Image Source: Kevin Smith on Flickr

In SPAC news this week, Moolec Science and LightJump Acquisition announced their entry into a definitive agreement for a business combination that would result in Moolec becoming a publicly listed company. Meanwhile, DNEG and Sports Ventures Acquisition announced that the companies have mutually agreed to terminate their previously announced business combination agreement.

Moolec Science to Go Public

Moolec Science and LightJump Acquisition (LJAQ), a publicly traded special purpose acquisition company, announced the entry into a definitive agreement for a business combination that would result in Moolec Science, a newly created affiliate of Moolec incorporated in Luxembourg, becoming a publicly listed company.

Pursuant to the transactions contemplated by the business combination agreement, Moolec and LightJump will ultimately become wholly-owned subsidiaries of the company. The transaction is expected to be completed in the second half of 2022 and upon closing the company is expected to be listed on Nasdaq under the ticker symbol 'MLEC.'

Moolec is a Molecular Farming pioneer in the new food industry that uses plants to produce real animal proteins. The Moolec Science LightJump Acquisition Corp. business combination sets the company's proforma equity value at $504 million.

As a result of the transaction, the combined company is expected to be funded with $138 million cash held in LightJump's trust account, assuming no LightJump shareholders exercise their redemption rights at closing and before payment of transaction expenses. In addition, LightJump has entered into a backstop agreement with entities affiliated with Moolec to guarantee a minimum of $10 million at closing.

Deal Termination 

DNEG and Sports Ventures Acquisition (AKIC) announced that the companies have mutually agreed to terminate their previously announced business combination agreement, effective immediately. The companies decided to terminate the business combination agreement as a result of current unfavorable SPAC market conditions and other factors.

DNEG recently announced revenue outperformance in a business update, along with strong year-over-year growth and a record pipeline of new business, reflecting unprecedented demand for its visual effects and animation services.

Future Health ESG, Excelera to Merge

Excelera DCE and Future Health ESG (FHLT), a special purpose acquisition company, announced they have entered into a definitive business combination agreement that will support the expansion of Excelera's science-driven approach to managing care for seniors.

Upon completion of the transaction, the combined company is expected to operate as Excelera Health and is expected to be listed on the Nasdaq under the new ticker symbol 'XLRA.'

SPAC IPOs This Week

• Feutune Light Acquisition (FLFV) opened on June 16 at $9.94. The company is prohibited from undertaking an initial business combination with any entity being based in or having the majority of its operations in China.