The last week of SPACs was packed with activity including deals, terminations, and buyouts. A SPAC agreed to take an AI-focused medicine firm public, while another blank-cheque firm is merging with a satellite technology firm. Also, shares in Trump’s media company continued to trade higher on debut and a database company receives another buyout proposal. Read on to find out the latest about all things SPACs.Â
SPAC Deals AnnouncedÂ
$APXI is Combining With OmnigenicsAI and MultiplAI Health in $340 Million Deal
SPAC APx Acquisition I announced a merger with OmnigenicsAI and MultiplAI Health, valuing the combined companies at $340 million.Â
OmnigenicsAI, previously known as Heritas, is a precision medicine firm with a nine-year track record in Latin America, with genetic testing and services across two divisions, including a clinical diagnostics division that provides genomic tests and telehealth consultations for various medical fields. Its prevention division, Rewell, focuses on direct-to-consumer health solutions like DNA and microbiome testing kits, coupled with telehealth guidance for personalized health and nutrition plans.
MultiplAI, on the other hand, is a UK-based preventive medicine company, which uses RNA genomic sequencing and AI analysis for blood screening, aiming to offer precise risk assessments and develop comprehensive AI models for a deeper understanding of health at the molecular level.
As part of the deal, OmnigenicsAI's main shareholder, Heritas, has agreed to buy all shares and convertible securities of MultiplAI, with this purchase depending on the completion of their business combination.
The deal is anticipated to generate gross proceeds of up to $68.3 million from the cash held in the SPAC trust. Both parties expect the transaction to close by the middle of the year, with the shares of the company being listed on the Nasdaq under the ticker ‘OMNI’. Â
$IXAQ is Merging With Satellite Technology Firm AERKOMM
SPAC IX Acquisition Corp is merging with AERKOMM, a satellite technology company providing multi-orbit broadband connectivity solutions, in a transaction valued at $235 million.Â
AERKOMM is a satellite technology company that focuses on broadband connectivity through advanced infrastructure for various sectors by working with satellite partners and mobile networks.
The company's glass antenna technology increases data transmission by 50% more per square inch compared to earlier satellite broadband systems. The company’s universal terminals offer sector-wide broadband connectivity through advanced antennas and software-defined radio modems.Â
The transaction values the company at an enterprise value of $200 million, with an additional $200 million in potential earnout shares for its shareholders upon reaching specific milestones.
The deal is being supported by a $35 million PIPE with investments from both existing and new shareholders.Â
$BNIX Seals Merger With VisionWave Technologies
SPAC Bannix Acquisition revealed that it will merge with cloud software provider VisionWave Technologies, issuing 3 million shares for the deal.
VisionWave aims to transform imaging and detection for military and geological uses by developing a system that utilizes radio waves to produce detailed 2D and 3D images of objects and beings, both stationary and moving, above and below the surface.
The company wants to provide 360° coverage with AI-driven analysis for exceptional situational awareness and can seamlessly integrate with current radar systems to boost their performance.
VisionWave was incorporated last week and has bought out the patents owned by GBT Technologies. Bannix announced the deal two weeks after ending a merger with EVIE Autonomous due to the company’s failure to provide a required loan.
The SPAC previously raised $69 million through a 2021 Initial Public Offering, although redemptions have left the trust with $17 million in cash.Â
De-SPAC NewsÂ
$DJT Worth $8.4 Billion After Defying Expectations in Market Debut
Trump Media & Technology Group, the parent of Trump's Truth Social, exceeded market expectations by closing at around $62 per share after a volatile first week of trading, giving the company a market cap of $8.4 billion.Â
While the debut was promising, the company has only reported a modest $3.4 million in revenue and a $49 million net loss in the first nine months of 2023.
Analysts have categorized the company’s strong initial performance with its less favorable financials as a "meme stock," driven largely by support for Donald Trump rather than its economic fundamentals.
The merger between DWAC and Trump Media marked a significant triumph for the former president, granting him ownership of 78.75 million shares valued at nearly $4.9 billion at the closing price, amidst ongoing setbacks and regulatory challenges.
Despite this victory, Trump is burdened with hefty legal fees, spending around $50 million last year, and faced difficulties in securing a bond for appealing his New York civil fraud case, which was reduced from half a billion dollars to $175 million.
$MRDB Receives Takeover Proposal from Progress Software
Database company MariaDB reported receiving an unsolicited proposal from Progress Software to buy it through a stock purchase.
MariaDB, which is a database company with products reaching over a billion users, has recently faced financial challenges, including a threat from a lender and a significant reduction in market value from an estimated $672 million to $30.42 million since its public debut through a SPAC merger in December 2022.
Progress Software specializes in creating software that helps organizations develop mission-critical applications and manage data, cloud, and IT infrastructure.Â
In February, MariaDB received a $37.3 million offer from K1 Investment Management for privatization, amidst reviewing its financial strategies.
However, following the early publicity of a takeover offer, MariaDB received a default notice from its lender, RP Ventures, which had lent the company $26.5 million. The default was triggered by public news of a non-binding 55 cents per share bid for MariaDB.
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$KVAC Announces Non-Binding LOI With Clinical Stage Biopharmaceutical CompanyÂ
$ATMV Terminates Merger With Wanshun Technology Industrial GroupÂ
$CMCA Ends Merger With Lexasure Financial Holdings Corp