Social Surge | SPAC Feed

Happy Sunday, Friends!

The last week was packed with SPAC activity including deals, terminations, and new IPOs. A high-profile SPAC merger was approved by shareholders potentially netting billions to the former president. Also, a sustainable plastics company terminates a previously announced deal, and a SPAC plans to take an IoT-focused firm public. Read on to find out the latest about all things SPACs. 

SPAC Deal Updates 

$DWAC Shareholders Approve Trump Media Merger

• On Friday, investors in SPAC Digital World Acquisition Corp approved a merger with Donald Trump’s social media firm, potentially valuing it at $5.7 billion.

Trump’s majority stake in the company behind Truth Social is estimated to be worth about $3.3 billion. This financial boost is significant as Trump faces several legal challenges, including a $454 million judgment in a New York civil fraud case.

Recent reports also indicate that Philadelphia billionaire Jeffrey Yass’ firm was the largest institutional shareholder in the SPAC trust. His firm doubled its holdings between the October and December quarter and has held the stock since the merger was first announced in October 2021.

Yass’ investment is notable because of his holdings in TikTok parent company ByteDance (for which he has donated millions to the conservative group, Club for Growth, which opposed the ban) and his recent meeting with Trump at a diner retreat. It is possible that there may have been a quid pro quo between the two parties, given that Trump came out against the legislation to ban TikTok after the meeting, having previously expressing interest in banning it. 

Verde Bioresins Terminates $433 Million Deal With $TGLY

While the SPAC disputed the grounds of the termination, it agreed to terminate the merger on March 18th.

The deal would have infused Verde with $78 million in gross proceeds including the cash in the trust and a PIPE investment from the SPAC’s controlling shareholder. The SPAC said it would continue to pursue alternate targets for a possible merger.

Verde Bioresins is a bioplastics firm that specializes in creating sustainable biopolymer resins and offers complete design and development services for companies looking for alternatives to traditional plastics.

TGLY raised $230 million through a December 2021 IPO, targeting businesses in the biopharma or technology-enabled B3C industries, but has just over $50 million in its trust after redemptions. 

SPAC Deals Announced 

$SUAC Will Take SEE ID Public in $130 Million Deal

SEE ID offers a SaaS service that transforms asset management and security with its IoT tracking technology, focusing on asset intelligence, assurance, and safety.

The company said that it uses AI, RF, BLE technology, and cloud integrations to provide organizations with real-time asset visibility and predictive analytics, enhancing logistics, supply chain processes, and operational security.

The deal is anticipated to close sometime in the second quarter of 2024, post which the combined company will list on the Nasdaq Stock Exchange under the ticker “DAIC”.

ShoulderUp Technology previously raised $300 million through a November 2021 Initial Public Offering, planning to target businesses in the technology and cybersecurity industries. It had previously entered into a letter of intent to take a private information technology firm public in November 2023. 

Potential SPAC Deals 

$WTMA Signs Binding Letter of Intent With Evolution Metals

The parties had previously signed a non-binding LOI in January, and said it would announce a transaction in the coming weeks. Evolution Metals is building an alternative supply chain for critical materials, focusing on sustainable and essential elements for EV batteries and rare earth materials, with the goal of supporting the global economy’s industrial base.

The company is using a combination of Artificial Intelligence and robotics to create smart factory technology that enhances the quality and reduces the cost of EV battery production, thereby offering a modern alternative to the existing critical materials supply chain.

Welsbach previously raised $75 million through a December 2021 Initial Public Offering, but redemptions in March and October last year have left it with $23.4 million in cash.

The blank-cheque firm had previously announced a merger with battery technology firm WaveTech Group but called off the merger in June 2023. 

SPAC News 

$THMBU Withdraws $200 Million Initial Public Offering

• SPAC Thimble Point Acquisition II, which was focused on investing in high-growth software and technology, canceled its initial public offering plans this week. 

Initially, the SPAC aimed to raise $200 million by selling 20 million units at $10 each in June 2021, but hasn’t updated its prospectus since.

Founded in 2021, the New Haven, CT-based company aimed to list on the Nasdaq under the symbol THMBU, with Citi and Credit Suisse serving as joint bookrunners for the deal. 

The blank-check company was to be led by CEO and Chairman Elon Boms from the Pritzker Vlock Family Office, which focuses on innovative software and technology companies.

The sponosrs previous SPAC Thimble Point Acquisition, merged with Pear Therapeutics, a digital healthcare firm, in December 2021. However, Pear Therapeutics filed for bankruptcy in April 2023.

Meme of the Day

Good news, everyone!

The Headlines 

Black Hawk Acquisition Prices $69M Initial Public Offering 

$SPIR Planning to Raise $30 Million Through a Direct Offering 

$HCMA Closes Acquisition With Murano Global Investments 

Source: Social Surge

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