BRLI to merge with penny stock cryptocurrency exchange Nukkleus; VIEW learns not to file the hard way


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Brilliant Acquisition Corp. (BRLI) to merge with crypto exchange Nukkleus

Brilliant Acquisition Corp. (BRLI) Announces Merger Goal: Penny Stock Crypto Exchange Noukkleus (NUKK). NUKK, currently listed on the stock exchange, will achieve an impressive 1:25.146 reverse-split and up-listing on the NASDAQ stock exchange. The transaction, valued at $140 million (pre-merger), has been approved by the boards of directors of both companies and is expected to close in the second or third quarter of 2022.

Last spring, Nukkleus announced that it was seeking to raise additional capital after being named as a defendant in the lawsuit related to the bankruptcy of Boston Prime and BT Prime, the liquidity providers of Boston Technologies. BT Prime wishes to hold Nukkleus and its affiliates liable for debts and liabilities related to its bankruptcy proceedings. BT Prime suffered huge losses due to market volatility following the Swiss National Bank’s removal of the Euro-franc peg in 2015.

NUKK traded down 1% on the day to close at $0.21.

SPAC VIEW smart-glass learns transparency the hard way

Smart glass manufacturer See (SEE) is less transparent with its finances than with its products. Only nine months into its life as deSPAC, the company received a cancellation notice for failing to file quarterly 10-Q financial forms for each of the last two quarters. View went public through a $1.6 billion merger with Cantor Fitzgerald & Co. CF Finance Acquisition II (CFII). Things are not going very well for the company. In January, VIEW halted the installation of key machinery for its manufacturing operations to conserve cash.

View filed a statement in early November saying it would not meet Nasdaq’s extended deadline, citing an audit last August that found reporting inaccuracies within the company. VIEW had revised its liability estimate from $22 million to a range between $40 million and $58 million through March 2021. Chief Financial Officer Vidul Prakash resigned following the investigation.

fintech Tritteras (TRIT) also learned not to file the hard way. The company was delisted earlier this month, although it plans to appeal the decision.

Elsewhere in the SPACs

  • Acquisition of Supernova Partners (SNII)/Rigetti negotiated the ex-buyout today. Shares closed at $8.38, down 16%.
  • The third time could be the charm of the favorite gamma squeeze East Stone Acquisition Corp. (ESCC), who votes tomorrow.The vote has been extended from the previously agreed date of November 24 (the third extension since the deal was announced). This high repurchase SPAC has reached a definitive agreement to merge with the Chinese merchant activation services platform JHD Holdings Limited. After the consumption extension and share buybacks, there are approximately 3.2 million shares left. The very low flutter makes it an ideal candidate for gamma compression.
  • Barry Sternlicht’s Jaws Estates has withdrawn its S-1 registration for JAWS Wildcat Acquisition Corporation, they had planned to raise $250 million after the SPAC boom filed last year. JAWS still has 3 SPACs looking for targets (JUGG, HCNE, JWSM)

Today’s price action

The biggest winners

2.50% ~ $10.66 | CCHS – East Stone Acquisition Corporation (Announced)
1.44% ~ $9.84 | IXAQ – IX Acquisition Corp. (pre-transaction)
0.92% ~ $9.89 | PORTAL – Marblegate Acquisition Corp. (pre-transaction)
0.71% ~ $9.97 | MLAI – McLaren Technology Acquisition Corp. (pre-agreement)
0.67% ~ $10.19 | NLIT – Northern Lights Acquisition Corp. (Announcement)
0.61% ~ $9.82 | EDNC – Endurance Acquisition Corp. (pre-transaction)
0.51% ~ $9.76 | FACA – Figure Acquisition Corp. I (pre-transaction)
0.51% ~ $9.78 | WPCA – Warburg Pincus Capital Corporation I—A (pre-transaction)
0.51% ~ $9.89 | MCAF – Mountain Crest Acquisition Corp. IV (pre-transaction)
0.51% ~ $9.90 | SMAP – Sportsmap Tech Acquisition Corp. (pre-agreement)
0.46% ~ $9.83 | GIAC – Gesher I Acquisition Corp. (pre-transaction)
0.41% ~ $9.71 | BYTS – BYTE Acquisition Corp. (pre-transaction)
0.41% ~ $9.74 | NGC – Northern Genesis Acquisition Corp. III (pre-transaction)
0.41% ~ $9.79 | SPKB – Silver Spike Acquisition Corp II (Announced)
0.41% ~ $9.86 | SAMA – Schultze Special Purpose Acquisition Corp. II (pre-transaction)
0.41% ~ $9.89 | LGVC – LAMF Global Ventures Corp. I (pre-transaction)
0.40% ~ $10.09 | DREAM – Alpine Acquisition Corp. (pre-transaction)
0.33% ~ $9.87 | PGSS – Pegasus Digital Mobility Acquisition Corp. (pre-agreement)
0.31% ~ $9.72 | RACB – Research Alliance Corp. II (pre-transaction)
0.31% ~ $9.77 | DMYS – dMY Technology Group, Inc. VI (pre-agreement)

The biggest losers

-15.75% ~ $8.40 | SNII – Supernova Partners Acquisition Company II, Ltd. (Announcement)
-5.48% ~ $10.18 | CCHC – Healthcare Capital Corp. (Announcement)
-4.74% ~ $88.50 | DWAC – Digital World Acquisition Corp. (Announcement)
-3.15% ~ $11.07 | GGPI – Gores Guggenheim, Inc. (Announced)
-3.12% ~ $9.63 | APMI – AxonPrime Infrastructure Acquisition Corp (pre-transaction)
-3.04% ~ $12.74 | CFVI – CF Acquisition Corp. VI (Announced)
-2.40% ~ $9.76 | DAY BEFORE – EVe Mobility Acquisition Corp (pre-agreement)
-1.72% ~ $9.69 | PFTA – Portage Fintech Acquisition Corp. (pre-transaction)
-1.50% ~ $9.85 | BOCN – Blue Ocean Acquisition Corp (pre-transaction)
-.82% ~ $9.72 | BGSX – Build Acquisition Corp. (pre-agreement)
-.80% ~ $9.87 | IVCP – Swiftmerge Acquisition Corp. (pre-transaction)
-.65% ~ $9.86 | RONI – Rice Acquisition Corp. II (pre-transaction)
-.62% ~ $9.64 | IPAX – Inflection Point Acquisition Corp. (pre-transaction)
-.59% ~ $10.11 | ADOC – Edoc Acquisition Corp (Announced)
-.57% ~ $9.82 | A SPA – SPAC Shelter I, Inc. (Announced)
-0.51% ~ $9.67 | VAT -TCV Acquisition Corp. (pre-transaction)
-.51% ~ $9.75 | CIPN – NewHold Investment Corp. II (pre-transaction)
-.51% ~ $9.82 | HARBOR – Southport Acquisition Corporation (pre-transaction)
-.46% ~ $9.70 | VLAT -Valor Latitude Acquisition Corp. (pre-transaction)
-0.46% ~ $9.82 | BFAC – Battery Future Acquisition Corp. (pre-agreement)

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(Disclaimer: This is not investment advice. The author may own one or more stocks mentioned in this report.)

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