New Tickers, Same EV Targets
A SPAC Rebranding and another electric vehicle merger in this edition of the Morning Recap, the pre-market recap for SPAC Track Pro subscribers.
Good Morning,
New SPAC ticker, who dis? — a SPAC changed it's name and ticker as it's former partner dropped out.
Also, a German EV maker was feeling a little left out from the SPAC EV run in 2020-2021.
Previous Session Stats
Gainers & Losers
Volume Leaders
The Deals
1) Athena Consumer [$ACAQ] & Next.e.GO Mobile
e.GO, headquartered in Aachen, Germany, designs and manufactures battery electric vehicles for the urban environment, with a focus on convenience, reliability and affordability. e.GO has developed a disruptive solution for producing its electric vehicles using proprietary technologies and low cost MicroFactories, and has vehicles already on the road today. e.GO is helping cities and their inhabitants improve the way they get around and is making clean and convenient urban mobility a reality.
Valuation: $913M Pro-forma Enterprise Value
Additional Financing: “Up to $150 million expected to be made available under a standby equity purchase agreement pursuant to a letter of intent with Yorkville Advisors Global”
News Coverage: German Electric Carmaker e.Go Will Go Public Via Athena SPAC (BB)
SPAC Updates
Liquidations
SCVX [$SCVX] opts to liquidate rather than extend its deadline. SCVX had its shareholder meeting to extend this morning.
Liquidation will be effective 8/11 with a $10.03 liquidation price
Global Synergy (GSAQ) officially liquidated and has been delisted from Nasdaq
Merger Votes / Completions
Vote Date Set:
Approved: Duddell Street [$DSAC] & FiscalNote
Expected closing: 7/29, Ticker change to NOTE expected on 8/1
Shares redeemed: —
Approved: Brookline Capital [$BCAC] & Apexigen
Expected closing: 7/29, Ticker change to APGN expected on 8/1
Shares redeemed: —
Completed: Waldencast [$WALD] & Obagi Skincare + Milk Makeup
The ticker will remain WALD
Redemption Results: ArcLight Clean Transition II & OPAL Fuels [$OPAL]
27,364,124 shares or an estimated ~88% of the public SPAC shares
Deal Updates
SPAC Facelift: Tribe Capital Growth Corp (ATVC) gets a makeover as it changes its name to Iris Acquisition Corp and ticker to [$IRAA] This comes ~2 months after Tribe Capital bowed out of the SPAC game, withdrawing as a member of the SPAC's sponsor and leaving Arrow Capital as the sole member. Arjun Sethi, Founder of the venture capital firm, Tribe Capital, formally resigned as Chairman & CEO, while Richard Peretz, the former CFO of UPS, remains on the board along with a couple of the other Arrow Capital designees. (SEC)
More PIPE: Iron Spark I adds $2M to the PIPE for its merger with Hypebeast
Extensions
Extension Announcement: Maquia Capital [$MAQC] from 8/7 to 11/7 (PR)
Sponsor Deposit: Sponsor intends to deposit $0.10 per share before 8/7
This is the second of the two 3-month extensions
Registrations
New S-1s
Protoniq Acquisition Corp (PROQ)
$100M, 1/2 W, 1 Right (1/10th of a share)
Focus: Financial services (wealth management, financial advisory, and investment management)
UW: JonesTrading
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Key Filings
SPAC S-4 Activity
S-4/A
Effective
Software Acquisition III & Nogin
AEA-Bridges Impact & Live Wire
*Latest S-4 filings are found in the “Deal Details” view under the column “S-4 Link”
De-SPAC/ Post-Merger S-1s
S-1/A
Alvotech [$ALVO]
Effective
*including PIPE resale registrations where applicable — latest post-merger S-1 filings are found in the “De-SPAC" view under the column “Post-Close S-1”
Upcoming Dates:
Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar with proxy links here.
SPAC Track Pro:
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,
The team at SPAC Track (spactrack.io)