More uncertainty clouded the SPAC market on Wednesday, as all three votes scheduled for the day were either called off or postponed, while yet another merger was terminated. The latest news puts a damper on what is supposed to be an active June for merger completions.
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Redball Acquisition (RBAC) and ticketing platform SeatGeek were set to hold their vote on the first day of June, but instead mutually agreed to terminate their merger, citing market conditions. The SPAC has until mid-August to consummate a deal, barring extensions.
Shareholders of North Atlantic Acquisition (NAAC) were also set to vote on Wednesday for a merger with anti-fraud tech firm TeleSign, but it was postponed. This marks the second time the SPAC has delayed voting, and the new date has yet to be announced.
Ahead of the scheduled vote on Wednesday, Biotech Acquisition (BIOT) and Blade Therapeutics pushed back the vote date to Friday.
Also on Wednesday, media company Forbes announced that its shareholders terminated its planned merger with Magnum Opus Acquisition (OPA). The deal valued Forbes at an enterprise value of $630 million, and included a $400 million PIPE.
Regulatory questions, poor de-SPAC returns, and general market volatility continue to serve as headwinds for SPACs, which have experienced an uptick in redemption rates this year.
