IPO, RTO Deals
Forbion, Lumira Ventures, Fonds de Solidarité backed enGene Inc. went public on NASDAQ as SPAC Forbion European Acquisition Corp.'s qualifying acquisition. enGene received US $138M in gross proceeds included US $25M from SPAC trust account and $113M from PIPE financing.
Pallasite Ventures and House of Lithium backed Damon Motors to go public on NASDAQ by way of reverse take-over of Inpixon with a deemed valuation of US $224-284M.
Sonder Holdings to effect a 1-to-20 reverse stock split, effective as of the close of trading on September 20, 2023, in order to regain compliance with the minimum US $1.00 bid price per share requirement of Nasdaq’s Marketplace Rule.
Oak Woods Acquisition Corporation, a Nepean, Ontario based newly organized blank check company with focus on acquiring a target business in Asia including Peoples Republic of China, priced IPO of 5M units at $10 per unit and will commence trading on NASDAQ on March 24, 2023.
Reza Soltanzadeh and Barthelemy Helg led and Cibus Fund and Rocana Ventures backed Borealis Foods to go public on NASDAQ by way of qualifying acquisition by Almaty, Kazakhstan based Oxus Acquisition Corp. at US $150M valuation.
Waratah Capital Advisors Ltd. and Riverstone Holdings LLC backed Lithium Royalty Corp. attentively priced $150M TSX IPO at $16-19 per share with a valuation of $942M at midpoint offering price of $17.50 per share.
NorthStar Gaming secured $12.25M strategic investment from Playtech plc, in connection with proposed RTO of Baden Resources, adding to $5M raised from Torstar and $5.075M raised from subscription receipt financing.
Andrew Wilkinson and Chris Sparling led Tiny Capital Ltd. to go public on TSX-V, valued at $691M, through combination (RTO) with WeCommerce Holdings Ltd. Wilkinson and Sparling will own 71% and 10%, respectively, of combined company valued at enterprise value of $962M.
McIntyre Partners and Griffon Partners backed Greenfire Resources Inc. to go public on NYSE through a proposed qualifying acquisition by M3-Brigade Acquisition III Corp. (NYSE: MBSC), valuing Greenfire at US $950M.
Constellation Software Inc. filed for the spinout Lumine Group Inc., to made of Lumine portfolio of companies of the Volaris Group and proposed acquisition of WideOrbit Inc. from Eric Mathewson and VC investors.
SaskWorks Venture Fund Inc. backed Chronos Resources Ltd. to list on TSX Venture through RTO of Samoth Oilfield Inc. and completing of up to $65M financing.
Riverstone Holdings LLC to list Hammerhead Resources Inc. on NASDAQ through SPAC AQA by affiliated Decarbonization Plus Acquisition Corporation IV, valuing Hammerhead at US $882M. CEO Scott Sobie will continue to lead the combined company.
Sterling Partners promoted SP Strategic Acquisition Corp., a Capital Pool Company, filed $500,000 IPO. Eight Capital acts as offering agent. Cassels Brock & Blackwell LLP is acting as legal counsel for SP while Blake, Cassels & Graydon LLP is acting on behalf of the agent.