Supply Chain Success | SPAC Feed - Plato Data Intelligence

Welcome to The Rundown! Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Happy Sunday, Friends!

The last week of trading in the year was an eventful one for SPACs, which included two deals being announced, and an LOI being signed for a potential merger. Also, a company accelerated its plans to go public by announcing a potential merger next year, and a new SPAC debuted, targeting firms in the media and entertainment industry. Read on to find out about the latest about all things SPACs.

SPAC Deals Announced

$AIB is Taking PSI Group Public in $200 Million Deal

Hong-Kong-based PSI is an air freight forwarding specialist, that offers global logistics and supply chain services to a diverse range of clients, including postal operators and e-commerce merchants.

Established in 1993, PSI operates globally through its subsidiaries, including Profit Sail Int’l Express Limited and Business Great Global Supply Chain.

For the first half of 2023, the company reported $67.1 million in revenue, marking a 36% increase from the previous year.

AIB, after raising $86.25 million in an IPO in January, originally aimed to invest in fintech companies. The merger is expected to be finalized in early 2024, after which the merged entity will be listed on the Nasdaq stock exchange.

Visiox Pharmaceuticals is Merging With $PWUP

Visiox Pharmaceuticals is developing an FDA-approved drug and other late-stage clinical candidates for ocular diseases like glaucoma and post-surgical inflammation.

The company’s product OMLONTI is used to reduce intraocular pressure, and is set to launch in early 2024, along with PDP-716 in 2025, a treatment using TearAct technology to improve dosage frequency for glaucoma.

SDN-037, another product targeting post-surgical inflammation with a mid-2025 launch, utilizes a unique micellar platform for effective treatment.

The transaction is anticipated to generate gross proceeds of up to $19 million from the cash held in the SPAC trust. The SPAC raised $287.5 million in its IPO in February 2022 and must complete a deal by May 2024. In July, PowerUp sold its sponsor stake to SRIRAMA Associates.

Potential SPAC Deals

$BHAC Signs LOI to Take Fuel Maker XCF Group Public

SPAC Focus Impact BH3 Acquisition Corp has signed a letter of intent with XCF Global Capital, a New York company specializing in sustainable fuels, in a deal valuing the combined company at $1.75 billion.

The New York-based company with several North American facilities, produces renewable diesel and plans to expand into sustainable aviation fuel and other biofuels.

The transaction is subject to customary closing conditions, and due diligence, and a definitive agreement will be announced subsequently.

In September, Focus Impact acquired the sponsor stake in Crixus BH3 Acquisition for $16,288.27, which included over 3.7 million shares of Class B stock and nearly 4.2 million private placement warrants. Crixus BH3 had previously raised $200 million in its IPO in October 2021, targeting businesses focused on real estate, construction, or infrastructure-related activities.

DoubleDragon Wants to Finalise SPAC Deal by Q2 2024

Injap Sia’s DoubleDragon Corp., through its subsidiary Hotel101 Global, is considering merging with a SPAC by the first half of 2024 to list on the Nasdaq stock exchange, accelerating Hotel101’s global expansion.

DoubleDragon had previously planned for a Nasdaq Initial Public Offering sometime in 2026. DoubleDragon has not yet determined the valuation for its planned merger, believing that it would depend on the market conditions and expansion speed.

The company’s management has highlighted Hotel101’s innovative and scalable business model as ideal for a NASDAQ listing, expecting its revenues to potentially extend across over 100 countries.

Hotel101, differing from short-term rental platforms, offers uniform, new-build 21-square meter units, ensuring consistency and addressing inventory concerns.

Hotel101 is launching its first international projects in Niseko, Japan; Madrid, Spain; and California, USA. The company’s expansion plans include entering markets in the uk, UAE, india, Thailand, and several other countries across the globe down the road.

SPAC News

$IROH Prices $61 Million Initial Public Offering

The company’s Class A ordinary shares, warrants, and rights are listed on Nasdaq under the symbols “IROH,” “IROHW,” and “IROHR.” The SPAC plans to target the media and entertainment industry, primarily in the United States.

Iron Horse is headed by CEO Jose Antonio Bengochea, Chairman Brian Turner, CFO Jane Waxman, and COO William Caragol.

EF Hutton is the sole book-running manager for the offering, with Brookline Capital Markets as co-manager, and the underwriter has a 45-day option to buy up to 900,000 additional units to cover any over-allotments.