Juuce and Donuts (Timbits). A breakfast served SPAC.
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (August 12, 2021)
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The Stats:
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The Deals (1):
1) First Reserve Sustainable Growth Corp. (FRSG: $9.80) & Juuce Limited (dba EO Charging)
Merger Partner Description:
Juuce Limited, trading as EO Charging, is a leading technology solutions provider in the EV sector. EO designs and manufactures EV charging stations and hardware-agnostic cloud-based charge-point management software for fleets at its headquarters in the UK. EO also provides installation services and ongoing operations and maintenance services across its fleet customer base.
Founded in 2014, EO's technology is used by a number of the world's largest businesses and fleet operators and it now distributes to over 35 countries around the world. It aims to become the global leader in charging electric van, truck, bus and car fleets.
EO was ranked number 27 on the Financial Times' FT1000 list of Europe's fastest-growing companies. EO is backed by sustainable infrastructure investor Zouk Capital, which is also the manager of the UK Government's Charging Infrastructure Investment Fund.
Valuation: $675M Pro-forma Market Cap
PIPE: No PIPE
EO Charging Investor Presentation
Deal News:
Tim Hortons China Is Said Near $1.8 Billion Deal With SPAC (Bloomberg—paywalled)
The joint venture that runs the Chinese locations of iconic Canadian coffee shop chain Tim Hortons is nearing a deal to go public through a merger with blank-check company Silver Crest Acquisition Corp. (SLCR: $9.75), people familiar with the matter said.
A transaction could value the combined entity at about $1.8 billion and an announcement could come as early as this week, the people said, asking not to be identified because the matter is private.
Silver Crest Acquisition, led by chairman Leon Meng, is a U.S.-listed special purpose acquisition company backed by Greater China-focused private equity firm Ascendent Capital Partners. Shares of Silver Crest Acquisition rose as much as 3.7% in pre-market trading Thursday in New York.
Co-founded by hockey player Tim Horton, who opened the first Tim’s location in 1964, the coffee chain spread across Canada and became a national symbol, though it remained little-known elsewhere. An $11 billion takeover in 2014 saw Tim’s absorbed into newly-formed conglomerate Restaurant Brands International Inc., alongside quick-service brands Burger King and, since 2017, Popeyes Louisiana Kitchen.
There are more than 4,900 restaurants globally under the Tim’s brand, according to RBI’s website.
Tim Hortons China, a joint venture between private equity firm Cartesian Capital Group and a subsidiary of RBI, said in a statement in March that it had completed a funding round led by Sequoia Capital China and existing investor Tencent Holdings Ltd., and with participation from Eastern Bell Capital.
Green Fintech Startup Aspiration Said in Interprivate SPAC Talks (Bloomberg—paywalled)
Fintech startup Aspiration is in talks to go public through a merger with a blank-check firm in a transaction that’s slated to value the combined entity at more than $2 billion, according to people with knowledge of the matter.
Los Angeles-based Aspiration is in discussions with InterPrivate III Financial Partners Inc. (IPVF: $9.81), a special purpose acquisition company that’s led by Ahmed Fattouh, one of the people said. The vehicle is in talks to raise capital to support the transaction via a so-called private investment in public equity, or PIPE, the people said.
An Interprivate III representative declined to comment while a representative for Aspiration didn’t immediately respond to a request for comment. Since a deal isn’t finalized, the terms may change or talks may collapse.
Aspiration, led by CEO Andrei Cherny, has sought to tackle climate change through its services. It’s made a pledge to customers that their savings and debit card purchases will never be used to fund the oil or coal industries, for example, and it offers a program whereby extra change on transactions can be allocated to tree planting. In addition, it says it offsets the carbon dioxide from every gallon of gas purchased using one of its cards.
The company also touts a fee-free network of over 55,000 ATMs and says it can give customers who sign up for direct deposits their paychecks two days early. “There’s a good chance your bank is using your money to fund oil projects that destroy the climate,” its website says. “Put your money where your values are.”
Aspiration has been exploring options for going public for some time, Bloomberg News reported in May. Its customers doubled to more than 4 million over the past year, a person with knowledge of the matter said at the time.
The company was last valued at $1 billion in May 2020, according to data provider PitchBook, which shows that its investors have included actors Robert Downey Jr., Leonardo DiCaprio and Orlando Bloom, investment bank Allen & Co., eBay Inc. co-founder Jeff Skoll and TPG co-founder David Bonderman.
Quick News Corner:
Stable Road Acquisition Corp. (SRAC: $10.97) completes business combination with Momentus. Set to trade as MNTS tomorrow
Software Acquisition Group Inc. II (SAII: $9.55) shareholders approve the merger with Otonomo
IPOs to Begin Trading Tomorrow (2)*:
1) CENAQ Energy Corp. (CENQ-U)
$150M, 3/4 warrant
Focus: Energy
Overfunded trust ($10.10)
2) Armada Acquisition Corp. I (AACI-U)
$150M, 1/2 warrant
Focus: FinTech
Management: Stephen Herbert (Former CEO of USAT)
*Priced at the time of this writing
New S-1s (1):
1) DTRT Health Acquisition Corp. (DTRT)
$200M, 1/2 warrant
Focus: Healthcare, specifically home and community-based healthcare services
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
Friday, August 13
Merger Meeting: NavSight Holdings, Inc. (NSH: $9.64) & Spire
Unit Split: Coliseum Acquisition Corp. (MITA-U: $9.86)
Thanks for reading,