Deal-Needy SPAC Sponsors Flock to Tiny Tie-Ups as Clock Ticks

Flying money

Deal-hungry blank-check companies dashing to meet deadlines are eyeing smaller targets as the SPAC mania that led to dozens of multi-billion dollar mergers fizzles, Bloomberg reports.

Calidi Biotherapeutics and First Light Acquisition Group are among the latest to announce a tie-up, assigning the biotech an enterprise value of $335 million. While another SPAC deal valuing Calidi at $449 million fell apart five months ago, the new tie-up underscores sponsors’ desperate hunt for targets as merger deadlines loom. Read more.

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