Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (May 10, 2022)
The Stats:
Pre-Market Movers:
DWAC +2.7%
Previous Session Movers & Volume Leaders:
The Deals (2):
1) Tiga Acquisition Corp. (TINV) & Grindr (warrants +36.5% at yesterday’s close)
With roughly 11 million monthly active users in virtually every country in the world, Grindr has grown to become a fundamental part of the queer community since its launch in 2009. The company continues to expand its ecosystem to enable gay, bi, trans and queer people to connect, express themselves, and discover the world around them. Grindr is headquartered in West Hollywood, California. The Grindr app is available on the App Store and Google Play.
Valuation: $2.09B Pro-forma Enterprise Value
Additional Financing: Up to $100M FPA
2) Lakeshore Acquisition I Corp. (LAAA) & ProSomnus (warrants +16.1% pre-market)
ProSomnus is the first manufacturer of precision, mass-customized oral appliance therapy devices to treat obstructive sleep apnea, which affects over 74 million Americans and is associated with serious comorbidities, including heart failure, stroke, hypertension, morbid obesity and type 2 diabetes. ProSomnus's patented devices are a more comfortable and less invasive alternative to continuous positive airway pressure (CPAP) therapy, and lead to more effective and patient-preferred outcomes. With more than 150,000 patients treated, ProSomnus's devices are the most prescribed oral appliance therapy in the U.S.
Valuation: $168M Pro-forma Enterprise Value
Additional Financing: “Cohanzick Management and CrossingBridge Advisors are expected to lead and backstop a $30 million senior and junior convertible note investment, and (iii) the parties expect to receive a minimum additional $10 million in equity from a PIPE or from Lakeshore's trust account.”
News:
Goldman Is Pulling Out of Most SPACs Over Threat of Liability (Bloomberg)
BofA Scales Back on SPAC Work as Bank Retreat Accelerates (Bloomberg)
Updates:
Merger vote set:
Zanite Acquisition Corp (ZNTE) completed its merger with Eve with the company to begin trading under the new ticker, EVEX, today
Duddell Street Acquisition Corp. (DSAC) and FiscalNote announced FiscalNote's “signing of a commitment letter for a significantly upsized credit facility, with Runway Growth Capital, ORIX Growth Capital, and Atalaya Capital Management, providing for up to $250 million in senior debt funding, as well as enhancements to the Business Combination Agreement such as the establishment of a bonus pool for non-redeeming DSAC shareholders”
Biotech Acquisition Company (BIOT) and Blade Therapeutics announce the company has entered into a common stock purchase agreement with an affiliate of Cantor Fitzgerald, of up to $75M at Blade’s option
Artisan Acquisition Corp. (ARTA) shareholders approved the merger with Prenetics
The merger is expected to be completed on 5/18 with the ticker change to PRE following the closing
IPOs*:
1) Investcorp India Acquisition Corp Announces Pricing of $225,000,000 Initial Public Offering (IVCA-U)
2) Global Blockchain Acquisition Corp. Announces Pricing of $150,000,000 Initial Public Offering (GBBK-U)
*announced pricing as of this writing
New SPACs (S-1s):
1) CE Energy Acquisition Corp. (CEAC)
$100M, 3/4 Warrant
Focus: Oil and Gas, Energy, in North America and Latin America
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De-SPAC S-1s (including PIPE resale registrations*):
Effective:
Satellogic (SATL)
S-4 Activity:
S-4:
AMCI Acquisition Corp. II (AMCI) & LanzaTech NZ
S-4/A:
Agrico Acquisition Corp. (RICO) & Kalera (1st amendment)
Silver Crest Acquisition Corporation (SLCR) & Tim Hortons China (4th amendment)
Duddell Street Acquisition Corp. (DSAC) & FiscalNote (4th amendment)
Gores Guggenheim, Inc. (GGPI) & Polestar (6th amendment)
Oaktree Acquisition Corp. II (OACB) & Alvotech (6th amendment)
CHW Acquisition Corp (CHWA) & Wag Labs (1st amendment)
Abri SPAC I, Inc. (ASPA) & Apifiny Group (1st amendment)
Virgin Group Acquisition Corp. II (VGII) & Grove Collaborative (3rd amendment)
Effective:
SVF Investment Corp. 3 (SVFC) & Symbotic
Biotech Acquisition Company (BIOT) & Blade Therapeutics
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,