Deal News

• Denali Capital Acquisition Corp. (DECA) announced a deal to acquire Semnur Pharmaceuticals, Inc., a wholly owned subsidiary of Scilex Holding Company (Nasdaq: SCLX), a 2022 deSPAC focused on acquiring, developing and commercializing non-opioid pain management products. The deal reflects an equity value of $2.5bn and is expected to close Q1 2025.

• Keen Vision Acquisition Corporation (KVAC) announced a deal to acquire Medera, a clinical-stage biotechnology company. The deal reflects an enterprise value of $622.6mm and is expected to close in Q4 2024.

• Compass Digital Acquisition Corp. (CDAQ) announced a deal to acquire EEW Renewables, a global developer in the renewable energy industry. The deal reflects an enterprise value of $386mm and is expected to close in Q1 2025.

• Evergreen Corp (EVGR) announced a deal to acquire Forekast, a company specializing in augmented intelligence, offering AI-driven insights that enhance business operations, customer experiences, and workforce capabilities. The deal reflects an enterprise value of $105mm and is expected to close by the end of 2024.

• APx Acquisition Corp. I (APXI) terminated its business combination with MultiplAI Health. APXI and OmnigenicsAI intend to complete their business combination without the acquisition of MultiplAI.

• DT Cloud Acquisition Corporation (DYCQ) signed an LOI with Shanghai Maius Pharmaceutical Technology Co., a biopharmaceutical R&D company focusing on innovative formulations and targeted small-molecule chemical drugs. A definitive agreement is expected in Q4 2024.

Deal News

• Integrated Wellness Acquisition Corp (WEL) announced a deal to acquire Btab Ecommerce Group, Inc. (OTC: BBTT), an e-commerce supplier of technology and products to small businesses. The deal reflects an equity value of $250mm and is expected to close in Q4 2024.

Deal Closings & Approvals

• Blue World Acquisition Corporation (BWAQ) shareholders approved the company’s acquisition of TOYO Solar at a meeting Tuesday 5/28/2024 with less than 1% of public shares remaining. No closing timeline was given.

Other News & Rumors

• HIT Consultant reported that Virtual Therapeutics, a provider of games for mental health treatment, announced it will acquire Akili, Inc. (NASDAQ: AKLI) for $34mm, or $0.434 per share in cash. Akili was acquired by Social Capital Suvretta Holdings Corp. I (formerly DNAA) for $906mm in August 2022.

• Bloomberg reported that Matterport’s ex-CEO won $79mm in a lock-up suit. Matterport was acquired by Gores Holdings VI, Inc. (formerly GHVI) for $2.3bn in July 2021.

Deal News

• Global Technology Acquisition Corp. I (GTAC) announced a deal to acquire Tyfon Culture Holdings Limited, an Online-to-Offline (O2O) Chinese marketplace for art. The company intends to raise a $10mm common stock PIPE in connection with the deal, which reflects an enterprise value of $434mm and is expected to close in 2H 2024.

• Hudson Acquisition I Corp. (HUDA) announced a deal to acquire Aiways Automobile Europe GmbH, an automotive company that offers electric vehicles specifically customized for the demand of the European markets. The deal reflects an equity value of $400mm and is expected to close on or around 12/31/2024.

• Battery Future Acquisition Corp. (BFAC) announced a deal to acquire Class Over, Inc., a provider of educational technology solutions and online live educational courses. The deal reflects an enterprise value of $135mm and is expected to close in 2H 2024.

• Relativity Acquisition Corp. (RACY) terminated its deal with SVES. RACY intends to seek alternative ways to consummate an initial business combination

• Liberty Resources Acquisition Corp. (LIBY) and Caspi Oil Gas terminated their business combination agreement, citing challenging global economic conditions.

Deal Closings & Approvals

• Screaming Eagle Acquisition Corp. (formerly SCRM) closed its acquisition of Lionsgate Studios on Monday 5/13/2024 with 9% of public shares remaining. Ordinary shares are now trading on the NASDAQ as “LION.”

Deal News

• Mountain Crest Acquisition Corp. V (MCAG) signed an LOI with CUBEBIO Co., Ltd., a Korea-based company with technology that diagnoses cancer at an early stage using urinalysis. The proposed transaction represents a pre-money equity value of $620mm. No deal timeline was given.

Deal Closings & Approvals

• Pegasus Digital Mobility Acquisition Corp. (formerly PGSS) closed its acquisition of SCHMID Group on Tuesday 4/30/2024. Redemption statistics were not provided. Ordinary shares are now trading on the NASDAQ as “SHMD.”

• LAMF Global Ventures Corp. I (formerly LGVC) closed its acquisition of Nuvo Group on Wednesday 5/1/2024 with less than 1% of shares remaining. Ordinary shares and warrants are now trading on the NASDAQ as “NUVO” and “NUVOW.”

• CONX Corp. (formerly CONX) closed its acquisition of EchoStar Real Estate Holding LLC on Thursday 5/2/2024. The company plans to continue its growth through other tech and infrastructure acquisitions. The company then received a notice of delisting from the NASDAQ effective Monday 5/6/2024. CONX expects to request an appeal and has applied to trade OTC.

• Plutonian Acquisition Corp. (PLTN) shareholders approved the company’s acquisition of Big Tree Cloud at a meeting Tuesday 4/30/2024 with less than 1% of public shares remaining. No closing timeline was given.

• Bite Acquisition Corp. (BITE) shareholders approved the company’s acquisition of Above Food Corp. at a meeting Monday 4/29/2024 with less than 1% of public shares remaining. The transaction is expected to close as soon as practicable, subject to the approval of the shareholders of Above Food.