Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (June 21, 2022)
The Stats:
Pre-Market Movers*:
Active Moves (1%+): GGPI +5.6%, DWAC +3.3%, THCA +1%, NHIC -9.3%, CIIG -6%, EJFA -2%
Some De-SPAC Moves (10%+): SYM +36%, BKSY +32%, GROV +25%, ADN +16.3%, LBPS -16.1%,
*at the time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
No new deals
News:
Tidjane Thiam’s Spac in merger talks with life sciences group Human Longevity (FT)
Tidjane Thiam’s blank-cheque company is in advanced talks to merge with a Californian life sciences group founded by genomics pioneer Craig Venter, which offers clients a battery of expensive tests to try to prolong their lives.The former Credit Suisse chief executive plans to use his $345mn special purpose acquisition company, Freedom Acquisition Corp, to merge with Human Longevity Inc for an implied valuation of about $1bn, according to people familiar with the matter.
Venter, who led the first sequencing of the human genome, founded HLI in 2013. The company maps clients’ genomes and subjects them to regular full-body MRI scans and various blood tests to fight diseases associated with ageing. The service starts at $7,500 and rises to $19,000 for a “platinum” package.
Thiam switched his attention to HLI after cutting ties with co-sponsor Pimco earlier this month, said two people familiar with the matter. The bond giant had scuppered a previous planned merger between Freedom Acquisition and Mexican fintech Credijusto, according to these people, believing it overvalued the target company.
Why a $33 Billion SPAC Deal Couldn’t Pay Its Bankers (Bloomberg Opinion)
Payment Technology Company Paya (PAYA) to Explore Sale (Bloomberg)
Updates:
Gores Guggenheim, Inc. (GGPI) and Polestar announced that preliminary redemptions reflect a maximum of 25%, which could decrease if preliminary redemption requests are withdrawn, ahead of its merger vote scheduled for tomorrow
The merger is expected to close on Thurs, 6/23, with the ticker change to PSNY on 6/24
At 25% redemptions, the transaction is expected to raise $850M
GO Acquisition Corp (GOAC) announces it will liquidate on 8/7/22 returning $10 per public share
Northern Lights Acquisition Corp. (NLIT) and Safe Harbor Financial announced that they have entered into a redemption backstop agreement for up to $50M with Midtown East Management
E.merge Technology Acquisition Corp. (ETAC) announces that the redemption price is $10.01, not $10.03 as previously filed ahead of its extension vote scheduled on 6/28
Ventoux CCM Acquisition Corp. (VTAQ) shareholders approved the deadline extension from 6/30 to 9/30
15,994,982 shares were redeemed or an estimated ~92% of the public SPAC shares, leaving $12.8M in trust
SpringBig Holdings, Inc. (SBIG) announced that its public float represents approximately 26% of the approximately 25.3 million shares issued and outstanding after the closing of its merger with Tuatara Capital Acquisition Corporation (TCAC)
New SPACs (S-1s):
No new S-1s
Registration Withdrawals:
Peridot Acquisition Corp. III (PRDT)
Trinity Acquisition Corp. (TRNY)
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De-SPAC S-1s (including PIPE resale registrations*):
No updates
S-4 Activity:
S-4:
Chardan NexTech Acquisition 2 Corp. (CNTQ) & Dragonfly Energy
S-4/A:
SPK Acquisition Corp. (SPK) & Varian Biopharmaceuticals (2nd amendment)
CF Acquisition Corp. VI (CFVI) & Rumble (2nd amendment)
ITHAX Acquisition Corp. (ITHX) & Mondee (5th amendment)
B. Riley Principal 150 Merger Corp. (BRPM) & FaZe Clan (6th amendment)
ArcLight Clean Transition Corp. II (ACTD) & OPAL Fuels (7th amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
SPAC Track Pro Notes:
Please note that a list of all the data points available on the Pro Screener with download eligibility can be found here: spactrack.io/screener-instructions
Thanks for reading,