Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (March 8, 2022)
The Stats:
Pre-Market Movers:
DWAC 0.8%, SCVX -0.8%, GGPI -0.8%, CFVI -0.8%
Yesterday’s Movers and Volume Leaders:
Volume Leaders:
DWAC 4.4M, PSTH 10.7M, LEGA 3.4M, APGB 3.2M, GGPI 2.4M, HAAC 2.2M, MSDA 2.1M, CFVI 2.1M, IPOF 1.9M, MOTV 1.8M
The Deals (2):
1) Endurance Acquisition Corp. (EDNC) & SatixFy
Merger Partner Description:
SatixFy is developing satellite communication modems with Software Defined Radio (SDR) and Electronically Steered Multi Beam Antennas (ESMA) to support the most advanced communications standards, such as DVB-S2X. SatixFy’s ASICs radically increase system performance and reduce the weight and power requirements of terminals, payloads and save real estate for gateway equipment. The company delivers the industry’s smallest VSATs and multi-beam electronically steered antenna arrays for a variety of mobile applications and services such as Connected Car, IoT, consumer broadband, in-flight connectivity, communications payloads, and more. The company was founded in 2012, and is headquartered in Rehovot, Israel with additional offices in the United States, United Kingdom and Bulgaria.
Valuation: $632M EV
PIPE: $29M in units (1 share & 1/2 warrant), with downside protection to $6.50 (“non-dilutive” via share transfer from SPAC sponsor and Satixfy) including investments from Sensegain Group and Antarctica Capital
Additional Financing: Up to $75M equity from an affiliate of Cantor Fitzgerald
2) AMCI Acquisition Corp. II (AMCI) & LanzaTech NZ
Merger Partner Description:
LanzaTech harnesses the power of biology and big data to create climate-safe materials and fuels. With expertise in synthetic biology, bioinformatics, artificial intelligence and machine learning coupled with engineering, LanzaTech has created a platform that converts waste carbon into new everyday products that would otherwise come from virgin fossil resources. LanzaTech’s first two commercial scale gas fermentation plants have produced over 30 million gallons of ethanol, which is the equivalent of offsetting the release of 150,000 metric tons of CO2 into the atmosphere. Additional plants are under construction globally. LanzaTech is based in Illinois, USA.
Valuation: $1.82B EV
PIPE: $125M at $10 per share including investments from AMCI, ArcelorMittal, BASF, K1W1, Khosla Ventures, Mitsui & Co., LTD., New Zealand Superannuation Fund, Oxy Low Carbon Ventures LLC, Primetals Technologies, SHV Energy, and Trafigura
Updates:
B.Riley Principal 150 Merger Corp.’s (BRPM) merger partner, FaZe Clan, announces Snoop Dogg will become a member of the company’s Board of Directors upon closing of the merger
New SPACs (S-1s):
No new S-1s
Registration Withdrawals
Cain Acquisition Corporation
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De-SPAC S-1s (including PIPE resale registrations*):
No activity
S-4 Activity:
S-4/A filings:
Queen’s Gambit Growth Capital (GMBT) & Swvl (6th amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
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
Thanks for reading,