SUBSPAC

Party in the Philippines

Today we Cover $ADER, $BENE, $LEGO, and more …

In today’s Dish, an iconic Philippines-based resort developer is going public through a SPAC deal, a Renewable Hydrogen maker is in talks to scale its solution and one Fantasy Spots Operator is putting a spin on marketing its product offering. Read on to find the lates about all things SPACs.


Okada Manila Group Closes $2.6 Billion Deal 

Universal Entertainment Corp, the parent company of Okada Manila Group has just announced plans to merge with SPAC 26 Capital Acquisition Corp, in a deal that values the combined company at $2.6 billion.

The Philippines-based resort lies on a 50-acre property in Manila’s Entertainment City area and has been opening in stages since 2019.

When the construction is complete, the resort will have 993 hotel rooms, 25 restaurants, and approximately 375,000 square feet of gaming space.

The deal is expected to close in the first half of next year and will generate up to $275 million in cash proceeds, which will be used to fund future growth.


ECombustible in Talks for $1 Billion SPAC Merger

Hydrogen-Fuel maker ECombustible is in talks with Benessere Capital Acquisition Corp for a potential SPAC Deal that could value the combined company between $800 million and $1 billion.

The Miami-based firm is developing a hydrogen-based alternative fuel and is in the process of running industrial-scale tests over the past few months. Interest in hydrogen has been surging over the past few years, with it holding the promise of decarbonizing industries that can’t easily run on electricity, serving as both a fuel and a way to store energy.

When hydrogen is fed through a fuel cell or burned in a turbine, hydrogen can generate electricity without generating greenhouse gas emissions.

Most of the hydrogen that is produced today comes from natural gas, but firms like ECombustible are developing a solution to produce hydrogen from water using renewable power, with no carbon emitted. Renewable hydrogen could potentially power cement and steel factories, cargo ships, and airplanes alike in the future.


Reddit Reads

$LCID Announces Extension of Redemption Date for its Public Warrants 

Lucid Motors has just announced an Extension of the Redemption Date for its Public Warrants to 5 pm ET on October 29, 2021. The Company previously announced on September 8, 2021, that it would redeem (the “Redemption”) all of its Public Warrants that remained outstanding at 5:00 p.m. Eastern Time on October 8, 2021 (the “Initial Redemption Date”), for a redemption price of $0.01 per Public Warrant (the “Redemption Price”).

$LEGOs Redemption were Amongst the Lowest Ever

Legato Merger Corps merger with steel producer Algoma Steel Inc saw the redemption of only 0.003% or 716 shares, and thereby ended up raising g $205 million.


DraftKings will Invest in Vivid Seats SPAC Deal 

DraftKings is investing an undisclosed amount in Horizon Acquisition Corp, a SPAC that will merge with Vivid Seats next week.

Specifically, DraftKings will take over some of the commitments made by Eldridge Industries.

The investment gives DraftKing one of the first-growing sports-gambling companies, the opportunity to tie up with a big seller of tickets to sports events, concerts, and theatres.

Part of the deal involves an option for DraftKing to sell back the stock to Eldridge for $9.77 a share a year after the merger is completed.


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