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Cash proceeds are expected to consist of up to approximately $136.04 million held in Murphy's trust account (before any redemptions and payment of expenses) and a $27 million PIPE.

The press release announcing the deal contains some unusual phrasing that reflects the realities of the current environment SPAC sponsors face with shareholders: "The pro forma equity valuation of the combined company is expected to be approximately $264 million assuming 80% redemptions or approximately $416 million assuming no redemptions."

Flame holds approximately $289 million cash in trust. The deal is further supported by a $71.5 million PIPE. The SPAC intends to pursue additional PIPE subscriptions totalling up to $400 million.

Cash proceeds raised will consist of Breeze Holdings’ $17.7 million cash in trust (before redemptions and payment of any transaction expenses) and $100 million in anticipated new capital, expected to be split between debt and equity.

The deal has a $50 million minimum cash condition. Spree raised $175 million in a December 2021 IPO.

The news comes less than a month after another SPAC, Deep Medicine Acquisition, called off a merger with Chijet. That deal was valued at $2.6 billion when announced in July. No reason was given for the termination, although Deep Medicine had twice extended the time period for its due diligence on the EV automaker.

The transaction is expected to provide approximately $159 million before expenses and the impact of any redemptions.

International Media raised $200 million in August 2021 to focus on North America, Europe and Asia for target companies within the media and entertainment sector. The SPAC secured a six-month deadline extension from shareholders in July, but 20,858,105 shares were redeemed in connection with that vote.

Tastemaker raised $276 million in a January 2021 IPO with stated plans at the time to focus on the restaurant, hospitality, and related technology and services sectors.

The merged company would have $167.8 million in cash (assuming no redemptions) and a committed and undrawn credit line for $100 million (assuming completion of ongoing negotiations).