Failed Shuttle Launches and Failed Overtures to Rogan & Tottenham
A newsletter recapping the past week's SPAC activity (Feb 12, 2022)
Archer fails to launch, Rumble’s $100M offer to lure Joe Rogan to its platform is rejected, 2 SPAC deals are terminated, and a 3rd quantum computing deal is announced…. just another week in SPACland!
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The Stats:
The Deals from the Past Week (1):
1) DPCM Capital, Inc. (XPOA) & D-Wave
Merger Partner Description:
D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers—and the only company developing both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling.
Valuation: $1.35B EV
News:
Astra’s first launch from Florida ends in failure mid-flight (The Verge)
Binance, led by the world’s richest crypto billionaire, is taking a $200 million stake in Forbes (CNBC)
Bowlero Corp. (BOWL) announces an up to $200 million Share & Warrant Repurchase Program
Velodyne Lidar (VLDR) enters into an agreement with Amazon in which Amazon will acquire up to 39.6M warrants
Innovid (CTV) is acquiring converged TV measurement provider TVSquared for $160M (Calcalist)
3 top execs depart Better after SPAC merger [with Aurora Acquisition Corp. (AURC)] delay and layoffs (Inman)
Rumble’s SPAC [CF Acquisition Corp. VI (CFVI)] Stock Drops 17% After Joe Rogan Rejects Offer To Leave Spotify (Forbes)
Tottenham reject £3bn takeover bid from LAMF Global Ventures (LGVC)
Merger Votes/ Completions & More Updates:
Terminations:
Atlantic Coastal Acquisition Corp. (ACAH) and Essentium mutually terminated their business combination and ACAH will search for another target
The termination agreement included provisions for ACAH to receive compensation in the form of cash or warrants for Essentium shares based on future Essentium financing transactions
M3-Brigade Acquisition II Corp. (MBAC) Announces Termination of Merger Agreement with Syniverse and MBAC will seek an alternative business combination due to high number of redemptions resulting in the SPAC not meeting the minimum cash condition for closing
"Although the parties collaboratively sought potential solutions in anticipation of high redemptions as a result of the recent turbulence in capital markets and growth stocks, these same conditions prevented the parties from reaching agreement on modifying the transaction terms," said Donald E. Morgan III, the Founder, Managing Partner and Chief Investment Officer of Brigade Capital Management, LP. "Nobody on the MBAC team is happy to have a failed deal and rest assured that we will have alternative sources of financing in hand for our next proposed combination"
Completions:
Novus Capital Corporation II (NXU) completed its merger with Energy Vault, raising $235M of gross proceeds including a $195M PIPE
Ticker change to NRGV set for 2/14
Growth Capital Acquisition Corp. (GCAC -14.2%) completed its merger with Cepton Technologies and will begin trading as CPTN today
15.6M shares were redeemed (an estimated ~90% of the public SPAC shares)
Leafly (LFLY) released the redemption results from its merger with Merida Merger Corp I (MCMJ)
4.9M shares were redeemed (an estimated ~54% of the public SPAC shares)
Another ~4M shares were redeemed in the extension votes on 10/29 and 12/22, bringing the total shares redeemed to 8.9M (an estimated ~68% of the public SPAC shares)
SilverBox Engaged Corp I (SBEA) completed its merger with Black Rifle Coffee and will begin trading as BRCC today
The transaction raised appx $150M of cash proceeds
BRC (Black Rifle Coffee) (BRCC +30.2%) released the redemption results from its merger with SilverBox Engaged Merger Corp I (SBEA)
26.9M shares were redeemed (an estimated ~78% of the public SPAC shares)
CITIC Capital Acquisition Corp. (CCAC) completed its merger with Quanergy Systems and will begin trading under its new ticker, QNGY, today
The transaction raised appx $50M from the PIPE and SPAC trust as well as an up to $125M subscription agreement in which $25M can be drawn following S-1 effectiveness
Merger Votes Set:
Spartan Acquisition Corp. III (SPAQ) & Allego (3/8)
Supernova Partners Acquisition Company II, Ltd. (SNII) & Rigetti Computing (2/28)
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De-SPAC S-1 Activity (including PIPE resale registrations*):
S-1 filings:
GreenLight Biosciences (GRNA)
System1 (SST)
Effective:
Composecure (CMPO)
Revelation Biosciences (REVB)
Sonder (SOND)
The Greenrose Holding Company (GNRS)
*When applicable
S-4 Activity:
S-4 filings:
Tuatara Capital Acquisition Corporation (TCAC) & SpringBig
Abri SPAC I, Inc. (ASPA) & Apifiny
L&F Acquisition Corp (LNFA) & ZeroFox
AEA-Bridges Impact Corp. (IMPX) & LiveWire
ArcLight Clean Transition Corp. II (ACTD) & OPAL Fuels
Alpha Capital Acquisition Company (ASPS) & Semantix
Benessere Capital Acquisition Corp. (BENE) & Ecombustible
Gores Holdings VIII, Inc. (GIIX) & Footprint
Abri SPAC I, Inc. (ASPA) & Apifiny Group
Cartesian Growth Corp (GLBL) & Tiedemann Group and Alvarium Investments
Effective:
Spartan Acquisition Corp. III (SPAQ) & Allego (Friday)
Supernova Partners Acquisition Company II, Ltd. (SNII) & Rigetti Computing (Thursday)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,