The Daily Dish (7/23/21)
Lucid Motors SPAC Deal Passes, But Delayed By Spam Filters
Lucid Motors this morning voted to complete its $4.5 Billion SPAC merger with Churchill Capital IV. While the vote was supposed to close on July 22nd, the deadline was extended to 23rd because not enough shareholders approved the proposals.
To participate in the vote, shareholders are sent a specific code. Churchill chairman Michael Klein believes that some shareholders hadn’t voted because the codes were sent straight to spam. Another reason for the delay was the quick turnaround of Churchill shares by retail investors.
Public companies use third-party services called ‘Proxy solicitors’ who are supposed to keep tabs on shareholders, but Churchill said that the list it received from the proxy solicitor was full of disconnected numbers or old AOL email accounts.
Even when the company was able to track down a particular shareholder, there was a good chance they had already sold shares to someone else.
After SPAC Deal Taboola Acquires Connexity for $800 Million
Taboola announced the acquisition of Connexity for $800 Million, its first big move since going public through an SPAC deal in June.
The deal is structured with $260 million in cash, $240 million in stock and $300 million in committed debt financing.
Taboola operates a popular grid-based advertising and content recommendation network across media properties.
The company is looking to Acquire Connexity in a bid to expand its reach into e-commerce.
Former CBS Chief Launches $330 Million SPAC
Joe Ianniello, the former chief executive of CBS, has launched SPAC Argus, which is named after the greek mythological giant. Argus is looking to raise $300 million to look for a deal in video streaming, live events, sports, ad tech, wellness and lifestyle markets.
The move comes as other media giants like AT&T and BuzzFeed have completed their own deals recently, either through an SPAC route or other mergers.
Joe Ianniello has joined with several former CBS executives to form the Argus team, including Marc DeBevoise, chief operating officer of Argus, and Dana McClintock, chief communications officer at Argus.
At CBS, Ianniello helped launch the company’s outdoor advertising business and sell a radio station group. Ianniello has personally invested in Argus, after receiving a payout of $70 million in CBS 2019 merger with Viacom.
