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FinServ Acquisition Corp. (FSRV) Shareholders Approve Katapult Deal

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FinServ Acquisition Corp. (NASDAQ:FSRV) announced in an 8-K filing that its shareholders approved its combination with fintech lender Katapult Holdings with minimal redemptions at a special meeting yesterday.

Just 6,338 shares were redeemed in connection with the vote, removing $63,696 from FinServ’s trust, marking another in a string of positive votes for SPACs reaching the finish line over the past month and a half. About 78.6% of shares participated in the vote and the combination was approved nearly unanimously.

The transaction is now expected to close on June 9 with with the combined entity’s shares and warrants commencing trading on the Nasdaq under the symbols “KPLT” and “KPLTW”, respectively on June 10.

The parties initially announced their $993 million deal on December 18.  New York City-based Katapult provides point-of-sale (POS) lease-to-own options for ecommerce consumers buying durable goods.

Although all measures on FinServ’s ballot passed by wide margins, some corporate governance proposals received as many as 25% of votes against. For a full list of proposals and vote tallies, click HERE.


ADVISORS

  • PJT Partners is acting as financial advisor to Katapult.
  • DLA Piper LLP (US) is acting as legal counsel to Katapult.
  • Barclays is acting as financial advisor to FinServ.
  • Kirkland & Ellis is acting as legal counsel to FinServ.
  • Barclays and PJT Partners are acting as placement agents with respect to the private placement.
  • Barclays and Cantor Fitzgerald are acting as capital markets advisors to FinServ.
  • Paul Hastings LLP is acting as placement agent counsel.

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Source: https://spacinsider.com/2021/06/08/finserv-acquisition-corp-shareholders-approve-katapult-deal-2/

SPAC Insiders

ArcLight Clean Transportation Corp. (ACTC) Shareholders Approve Proterra Deal

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ArcLight Clean Transportation Corp. (NASDAQ:ACTC) announced in a press release that its shareholders approved its combination with electric vehicle (EV) manufacturer Proterra at a special meeting earlier today.

The press release did not mention redemptions or exact voting numbers for the business combination, but it notes that ArcLight plans to file the 8-K later today.  The transaction is now expected to close on June 14, and the combined entity’s shares and warrants will start trading on the Nasdaq under the symbol “PTRA” and “PTRAW” on June 15, respectively.

The parties initially announced the $1.6 billion deal on January 12. Proterra designs and manufactures zero-emission electric buses as well as battery and drivetrain components for commercial electric vehicles like construction equipment and heavy trucks. Arclight opened today at $19.05, signaling that the market views this as one of its preferred EV deals of the cycle.


ADVISORS

  • BofA Securities is acting as lead financial advisor to Proterra.
  • Latham & Watkins LLP and Fenwick & West LLP are acting as legal counsel to Proterra.
  • Barclays is acting as M&A advisor to ArcLight Clean Transition Corp.
  • Citigroup is acting as M&A and Capital Markets advisor to ArcLight Clean Transition Corp.
  • Kirkland & Ellis LLP is serving as legal counsel to ArcLight Clean Transition Corp.
  • Morgan Stanley & Co. LLC and Barclays are acting as lead placement agents for ArcLight Clean Transition Corp.
  • BofA Securities is acting as joint placement agent for ArcLight Clean Transition Corp.

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Source: https://spacinsider.com/2021/06/11/arclight-clean-transportation-corp-shareholders-approve-proterra-deal/

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The Latest SPAC News and Rumors: June 11th, 2021

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Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Ackman’s Universal Music Group deal receives pushback from Vivendi shareholder; Zanite confirms negotiations with Eve and Hong Kong launches consultation to allow SPAC listings


Ackman Music Deal Spurs Pushback From Vivendi Shareholder

Vivendi SE shareholder Artisan Partners is opposing the company’s plan to sell bits of Universal Music Group, including a proposed deal with billionaire Bill Ackman’s SPAC.

The move puts pressure on Vincent Bollore’s French media group before shareholders are set to meet on June 22 to vote on a plan to spin off 60% of the world’s largest music company.

“Selling off pieces of UMG to other investors in return for cash is a sub-optimal capital allocation decision,” Artisan portfolio manager David Samra told Bloomberg. “We would prefer that Vivendi spin off its entire ownership of UMG to the shareholders in a tax efficient manner.”

READ


Zanite Confirms Negotiations With Eve Urban Air Mobility Solutions

Zanite Acquisition Corp. confirmed its negotiations regarding a potential business combination with Embraer’s Eve Urban Air Mobility in an 8-K filing, but no additional information was given. However, given the press around this potential deal and the negotiation confirmation from the SPAC, is certainly a positive signal that a definitive agreement could be in the offing in the near term.

Zanite is led by co-Chief Executive Officers Kenn Ricci, co-owner of Directional Aviation Capital, which controls private-jet flight provider Flexjet, and Steve Rosen, co-founder of private equity firm Resilience Capital Partners. The Cleveland-based SPAC raised $230 million in a November IPO.

READ


Hong Kong to Launch Consultation on SPAC Listings in Third Quarter

Hong Kong Exchanges and Clearing Ltd 0388.HK will launch a consultation on rule changes in the third quarter to allow SPACs to list in the city, according to a meeting summary of the city’s top finance officials published on Friday.

Rival Singapore Exchange launched a similar consultation allowing SPACs to list earlier this year.

READ


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Source: https://spacinsider.com/2021/06/11/latest-space-news-and-rumors-june-11th-2021/

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Yucaipa Acquisition Corporation (YAC) to Combine with SIGNA Sports in $3.2Bn Deal

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Silver Spike Acquisition Corp. (SSPK) Shareholders Approve WM Technology Deal

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Silver Spike Acquisition Corp. (NASDAQ:SSPK) announced in a 8-K filing that its shareholders approved its combination with cannabis marketplace leader WM Technology, Inc., or more commonly known as “Weed Maps”.

Just 10,012 shares were redeemed by shareholders in connection with the vote.  Silver Spike opened at $18.49 and closed lower at $18.15 on its redemption deadline June 8. A total of 23,120,394 out of 31,248, 575 shares of Silver Spike participated in the vote and the business combination was approved. Shareholders also approved all of other proposals which included a new equity incentive plan and a new employee stock purchase plan.

The transaction is now expected to close on June 15 with with the combined entity’s shares and warrants commencing trading on the Nasdaq under the symbols “MAPS” and “MAPSW”, respectively.

The parties initially announced their $1.4 billion deal on December 10. California-based WMH provides both a B2C marketplace with listings for cannabis businesses and also a B2B software platform that these businesses use for back office solutions.

Silver Spike’s approval marks the twelfth successful SPAC vote since June 1st. For a full list of proposals and vote tallies, click HERE.


ADVISORS

  • Rothschild & Co. is serving as exclusive financial and capital markets adviser and Cooley LLP is serving as legal advisor to WM Holding LLC.
  • Stifel, Nicolaus & Company, Incorporated and Piper Sandler & Co. are serving as joint placement agents and financial advisors and Davis Polk & Wardwell LLP is serving as legal advisor to Silver Spike Acquisition Corp.
  • Gibson, Dunn & Crutcher LLP is serving as legal advisor to the founders of WM Holding.

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Source: https://spacinsider.com/2021/06/11/silver-spike-acquisition-corp-shareholders-approve-wm-technology-deal/

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