SPAC IPOs Mixed, DCRN Deal Slightly Rises, IPOE/SoFi Up Next
IPOE fell ahead of its vote tomorrow, while DCRN rose slightly on its deal with Tritium. Of today s SPAC IPOs: 1 rose, and 2 fell.
Author:
This morning
Decarbonization Plus II (DCRN) announced a deal to take Tritium, an Australian EV charge company, public in a $1.4B SPAC deal. The deal has no PIPE and they currently have $403M in trust. The market was, somewhat, pleased with the deal as DCRN rose modestly +1.4%, though it still trades at a sizable discount to NAV at $9.79. This represents
a potential ~6% yield opportunity if you believe that the deal vote (when an investor could redeem its shares) happens within ~4-6 months.
(Bloomberg) Saudi Arabia’s state miner will use a windfall from the recent boom in commodity prices to pay off debt, as it seeks to strengthen its balance sheet before embarking on international acquisitions.The new chief executive officer of Saudi Arabia Mining Co., known as Maaden, said he plans to halve the ratio of debt to earnings before interest, tax, depreciation and amortization over the next five years. Net debt was equivalent to 6.5 times Ebitda in March, according to data compiled by Bloomberg.The focus will be on “sweating our assets” and ensuring Maaden is “one of the biggest winners” from the commodities rally, Abdulaziz Al Harbi, who was appointed last month, said in an interview. “We are capitalizing on the supercycle.”Raw materials from metals to oil and crops have soared this year as major economies reopen and recover from the coronavirus pandemic. The frenzy has upended global supply chains and led to warnings of fas