Two SPAC deals as the clock keeps ticking

by | May 31, 2022

Two SPAC deals today and some important votes this week.

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SPAC Deal: MAAQ + Cardio Diagnostics

Mana Capital Acquisition Corp. (MAAQ) announces a DA with Cardio Diagnostics, an “artificial intelligence-driven Integrated Genetic-Epigenetic Engine™ that enables improved diagnosis and prevention of cardiovascular disease.” Cardio Diagnostics is expected to have an approximate post-transaction equity market capitalization of $175 million assuming no redemptions, and will list on the Nasdaq as “CDIO.” Expected close in the second half of 2022. No slide deck.

SPAC Deal: GIAC+ Freightos

Gesher I Acquisition Corp. (GIAC) announces a DA with Fedex-backed Freightos. The transaction values Freightos, a digital platform for global freight booking services, at a pro forma $435M enterprise value. The transaction is expected to generate gross proceeds of at least $80 million (and up to $166 million depending on redemptions). Expected close in 2H 2022. There is an investor call tomorrow am.

GLBL – on track to close 2H 2022

Cartesian Growth Corporation (GLBL) announced it has received the required pre-closing approvals and is on track to close its merger with Tiedemann Group and Alvarium Investments in 2H 2022.

OPA / Forbes on ice

Axios notes that Forbes’ IPO plans may be in trouble. Magnum Opus Acquisition Limited(OPA), which is looking to merge with Forbes, has filed two deadline extensions so far this year.

Elsewhere in SPACs

SPAC votes this week

  • Wed: NAAC / TeleSign; RBAC / SeatGeek; BIOT / Blade
  • Thu: EDTX extension
  • Fri: SVFC / Symbotic

SPAC Calendar

Source: Boardroom Alpha

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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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SPAC Market Review – November 2022

November’s SPAC market review paints a picture of a SPAC market rushing towards the exit with high, and accelerating liquidations, more deal terminations, and almost no new SPAC IPOs.

SPACs Today: Thursday, Dec 1

Pacifico Acquisition Corp. (PAFO) are the latest with high redemptions, and the rest of today’s SPAC market news.

SPAC Daily: Thursday, November 17

Cartesian Growth Corporation (GLBL) with another record challenging redemption number plus the rest of the day’s SPAC news.

SPAC Daily: Tues, November 15

DeSPAC FOXO Technologies CEO/COO gets terminated as the stock is in free fall and the rest of today’s SPAC news.

SPAC Daily: Weds, November 9

Things are slow in SPAC land, we give a rundown of today’s happenings, filings and early liquidations in today’s update.

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