Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (July 21, 2022)
The Stats:
Pre-Market Movers*:
Active Moves Up (1%+): ACTD 0.00%↑ (+2.9% PM)
Moves Down (1%+): CLAY 0.00%↑ (-3.1% PM)
Some De-SPAC Moves Up (10%+): SMR 0.00%↑ (+11.7% PM), MLTX 0.00%↑ (+11.4% PM)
Moves Down (10%+):PGY 0.00%↑ (-16.6% PM), LMDX 0.00%↑ (-17.1% PM)
*at time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
1) Larkspur Health Acquisition Corp. LSPR 0.00%↑ & ZyVersa Therapeutics
ZyVersa is a clinical stage specialty biopharmaceutical company leveraging advanced, proprietary technologies to develop product candidates that address unmet medical needs in the areas of renal and inflammatory diseases. ZyVersa's development pipeline includes phase 2a ready VAR 200, a cholesterol efflux mediator for treatment of rare kidney disease, focal segmental glomerulosclerosis. ZyVersa believes VAR 200 has the potential to treat other glomerular diseases, including Alport Syndrome and Diabetic Kidney Disease. ZyVersa's development pipeline also includes IC 100, a novel inflammasome ASC inhibitor being developed to treat a multitude of inflammatory diseases.
Valuation: $108.92M Pro-forma Enterprise Value
News:
Turkish Mobility App Marti’s New York IPO Announcement Imminent (Bloomberg)
Turkey’s mobility app Marti will announce its planned merger with a blank-check company within weeks, a deal that marks the first initial public offering by a Turkish company via a SPAC in New York.
The deal between Marti Technologies Inc. and Galata Acquisition Corp. GLTA 0.00%↑ , a special purpose acquisition company listed in New York, is finalized following months-long negotiations, people with knowledge of the matter said.
Marti, which currently offers electric bike, scooter and moped rentals in 20 cities in Turkey, will use IPO proceeds to expand its area of activity and boost the size of its fleet, the people said asking not to be identified as the listing has yet to be announced.
Galata and Marti both declined to comment on the merger.
The deal highlights Marti’s ambitions to take advantage of a growing wave of interest in ride sharing apps, which attracted $2.83 billion in investments in 2021, up from $1.31 billion the previous year, according to research by BloombergNEF, CB Insights and Pitchbook. Marti’s app was downloaded 8 million times and has been used for more than 40 million rides in Turkey, the company said by email. Its fleet -- the country’s largest with around 55,000 vehicles -- is assembled and maintained locally, where Marti says labor costs remain low and transportation fees are high
Sema4 SMFR 0.00%↑ signals $623M acquisition of genetic testing provider GeneDx (Fierce Biotech)
Updates:
Mondee $MOND releases official redemption results from its merger with ITHAX Acquisition Corp. (ITHX):
—> 23,311,532 shares were redeemed, or an estimated ~97% of the public SPAC shares, at $10.02 per share
Pagaya PGY 0.00%↑ releases redemption results from its merger with EJF Acquisition Corp. (EJFA)
—> 27.8M shares were redeemed, or an estimated ~97% of the public SPAC shares leaving 944,877 public SPAC shares
Merger Vote Set:
—> Silver Crest Acquisition Corporation SLCR 0.00%↑ & Tim Hortons China (8/18)
Benessere Capital Acquisition Corp. BENE 0.00%↑ releases official redemption numbers in connection with its deadline extension from 7/7 to 1/7/23
—> 3,408,684 shares were redeemed at $10.35 per share
—> BENE has deposited $0.033 for the first month of the 6 month extension and will deposit the same each month for the remaining 5 months
New SPACs (S-1s):
1) Whale Point Acquisition Corp. (WPA)
$150M, 1/3 Warrant
Focus: FinTech
Registration Withdrawals
Innovatus Life Sciences Acquisition (ILAC)
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De-SPAC S-1s (including PIPE resale registrations*):
S-1:
S-4 Activity:
S-4:
Cohn Robbins Holdings Corp. CRHC 0.00%↑ & Allwyn Entertainment (withdrew previous)
S-4/A:
Vickers Vantage Corp. I VCKA 0.00%↑ & Scilex Holding Company, a Sorrento Therapeutics Inc. Subsidiary (2nd amendment)
Effective:
Silver Crest Acquisition Corporation SLCR 0.00%↑ & Tim Hortons China
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,