Following quite a lot of particular objective acquisition firm shutdowns, it’s emerged that Waverley Capital Acquisition Corp. (WCAC), a SPAC led by former Warner Music Group CEO Edgar Bronfman Jr., has quietly ceased working.
Digital Music Information was lately notified of this newest SPAC unwinding, although Waverley Capital Acquisition Corp. had quietly knowledgeable buyers (and the general public) of the event in a little-discussed launch in the direction of August’s finish. In addition to Bronfman Jr., WCAC counted as execs/group members Luminari Capital founder Daniel Leff (CEO and director), Silicon Valley vet Alan Henricks (CFO), and former Time Warner head Jeff Bewkes (director), to call a couple of.
In the meantime, the identical launch exhibits that the redemption of all excellent shares within the SPAC – an organization designed to accumulate or merge with an already-established enterprise after which enable for its public commerce – passed off on September eighth.
WCAC “won’t consummate an preliminary enterprise mixture throughout the time interval required by its amended and restated memorandum and articles of affiliation,” spelled out the SPAC, which had introduced the shut of a $200 million preliminary public providing in August of 2021.
On the time, Waverley Capital Acquisition Corp. was hardly the one SPAC aiming to attain a significant deal. However within the music area and elsewhere, only a portion of the entities finally managed to wrap transactions.
Liberty Media’s $500 million SPAC, former Geffen Information president Neil Jacobson’s Music Acquisition Corp., and the $4 billion Pershing Sq. Tontine Holdings are among the many particular objective acquisition firms that unwound previous to consummating offers. Plus, potential SPAC mergers with SeatGeek, Triller, and others reportedly fell via, with completely different pacts having closed whereas encountering obstacles alongside the way in which.
Nevertheless, some firms did handle to listing on the general public market on account of SPAC agreements; Deezer is now buying and selling on the Euronext Paris, whereas Anghami (regardless of receiving a proper delisting warning) and Reservoir Media are buying and selling on NASDAQ.
However these factors and the unsure market, it’s value noting in conclusion that one other SPAC, ESH Acquisition Corp. (NASDAQ: ESHA), backed by people together with Disney exec Allen Weiss, set sail in June of 2023.
And Waverley Capital correct, for its half, is continuous to make investments, together with in Common Music-partnered rest app Endel and, extra lately, AI-powered music-remix startup Hook. Based by former JioSaavn chief working officer Gaurav Sharma, Hook introduced a $3 million pre-seed spherical, led by Waverley, final week.