Nightcap: This wild post-merger trading has kept investors' heads on a "Swvl"
Nightly recap of the day's SPAC highlights (July 27, 2021)
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Thanks for reading the “Nightcap”, a nightly recap of the highlights in the SPAC world. You can always discover and track all of the SPACs at spactrack.net.
The Stats:
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The Deals (1):
1) MCAP Acquisition Corp (MACQ: $9.83) & AdTheorent
AdTheorent, a Leader in Data Science and Machine Learning Optimized Advertising, to List on NASDAQ via Merger with MCAP Acquisition Corporation (Press Release)
Merger Partner Description:
AdTheorent uses advanced machine learning technology and solutions to deliver impactful advertising campaigns for marketers. AdTheorent's industry-leading machine learning platform powers its predictive targeting, geo-intelligence, audience extension solutions and in-house creative capability, Studio A\T. Leveraging only non-sensitive data and focused on the predictive value of machine learning models, AdTheorent's product suite and flexible transaction models allow advertisers to identify the most qualified potential consumers coupled with the optimal creative experience to deliver superior results, measured by each advertiser's real-world business goals.
Valuation: $775M Pro-forma EV
PIPE: $100M
AdTheorent Investor Presentation
Deal News:
Ride-Sharing Startup Swvl Nearing Deal to Go Public With Female-Led SPAC (WSJ article behind paywall)
Middle East-based ride-sharing technology startup Swvl Inc. is nearing a deal to go public via a merger with a special-purpose acquisition company, according to people familiar with the matter.
Dubai-based Swvl plans to merge with Queen’s Gambit Growth Capital (GMBT: $9.66) in a deal that values the company at roughly $1.5 billion, the people said. Swvl was co-founded in 2017 by Mostafa Kandil, who formerly worked at ride-sharing company Careem, which is now a subsidiary of Uber Technologies Inc.
Swvl operates mainly in the Middle East and Africa, providing ride-sharing in areas where mass transit is plagued by poor reliability. Its algorithms and technology help make rides and routes more efficient. The company targets a different type of user than, say, Uber, focusing more on customers who lack other options to and from work and school. It has plans to expand to Latin America as well as Europe.
IPOs to Begin Trading Tomorrow (2)*:
1) DA32 Life Science Tech Acquisition Corp. (DALS)
$200M, no warrants
Focus: Life Sciences Tech
2) Mercury Ecommerce Acquisition Corp. (MEAC-U)
$175M, 1/2 warrant
Focus: E-commerce technology and tech-enabled services industry in North America.
*Priced at the time of this writing
Quick News Corner:
Tritium and Decarbonization Plus Acquisition Corporation II (DCRN: $9.87) Announce Agreement for PIPE Financing By Palantir Technologies Inc. to Support Business Combination
New S-1s (3):
1) ASPAC I Acquisition Corp. (ASPA)
$80M, 1R (1/10 of a share)
Focus: Technology and e-commerce industry with a focus in Asia
2) Oxus Acquisition Corp. (OXUS)
$150M, 1 warrant
Focus: Energy transition technologies, such as battery materials, energy storage, EV infrastructure and advanced recycling in emerging/frontier countries including the CIS, South and South-East Asia and MENA regions
3) Singularity Acquisition Corp. (Ticker not available yet)
$100M, 1/2 warrant
Focus: Information technology and technology-enabled sectors in Asia
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
Wednesday, July 28
Merger Meetings:
Nebula Caravel Acquisition Corp. (NEBC: $9.51) & Rover
Starboard Value Acquisition Corp. (SVAC: $9.79) & Cyxtera Technologies
Unit Split: Mountain Crest Acquisition Corp. (MCAF-U: $9.96)
Thursday, July 29
Merger Meetings:
Dragoneer Growth Opportunities Corp. (DGNR: $9.10) & CCC Intelligent Solutions
Reinvent Technology Partners Z (RTPZ: $9.68) & Hippo
Friday, July 30
Merger Meeting: Tailwind Acquisition Corp. (TWND: $9.24) & QOMPLX (Adjourned from 7/20)
Unit Split: Summit Healthcare Acquisition Corp. (SMIH-U: $10.05)
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