Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (June 14, 2022)
The Stats:
Pre-Market Movers*:
Active Moves (1%+): EJFA -4.4%, VGII +1.3%
Some De-SPAC Moves (10%+): EMBK +22.7%, SAI +17.2%, RDBX -23.4%
*at the time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
1) Moringa Acquisition Corp (MACA) & Holisto)
Holisto is a tech-powered online travel agency, aiming to make hotel booking affordable and personalized for consumers. The company, founded in 2015, spent over 6 years developing award-winning AI and machine learning technologies, to provide consumers with more affordable and personalized hotel bookings, that otherwise aren't accessible. Instead of simply searching and comparing available deals as offered by the various industry channels, Holisto deploys predictive proprietary algorithms, allowing it to create in real-time, unique booking options based on travelers' preferences. Company brands include GoSplitty.com and Traveluro.
Valuation: $405M Pro-forma Equity Value
Additional Financing: $30M committed senior secured convertible note with warrants
Updates:
Corner Growth Acquisition Corp. 2 (TRON) announced that its sponsor has agreed to add $0.033 per share per month from 6/21 to 10/21 to support the deadline extension
G Squared Ascend I Inc. (GSQD) and Transfix amend the merger agreement to, among other things, extend the outside date to 11/3, and entered into an amend convertible note purchase agreement of up to $50M
26 Capital Acquisition Corp. (ADER) announced that it has postponed the vote for its merger with Okada Manila with the new date “announced as soon as practical”
According to the PR, the SPAC / Okada Manila plan to update the S-4 to account for the May 31st incident: in which “Mr. Kazuo Okada, a former director of the Company, illegally and violently entered and occupied OKADA Manila premises.”
“These individuals included Mr. Tonyboy Cojuangco, a former director of TIGER RESORT, LEISURE AND ENTERTAINMENT, INC. ("TRLEI"), and Mr. Dindo Espeleta, a building contractor, who, accompanied by approximately 50 Parañaque City police officers and private security guards and others, illegally and unceremoniously forced several TRLEI officers and employees to leave the premises and illegally dismissed key employees without any authority.”
Mountain Crest Acquisition Corp. III (MCAE) and Etao amend the merger agreement to, among other things, reduce Etao’s valuation from $2.5B to $1B and to extend the outside date from 5/31 to 12/31
Global Consumer Acquisition Corp. (GACQ) deposited $0.10 per share into trust to extend its deadline from 6/11 to 9/11
Merger vote set: Northern Lights Acquisition Corp. (NLIT) & Safe Harbor Financial (6/24)
New SPACs (S-1s):
1) Forest Acquisition Corp (Ticker n/a)
$66M, 1 Warrant, 1 Right (1/10th of a share)
Registration Withdrawals:
Black Dragon Acquisition Corp. I (DGON)
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De-SPAC S-1s (including PIPE resale registrations*):
S-1/A:
NuScale Power (SMR)
Effective:
Anghami (ANGH)
S-4 Activity:
S-4/A:
Brilliant Acquisition (BRLI) & Nukkleus (1st amendment)
Global SPAC Partners Co. (GLSPT) & Gorilla Technology Group (4th amendment)
Alpha Capital Acquisition Co (ASPC) & Semantix (3rd 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,