Billy Beane announces deal with Liverpool's ticketing partner
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (October 13, 2021)
Discover and track all of the SPACs at spactrack.net.
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The Stats:
The Deals:
1) RedBall Acquisition Corp. (RBAC: warrants +4.03%) & SeatGeek
Merger Partner Description:
SeatGeek is on a mission to transform the live-event experience for fans, teams and venues. By combining a superior marketplace with unparalleled primary ticketing box office technology, SeatGeek has become a high-growth global ticketing leader. SeatGeek delights fans through industry-first features including: Deal Score, its proprietary ticket rating technology; Rally, its event-day operating system; and SeatGeek Swaps, the first return policy offered by a major ticketer. In parallel, its open-ecosystem enterprise ticketing software empowers teams, venues and promoters to efficiently grow their businesses while delivering the superior experience that die-hard fans deserve.
SeatGeek is proud to partner with some of the most recognized names in sports and live entertainment across the globe including the Dallas Cowboys, Brooklyn Nets and Liverpool F.C., as well as Major League Soccer (MLS), National Football League (NFL), half of the English Premier League (EPL) and multiple theaters across NYC's Broadway and London's West End.
Valuation: $1.35B EV
PIPE: $100M including investments from existing SeatGeek investor, Accel, as well as Ryan Smith, (Founder & Exec Chairman of Qualtrics), and Kevin Durant’s Thirty Five Ventures
Merger Votes/ Completions:
Marquee Raine Acquisition Corp. (MRAC) shareholders approve its merger with Enjoy Technology
Live Oak Acquisition Corp. II (LOKB) and Navitas Semiconductor (LOKB shareholders approved merger yesterday) announce the merger is expected to close on 10/19 with the ticker change to NVTS on 10/20
VPC Impact Acquisition Holdings (VIH) announces that it expects Bakkt will receive $447M of gross proceeds after the redemption of an estimated ~41% of public shares (as of 10/12)
The merger is expected to close on 10/15 with the ticker change to BKKT on 10/18
Science 37 Holdings, Inc. (SNCE), which completed its merger with LifeSci Acquisition II Corp. (LSAQ) filed redemption figures: ~29% of the public shares were redeemed, which left $57.1M in the trust
News
Medical device co Insightec set for SPAC merger at $2b valuation (Globes)
Israeli medical device company Insightec is in advanced talks to merge with a SPAC (blank check) company and to list on Wall Street with a company valuation of $2 billion, according to sources familiar with the matter. Insightec has developed a device for minimally invasive surgery based on ultrasound.
Insightec CEO Maurice Ferre has already been involved in one SPAC merger of an Israeli medical company when robotic surgery company Memic agreed in August to merge with MedTech Acquisition Corp. at a company valuation of $1 billion. In the past, Ferre has said that he could see Insightec agreeing an exit worth tens of billions of dollars.
Insightec is controlled by Canada's Koch Disruptive Technologies (KDT), which has invested an overall $200 million for a 40% stake. In 2020, KDT led a $136 million financing round at a $1.3 billion valuation. In May 2021, Insightec's second largest shareholder York Capital sold its 7% stake at a company valuation of $1 billion to Peregrine Ventures and Israeli institutional investors Leumi Partners and Mor Investments. Elbit Medical, once a dominant investor in the company, has sold most of its shares and remains with a 3.1% stake.
The SPAC merger being planned would also provide Insightec with extra funding through a PIPE investment.
Insightec was founded in 1999 and has developed and markets a system for using focused MRI-guided ultrasound waves to destroy tissue, for treatment of non-Parkinson tremors, and to clear "blood-brain blockage." In the first half of 2021, the company reported revenue of $27 million compared with $14 million in the corresponding period of 2020. Insightec reported a net loss of $31 million in the first half of 2021 compared with a net loss of $27 million in the first half of 2020. The company had cash of $125 million at the end of the second quarter.
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Tracking De-SPAC S-1s (including PIPE resale registrations):
S-1 went effective today:
Arqit Quantum (ARQQ: $13.95 -4.58%)
IPOs to begin trading tomorrow*:
1) Tristar Acquisition I Corp. Announces Pricing of $200 Million Initial Public Offering (TRIS-U)
*Priced as of this writing
New S-1s (2):
1) Mercato Partners Acquisition Corporation (MPRA)
$200M, 1/2 Warrant
Focus: Tech or Branded Consumer Products
Directors:
Greg Butterfield (Former CEO of Vivint Solar and Altiris Software)
Josh James (Founder & CEO of Domo)
2) Intelligent Medicine Acquisition Corp. (IQMD)
$150M, 1/2 Warrant
Focus: Life sciences companies using artificial intelligence, machine learning, & big data
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, and Expected Ticker Changes
See the full calendar here.
Thanks for reading,