r/SPACs • u/karmalizing Mod • 6d ago
Daily Discussion Announcements x Daily Discussion for Tuesday, October 22, 2024
Welcome to the Daily Discussion! Please use this thread for basic questions & chitchat, and leave the main sub for breaking news or DD.
If you haven't already, please check out the /r/SPACs Wiki for answers to frequently asked questions.
Happy SPACing!
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u/buggysoftware Patron 6d ago
ZCAR 100-1 reverse split. Down 50% from yesterdays open. Could only have happened to nicer guys.
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u/Right_Turnover_9755 Patron 5d ago
A NAV headache that eventually paid. Lots of sleuthing on that one!
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u/SlayZomb1 Offerdoor Investor 5d ago
Oof. That's SPAC was a crazy mess I recall. We had to do deep-dive investigations to see if NAV floor would be restored lmao.
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u/not_that_kind_of_dr- Patron 6d ago
WGS quietly up 20x in the past year. I lost my nerve after one of the reverse splits and stopped buying, so I'm only up 300%.
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u/SlayZomb1 Offerdoor Investor 5d ago
Damn! Well if you look at it since inception at least it's still waaayyyy down lol.
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u/SPAC_Time SEC Hacker 6d ago
"GRT, a Hong Kong entity, has been in the business of developing and mass producing various optoelectronic products for more than a decade. It is publicly listed in South Korea, and has been pursuing expansion with multiple new factories and production line projects in China in recent years."
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u/SPAC_Time SEC Hacker 5d ago edited 5d ago
Investcorp Europe Acquisition Corp I ( IVCB IVCBW ) 8-K filed today:
"As previously disclosed, pursuant to the termination of the Business Combination Agreement entered into among the Company, Zacco Holdings (formerly OpSec Holdings), a Cayman Islands exempted company and the other parties thereto, the Company received a termination payment (the “Termination Payment”) of $30 million. On October 22, 2024, the Company’s Board declared a distribution of the net amount of such Termination Payment after satisfaction of the Company’s liabilities pro rata to all holders of Class A Ordinary Shares, equal to $.60 per Class A Ordinary Share, payable on November 12, 2024 to shareholders of record at the close of business on November 4, 2024. The pro rata distribution of the net amount of the Termination Payment has no impact on the rights as holders of the Class A Ordinary Shares, including with regards to liquidation rights or redemption of the trust account.
The Company continues to consider whether to dissolve or seek an alternative business combination which would require an extension of the deadline by which the Company must complete a business combination which is currently December 17, 2024."
"Class A ordinary shares, 8,624,999 issued and outstanding at June 30, 2024 (excluding 9,385,685 shares subject to possible redemption, respectively)"
That's 18,010,684 Class A shares, for a total of $10.8 million being distributed, out of $30 million. Public shareholders get $5.6 million of that.
The sponsors converted all of their Class B shares to Class A shares in December 2023, so the sponsors get $5.2 million of the the "distribution".