Morning Update from SPAC Track
Pre-market recap of the action in the SPAC world for SPAC Track's premium subscribers. (June 17, 2022)
The Stats:
Pre-Market Movers*:
Active Moves (1%+): DWAC +2.4%, JATT +1%
Some De-SPAC Moves (10%+): ELMS +27.6%, ADN -15.3%
*at time of this writing
Previous Session Movers & Volume Leaders:
The Deals:
1) JATT Acquisition Corp. (JATT) & Zura Bio
Zura Bio is a clinical-stage biotechnology company advancing ZB-168 in alopecia areata and other inflammatory diseases. ZB-168 is an anti-IL7Rα inhibitor that has the potential to impact diseases driven by IL7 and TSLP biological pathways. Zura Bio aims to develop a portfolio of therapeutic indications for ZB-168, and is focused on demonstrating its efficacy, safety, dosing convenience and mechanism of action, initially in alopecia areata. This will build on Phase 1b data in type 1 diabetes demonstrating a favourable safety profile and strong biological rationale. Zura Bio is headquartered in London, UK with team members in the UK and USA.
Valuation: $215M Pro-forma Enterprise Value
Additional Financing: Fully committed $50M from a FPA & PIPE at $10 per share
Updates:
Pershing Square SPARC Holdings, Ltd. filed an amended S-1 for its “SPARC”
The last filing was the original S-1 back in November
The filing states: “We intend to seek a market maker to file an application with the Financial Industry Regulatory Authority to have our SPARs quoted on the OTCQX marketplace of the OTC Markets Group or other quotation service”
Pershing Square’s SPAC, Pershing Square Tontine Holdings, Ltd. (PSTH), has a deadline coming up next month, on 7/24
Dune Acquisition Corporation (DUNE) entered into agreement with Cantor to, among other things, in which Cantor waived the deferred underwriting commissions
341,087 shares reversed redemptions in connection with the deadline extension vote. As a result, 16,067,946 shares were redeemed or an estimated ~93% of the public SPAC shares, leaving an estimated ~$11.8M in trust
Virgin Group Acquisition Corp. II (VGII) completed its merger with Grove Collaborative and the combined company will trade under the new ticker, GROV, starting today
New SPACs (S-1s):
1) Dorchester Capital Acquisition Corp. (DSPK)
$150M, 1/2 Warrant
Focus: Energy in North America, primarily targeting the U.S. onshore upstream Oil and Gas
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De-SPAC S-1s (including PIPE resale registrations*):
S-1/A:
Terran Orbital (LLAP)
Effective:
Gogoro (GGR)
S-4 Activity:
S-4/A:
Venus Acquisition Corporation (VENA) & VIYI Algorithm (7th amendment)
B. Riley Principal 150 Merger Corp. (BRPM) & FaZe Clan (5th amendment)
Cleantech Acquisition Corp. (CLAQ) & Nauticus (4th 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,