Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (July 8, 2022)
The Stats:
Pre-Market Movers*:
Active Moves (1%+): DWAC -1.7%
Some De-SPAC Moves (10%+): TH +19% // ENJY -29%, GROV -10.9%
*at time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
1) Kingswood Acquisition Corp. (KWAC) & Wentworth Management Services (to form Binah Capital Group)
Wentworth is a holding company that acquires and manages businesses in the wealth management industry. The company specializes in consolidating independent broker-dealers to capture economies of scale needed to service financial advisors in today's technology-enabled regulatory environment. Wentworth's core philosophy focuses on building long-term, productive relationships with its advisor base. The firm also includes a dealer manager business, investment banking division and a wholesale distribution division.
Valuation: $208M Pro-forma enterprise value
Additional Financing: $15M “anticipated capital raise”
News:
Electric truck startup Xos (XOS) lays off 8% of its workers less than a year after its $2 billion SPAC deal (Business Insider)
Updates:
GTY Technology Holdings Inc. (GTYH) completes its take-private transaction in which GI Partners acquired GTYH for $6.30 per share in cash
“Through August 6, 2022, each public warrant that was unexercised and outstanding immediately prior to the closing will be exercisable for $0.71 per share covered by a public warrant, in accordance with the terms of the warrants”
KludeIn I Acquisition Corp. (INKA) shareholders approved the deadline extension from 7/11/22 to 1/11/23 and ability to extend on a monthly basis for up to five times
—> 6,845,606 shares were redeemed, leaving $104,093,013M remaining in trust
—> INKA will deposit $343,345 for each month of the extension
Vickers Vantage Corp. I (VCKA)’s merger partner, Scilex Holding Company (a subsidiary of Sorrento Therapeutics) has entered a term sheet to acquire Ancora Medical Inc., “a privately held medical technology company with anchoring catheter and needle combo technology that was approved by the FDA in February 2020”
Benessere Capital Acquisition Corp. (BENE) adjourns shareholder meeting to extend its deadline from yesterday, 7/7, to today at 5pm “to allow for additional time for its inspector of election to certify all votes received”
Enjoy Technology (ENJY), which previously announced it filed Chapter 11 bankruptcy, will be delisted from Nasdaq as July 11th
—> The company will not appeal the delisting and trading is expected to begin on the OTC on 7/11
ACE Convergence Acquisition Corp (ACEV), in connection with its merger agreement with Tempo Automation, amended its PIPE subscription agreements to among other things, issue 2M additional “PIPE Incentive” shares on a pro-rata basis
BOA Acquisition Corp. (BOAS) and Selina amended their merger agreement, to among other things, reduce the min. cash condition from $70M to $55M and extend the outside date from 8/26 to 10/25
Merger Vote Set:
Global SPAC Partners Co. (GLSPT) & Gorilla Technology Group (7/13)
New SPACs (S-1s):
No new S-1s
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De-SPAC S-1s (including PIPE resale registrations*):
S-1/A:
Super Group (SGHC) Limited (SGHC)
S-4 Activity:
S-4:
InterPrivate II Acquisition Corp. (IPVA) & Getaround
S-4/A:
CHW Acquisition Corp (CHWA) & Wag Labs (5th amendment)
Alpha Capital Acquisition Co (ASPC) & Semantix (5th amendment)
Effective:
Global SPAC Partners Co. (GLSPT) & Gorilla Technology Group
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,