Happy Sunday Friends,
In today’s rundown, we’ll go over two new deals announced in the week including a SPAC merging with a Biotech firm, and a Medical technology-focused company going public through a blank-cheque merger. Also, two potential SPAC deals emerge, and a SPAC terminates a previously announced merger with a sustainability focused firm. Read on to find out about all things SPACs.
SPAC Deals Announced
$ACAB Will Take Biotech Firm Abpro Public in $725 Million
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Biotech company Abpro and Atlantic Coastal Acquisition II have agreed on a business merger valuing the combined company at an equity value of $725 million
Abpro is a biotechnology firm specializing in advanced antibody therapies for severe and life-threatening diseases, primarily cancer.
The SPAC had previously raised $261 million through a January 2022 IPO, targeting businesses focused on next-generation mobility technology or other technology-related sectors.
Atlantic Coastal currently has $36.5 million in cash after redemptions, with the deal having a minimum cash condition of $8.7 million.
$AHVI Will Take Medical Technology Firm Vaso Public in $176 Million Deal
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Medical technology firm Vaso is set to go public through a merger with SPAC Achari Ventures Holdings I, in a deal valuing the combined company at $176 million.
Vaso is a medical technology company engaged in a range of activities, including managing IT systems for healthcare, selling diagnostic imaging products, and designing and producing its own medical devices.
The company’s specialties encompass healthcare software solutions, network connectivity services, and proprietary medical device manufacturing and sales.
Achari Ventures previously raised $100 million through an October 2021 IPO, with a focus on cannabis companies, but redemptions have left the SPAC with $6.7 million in cash.
Potential SPAC Deals
$LATG Signs LOI to Merge With Femco Steel Technology
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SPAC Chenghe Acquisition I Co said it had signed a letter of intent to merge with Femco Steel Technology Co.
Femco, based in Taiwan, specializes in developing, producing, and selling golf clubs, serving major golf brand manufacturers and distributors. The company also produces clubs under the KBS and FST brands.
Chenghe raised $100 million through an April 2022 IPO targeting fintech or technology enabled financial services business.
$RRAC in Talks to Merge With South African Gold Miner
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SPAC Rigel Resource Acquisition Corp has been engaged in talks to merge with South African gold miner, Blyvooruitzicht Gold Mining Co, in a deal that could value the company at $425 million.
Rigel had previously disclosed that it had signed a non-binding letter of intent to merge with a company in the global metals sector but did not disclose any more details.
Blyvooruitzicht has an annual gold production of 40,000 ounces and is expected to operate for 22 years.
SPAC Deals Updates
$ATEK Scraps $300 Million Air Waters Venture Deal
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SPAC Athena Technology Acquisition II said it had decided to mutually terminate a previously announced merger with Air Water Ventures.
Based in Abu Dhabi, AWV focuses on offering direct air-to-water technology, offering a more cost-effective and environmentally friendly solution for producing quality drinking water compared to bottled water.
Athena Technology previously raised $250 million through an IPO and said that it would continue to pursue another merger target.
SPAC News
Healthcare Focused $GDNR Will Liquidate
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Healthcare-focused SPAC Gardiner Healthcare Acquisitions said it decided to liquidate and not complete a merger.
In December 2021, Gardiner raised $75 million through an IPO, targeting the healthcare sector in North America and Europe.
By October, it faced delisting from Nasdaq due to not meeting the minimum shareholder requirement and planned to submit a compliance restoration plan by December 8.
Meme of the Week
No need for that, just open up their portfolio
Source: Next-Gen Biotech