Guess who? Yep, you got it... another LiDAR target.
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (August 4, 2021)
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The Stats:
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The Deals:
1) FTAC Athena Acquisition Corp. (FTAA: $9.90) & Pico
Pico, a Leading Provider of Technology Solutions for the Global Financial Markets Community, to Go Public Through a Combination with FTAC Athena Acquisition Corp. (Press Release)
Merger Partner Description:
Pico is a leading provider of technology services for the financial markets community. Pico provides a best-in-class portfolio of innovative, transparent, low-latency markets solutions coupled with an agile and expert service delivery model. Instant access to financial markets is provided via PicoNet™, a globally comprehensive network platform instrumented natively with Corvil analytics and telemetry. Clients choose Pico when they want the freedom to move fast and create an operational edge in the fast-paced world of financial markets.
Valuation: $1.4B Pro-forma EV
PIPE: $200M anchored by Golden Gate Capital with additional investments from Wellington Management as well as commitments from existing investors including Wells Fargo Strategic Capital, DRW Venture Capital LLC, and the Pritzker-Vlock Family Office
Deal News:
1) Lidar Maker Cepton in Merger Talks With Growth Capital SPAC (Bloomberg— behind paywall)
Automotive technology company Cepton Technologies Inc. is in discussions to go public through a reverse merger with a blank-check company, according to people familiar with the matter.
The San Jose, California-based startup is seeking to combine with Growth Capital Acquisition Corp. (GCAC: $9.72) in a deal that is valued at about $1.5 billion including debt, said one of the people, who asked not to be identified because the matter is private.
A deal for Cepton, which makes the so-called lidar technology that tracks a vehicle’s external environment, is expected to be announced as soon as this week, the people said. A final agreement hasn’t been reached and talks could still end without one, they said.
Representatives for Cepton and Growth Capital declined to comment.
Cepton would be the latest in a string of lidar technology startups to go public via a special purpose acquisition company, or SPAC. That group includes Luminar Technologies Inc., Velodyne Lidar Inc. and Innoviz Technologies Ltd.
Lidar is among the most expensive components of autonomous vehicles and is key to enabling more advanced self-driving features. With the promise of fully autonomous robotaxis still years away, lidar companies are targeting more-limited features in passenger cars and products such as industrial robots and consumer devices.
Cepton, started in 2016, is run by co-founder and Chief Executive Officer Jun Pei, who also previously worked at Velodyne, according to the company’s website. The company said in a statement last month that it secured a lidar production award with a Detroit-based global automotive manufacturer in a partnership with Japan’s Koito Manufacturing Co., which is also an investor.
Other News:
Pershing Said to Seek $1 Billion to Fund Universal Music Bet (Bloomberg— behind paywall)
Bill Ackman’s hedge fund Pershing Square Capital Management LP is in discussions to raise $1 billion to help fund its bet on Vivendi SE’s Universal Music Group, according to people with knowledge of the matter.
The firm is set to raise the capital, which would supplement $3 billion of its own capital, via a so-called sidecar vehicle, the people said. It would represent Pershing’s seventh co-investment vehicle, and facilitate the purchase of a 10% stake in UMG, one of the people said.
A Pershing representative declined to comment.
The hedge fund last month assumed the share purchase agreement from Pershing Square Tontine Holdings Ltd. (PSTH: $20.12), after the special purpose acquisition company abandoned the transaction amid opposition from investors and U.S. regulators.
The original deal called for Ackman’s blank-check company to acquire a 10% stake in UMG, the home of artists including Taylor Swift, Drake and Billie Eilish. When that deal fell apart, Ackman said his hedge fund had committed to acquiring a 5% to 10% stake in the company.
Quick News Corner:
Gores Holdings V, Inc (GRSV: $10.59) & Ardagh Metal Packaging’s Announce Completion of Business Combination
After ~43% of public shares were redeemed, AMP has received appx. $1B in gross proceeds and will trade as AMBP starting tomorrow, 8/5
Are SPACs Going to Lose Their Safe Harbor? (JD Supra)
IPOs to Begin Trading Tomorrow*:
1) Gladstone Acquisition Corporation (GLEE-U)
$100M, 1/2 warrant
Focus: Farming and Agriculture
*Priced at the time of this writing
New S-1s:
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
Thursday, August 5
Merger Meetings:
Peridot Acquisition Corp. (PDAC: $9.63) & Li-Cycle
Reinvent Technology Partners (RTP: $9.31) & Joby Aviation
Friday, August 6
Merger Meeting: SC Health Corp (SCPE: $9.82) & Rockley Photonics
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