corp. VI (Announced)
.30% ~ $ 10.19 | PONO – PONO Capital Corp (Pre-Deal)
.29% ~ $ 10.21 | AEHA – Aesther Healthcare Acquisition Corp. (Pre-Deal)
.26% ~ $ 9.74 | SLVR – SILVERspac Inc (Pre-Deal)
.20% ~ $ 9.78 | THCP – Thunder Bridge Capital Partners IV, Inc. (Announced)
.20% ~ $ 9.84 | NGC – Northern Genesis Acquisition Corp. III (Pre-Deal)
.20% ~ $ 9.87 | ACQR – Independence Holdings Corp (Pre-Deal)
.20% ~ $ 9.87 | LVRA – Levere Holdings Corp (Pre-Deal)
.20% ~ $ 9.92 | PAQC – Provident Acquisition Corp. (Announced)

Biggest Losers

-6.63% ~ $ 9.34 | DNAA – Social Capital Suvretta Holdings Corp. I (Announced)
-4.82% ~ $ 10.46 | RAM – Aries I Acquisition Corp (Announced)
-3.64% ~ $ 9.80 | SWAG – Software Acquisition Group Inc. III (Announced)
-2.02% ~ $ 9.70 | SLCR – Silver Crest Acquisition Corporation (Announced)
-1.30% ~ $ 9.90 | RWOD – Redwoods Acquisition Corp. (Pre-Deal)
-1.02% ~ $ 30.50 | DWAC – Digital World Acquisition Corp. (Announced)
-.70% ~ $ 9.95 | GAPA – G&P Acquisition Corp. (Pre-Deal)
-.67% ~ $ 10.38 | ATA – AMERICAS TECHNOLOGY ACQUISITION CORP. (Announced)
-.54% ~ $ 10.05 | TETE – Technology Telecommunication Acquisition Corp (Pre-Deal)
-.50% ~ $ 9.95 | MEKA – MELI Kaszek Pioneer Corp (Pre-Deal)
-.50% ~ $ 10.02 | LVAC – LAVA Medtech Acquisition Corp. (Pre-Deal)
-.49% ~ $ 10.06 | CLAY – Chavant Capital Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.68 | BWC – Blue Whale Acquisition Corp I (Pre-Deal)
-.41% ~ $ 9.73 | ALCC – AltC Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.80 | DUNE – Dune Acquisition Corporation (Announced)
-.40% ~ $ 9.93 | UTAA – UTA Acquisition Corporation (Pre-Deal)
-.40% ~ $ 9.99 | RCFA – RCF Acquisition Corp. (Pre-Deal)
-.39% ~ $ 10.09 | SHAP – Spree Acquisition Corp. 1 Ltd (Pre-Deal)
-.36% ~ $ 24.65 | PCPC – Periphas Capital Partnering Corporation (Pre-Deal)
-.31% ~ $ 9.75 | LITT – Logistics Innovation Technologies Corp. (Pre-Deal)

<a href="https://www.boardroomalpha.com/author/draps/" target="_self">David Drapkin</a>

David Drapkin

Spent his formative years at Goldman Sachs and now embraces the start-up life in NYC. A long suffering Oakland (Las Vegas) Raiders fan and graduate of the Wharton School at the University of Pennsylvania. Semi-professional go-kart racer waiting for his shot.

Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Monthly SPAC Review

SPAC Market Review – August 2022

In our latest SPAC market review we take a look at August. A spike in DAs has not done enough to move the needle, and SPAC winter continues.

SPAC Market Review – July 2022

Liquidations, cancelled deals, and a dead IPO market highlight Boardroom Alpha’s July 2022 SPAC market review. Read for a full recap.

SPAC Market Review – June 2022

Boardroom Alpha’s June 2022 SPAC market review looks at the latest trends in SPACs, where the market is heading a recap of activity.

SPAC Research & Analysis

SPAC Daily: Tuesday 9/14

Maxpro Acquisition (JMAC) penned the lone SPAC DA of the day, plus the rest of today’s news in the market.

Know Who Drives Return Podcast

Podcast: Westrock Coffee CEO Scott Ford

Join David Drapkin as he speaks to Westrock Coffee CEO Scott Ford. Westrock Coffee is going public company via a $1.1B deal with Riverview Acquisition Corporation (RVAC).

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational¬†purposes only¬†‚Äď it does not constitute investment, legal or tax advice. You should not¬†rely solely upon the research herein for¬†purposes of transacting securities or other investments, and you are¬†encouraged to conduct your own research and due diligence, and to seek¬†the advice of a qualified¬†securities professional before¬†you make any¬†investment.¬†¬†

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.