One autonomous truck crosses the finish line while another breaks down
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (November 8, 2021)
Discover and track all of the SPACs at spactrack.net.
Embark is set to become a public company this week after the closing of its merger with Northern Genesis Acquisition Corp. II (NGAB). While another autonomous truck firm, Plus (a Chinese company), hit the brakes on its SPAC merger with Hennessy Capital Investment Corp. V (HCIC) due to the “regulatory environment outside of the US”.
Embark will join yet another autonomous truck company that took the SPAC route to the public markets, Aurora (AUR).
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The Stats:
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The Deals:
1) Duddell Street Acquisition Corp. (DSAC: warrants +43.75%) & FiscalNote
Merger Partner Description:
FiscalNote is a leading global technology provider of legal and policy data and insights. By combining AI capabilities, expert analysis, and legislative, regulatory, and geopolitical data, FiscalNote is reinventing the way that organizations minimize risk and capitalize on opportunity.
Home to CQ, Roll Call, Oxford Analytica, and VoterVoice, FiscalNote empowers clients worldwide to monitor, manage, and act on the issues that matter most to them.
Valuation: $1.19B EV
PIPE: $100M anchored by Maso Capital (affiliate of the sponsor)
Additional Financing: Maso Capital will fully backstop redemptions (full $175M trust)
2) Biotech Acquisition Company (BIOT: warrants +9.46%) & Blade Therapeutics
Merger Partner Description:
Blade Therapeutics, Inc. is a biopharmaceutical company focused on developing cutting-edge treatments for debilitating, incurable fibrotic and neurodegenerative diseases that impact millions of people worldwide. The company has deep expertise in novel biological pathways – including autotaxin / LPA and calpain biology – that are foundational to cell- and tissue-damage responses resulting from protein deposition or aggregation associated with fibrotic and neurodegenerative diseases. Blade expects to advance a differentiated pipeline of oral, small-molecule therapies that include a noncompetitive autotaxin inhibitor and inhibitors of dimeric calpains designed for potential treatment of lung, liver and cardiac fibrosis or neurodegenerative diseases. The company's focused approach offers the potential to produce disease-modifying, life-saving therapies.
Valuation: $353M EV
PIPE: $24.3M including investments from existing investors: Deerfield, Pfizer Ventures, and Bristol Myers Squibb
News:
SPAC Tied to Trump’s Media Venture Seeks Wall Street Backing (Bloomberg)
The blank-check company tied to Donald Trump’s new media venture has already won the support of retail traders who have sent the stock up almost 500%. Now, big Wall Street investors are getting another opportunity to pile in, even as some financial firms have distanced themselves from doing business with the former U.S. president.
Digital World Acquisition Corp. (DWAC) has begun scheduling meetings with prospective investors for a private investment in public equity, or PIPE, transaction to support its merger with Trump Media & Technology Group, according to people with knowledge of the matter. While the PIPE’s terms haven’t been finalized, it may exceed $500 million in size, said one of the people, who asked not to be named because the talks are private.
Merger Votes/ Completions:
Northern Genesis Acquisition Corp. II (NGAB) announces that the the merger with Embark is on track to close on 11/10 with all conditions being met. Ticker change to EMBK is expected on 11/11.
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Tracking De-SPAC S-1s (including PIPE resale registrations):
S-1s that went effective today:
Algoma Steel (ASTL: $11.70 +2.99%)
Quick News:
Metromile (MILE), which completed its merger with INSU Acquisition Corp II (INSU) in February of this year at a $950M valuation, entered into a definitive agreement to be acquired by Lemonade (LMND). The acquisiton is an all-stock deal that values Metromile at $200M.
Hennessy Capital Investment Corp. V (HCIC) and Plus mutually agreed to terminate their merger agreement
In light of recent developments in the regulatory environment outside of the United States, Plus is pursuing a potential restructuring of certain aspects of its business. Given the November 8, 2021 “outside date” set forth in the Merger Agreement, HCIC and Plus have mutually agreed to terminate the Merger Agreement effective as of November 8, 2021.
IPOs to begin trading tomorrow*:
1) DP Cap Acquisition Corp I Announces Pricing of $200 Million Initial Public Offering (DPCS-U)
2) Apeiron Capital Investment Corp. Announces Pricing of $150,000,000 Initial Public Offering (APN-U)
*Priced as of this writing
New S-1s (1):
1) Games & Esports Experience Acquisition Corp. (GEEX)
$150M, 1/2 Warrant
Focus: Plans to merge with Gamers Club and another company in Gaming and Esports
Directors:
Meg Whitman (Former Chairman & CEO of HP, Director of Procter & Gamble and General Motors, Former CEO of Quibi, and Former CEO of eBay)
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings, and Expected Ticker Changes
See the full calendar here.
Thanks for reading,