Cutting Back
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (November 23, 2021)
Discover and track all of the SPACs at spactrack.net.
With the market-wide cutting back on growth and tech stocks, recent De-SPACs like Genius Sports (GENI: $10.19 -25.29%) and Aurora Innovation (AUR: $12.15 -18.73%) experienced steep declines today.
Meanwhile, another form of scaling back was highlighted with Bright Lights Acquisition Corp. (BLTS) announcing a deal to merge with the men’s grooming company, MANSCAPED.
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The Stats:
The Deals:
1) Bright Lights Acquisition Corp. (BLTS: warrants +33%) & MANSCAPED
Merger Partner Description:
Founded by Paul Tran in 2016, San Diego, California-based MANSCAPED™ is the leading men’s lifestyle consumer brand and male grooming category creator trusted by over four million men worldwide. The product range includes a diversified line of premium tools, formulations, and accessories that are intelligently designed to introduce a whole new self-care routine for men. MANSCAPED offers a one-stop-shop at manscaped.com and direct-to-consumer shipping in 38 countries spanning the United States, Canada, Australia, New Zealand, the United Kingdom, the European Union, Norway, Switzerland, Singapore, South Africa, the United Arab Emirates, and the Kingdom of Saudi Arabia. Select products and unique bundles can also be found on Amazon with Prime and pickup options available. Retail placement includes Target, Best Buy and Macy’s stores throughout the U.S. and Hairhouse locations in Australia.
Valuation: $1B EV
PIPE: $75M at $9.20 per share including investments from funds managed by UBS O’Connor, Shaolin Capital Management, Signia Venture Partners, and Guggenheim Investments; additional investors include Endeavor, an affiliate of Saban Capital Group LLC, Bright Lights, and certain MANSCAPED shareholders
Merger Votes/ Completions:
Thimble Point Acquisition Corp. (THMA) adjourned its shareholder meeting to vote on its merger with Pear Therapeutics to 11/30 “to provide THMA’s stockholders additional time to review and consider the information provided in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on November 22, 2021.”
The 8-K notes the previously mentioned increased backstop of up to $73M and the waiving of the min. cash condition by Pear Therapeutics
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Tracking De-SPAC S-1s (including PIPE resale registrations):
S-1s that went effective today:
NextNav (NN: $7.96 -8.92%)
Quick News:
Environmental Impact Acquisition Corp. (ENVI) and GreenLight Biosciences announced an additional $19M PIPE investment, including $10M from Serum Life Sciences, bringing the total PIPE proceeds to $124M
IPOs to begin trading tomorrow*:
1) Beard Energy Transition Acquisition Corp. Announces Pricing of Initial Public Offering (BRD-U)
2) Everest Consolidator Acquisition Corporation Announces Pricing of $150 Million Initial Public Offering (MNTN-U)
*Priced as of this writing
New S-1s (3):
1) Athena Technology Acquisition Corp. II (ATEK)
$250M, 1/2 Warrant
Focus: Fintech, enterprise tech, deep tech, and healthcare tech
Management:
Isabelle Freidheim (Co-founder & MP of Castle VC [formerly Starwood VC])
Kirthiga Reddy (Investment Partner at SoftBank Investment Adviser and Director of WeWork)
Directors:
Judith Rodin (Former President of The Rockefeller Foundation and Former Director of Comcast and American Airlines)
Randi Zuckerberg (Founder of Zuckerberg Media)
2) Forbion European Acquisition Corp. (FRBN)
$100M, 1/3 Warrant
Focus: Life Sciences, Healthcare
3) Investcorp Europe Acquisition Corp I (IVCB)
$250M, 1/2 Warrant
Focus: Business services, consumer and lifestyle, niche manufacturing and technology in Western Europe, including the United Kingdom, or Northern Europe and, opportunistically, in Turkey
Management:
Hazem Ben-Gacem (Co-CEO of Investcorp)
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings, and Expected Ticker Changes
See the full calendar here.
Thanks for reading,