Precap from SPAC Track

The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (Feb 17, 2022)

The Stats:

Pre-Market Movers:

CND -3.5%

Yesterday’s Movers and Volume Leaders:

SPAC Track @SPACtrack

#SPACVolume Leaders (2/16) $AXAC-U 9.1M (New IPO) $GGPI 6.7M $DWAC 6M $FTII-U 5.5M (New IPO) $CFVI 3M $GENQ-U 1.1M $CRHC 1M $IRRX 0.9M $ASAX 0.8M $LOKM 0.7M

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The Deals:

No new deals

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News:

Circle Valued at $9B in New Transaction Terms Agreed with Concord Acquisition Corp

Concord Acquisition Corp (CND) & Circle terminated the existing business combination agreement and entered into a new agreement that values Circle at an enterprise value of $9B. This is 2x the original valuation of $4.5B from back in July 2021

The increase in value reflects improvements in Circle's financial outlook and competitive position – particularly the growth and market share of USDC, one of the fastest growing dollar digital currencies. USDC's circulation has more than doubled since the original deal was announced, reaching $52.5 billion as of February 16, 2022.

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Better World (BWAC) Acquisition Corp. Announces Extension of Deadline to Complete Business Combination

The Sponsor has requested that the Company extend the date by which the Company has to consummate a business combination from February 17, 2022 to May 17, 2022. The Extension is the second of two three-month extensions permitted under the Company’s governing documents. In connection with the Extension, the Sponsor has notified the Company that it intends to deposit an aggregate of $1,261,860 (representing $0.10 per public share) into the Company’s trust account on or before February 17, 2022.

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New SPACs (S-1s):

1) Silver Sustainable Solutions Corp. (SSSC)

• $250M, 1/2 Warrant, 1 Right (1/10th of a share)

• Focus: Cleantech

• Management:

  Jonathan Silver (Director of National Grid and Plug Power, Former COO of Tiger Management)

• Michael Allman (Former Chairman & CEO of the Southern California Gas Company)

• Directors:

  Paula Reynolds (Chairman of the Board of National Grid, Director of BP and General Electric, Former Chairman & CEO of Safeco, Former Vice-Chairman of AIG, Former Director of CBRE and Delta Airlines

Registration Withdrawals

SPAC Track @SPACtrack

Just Another Acquisition Corp becomes Just Another SPAC to withdraw its IPO. sec.gov/Archives/edgar…

Tanay Jaipuria @tanayj

Just Another Acquisition Corp might be my favourite name for a SPAC so far https://t.co/CarM59Ykab https://t.co/q29I0aODSn

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If you find this newsletter useful, feel free to share it with a friend and suggest they subscribe:

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A Tale of Two De-SPAC Earnings:

Tornike.eth @TornikeLaghidze

$IS - ironSource 2021 Revenue: Actual: $553M SPAC investor deck estimated: $455M

Tornike.eth @TornikeLaghidze

$BKKT - Bakkt 2021 Revenue: Actual: $39.4M SPAC investor deck estimated: $55M

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Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

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Notes:

All the Pro data points on the Pro Screener along with which table “view” and export eligibility can be found here: spactrack.io/screener-instructions

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Thanks for reading,

SPAC Track

spactrack.io

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. SPAC Track and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the SPAC Track website.