Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (April 28, 2022)
The Stats:
Pre-Market Movers
DWAC +5.3%, SV +2.4%, GGPI 1%
Previous Session Movers & Volume Leaders:
The Deals:
No new deals
News:
AU10TIX founders in negotiations to sell company at over $1 billion valuation (Calcalist)
Calcalist has also learned that around four months ago AU10TIX was in advanced negotiations to merge with a SPAC at a valuation of $1.4 billion. However, concerns that the SPAC wouldn’t be able to raise the required PIPE investment led AU10TIX to pull out of the deal.
AU10TIX has never raised funds. The only time its founders sold shares was in 2019 when they sold a 30% stake in the company to two international funds for $80 million. The reason the company never required external funding was due to the fact that it was almost always profitable.
AU10TIX provides critical, modular solutions to verify and link physical and digital identities and over the past decade has partnered with the likes of Twitter, Uber, PayPal, Bird, and Payoneer. The company’s proprietary technology provides results in less than eight seconds, enabling businesses to onboard customers faster while preventing fraud, and meeting compliance mandates.
Cantor Loses Four in SPAC, Event-Driven Sales and Trading (Bloomberg)
Trump-Tied SPAC [Digital World Acquisition Corp. (DWAC)] Shares Roar Back With Truth Social No.1 in App Store (Bloomberg)
Dubai’s Averda Explores IPO After Ditching SPAC Merger Talks with Better World Acquisition Corp. (BWAC) (Bloomberg)
Updates:
Mallard Acquisition Corp. (MACU) announces liquidation on 4/29/22
MACU will redeem all of the public SPAC shares at a redemption price of 10.10
Shareholders approved the extension with 8.5M shares redeemed or an estimated ~77% of the public SPAC shares. The SPAC opted to liquidate rather than extend
SoundHound AI (SOUN) completed its merger with Archimedes Tech SPAC Partners Co. (ATSPT) and will trade as SOUN starting today
Bull Horn Holdings Corp. (BHSE) shareholders approved the deadline extension from 5/3/22 on a monthly basis up to 11/3/22
~4.3M shares were redeemed (~56% of the public SPAC shares) resulting in $32.7M remaining in trust
PLAYSTUDIOS (MYPS) “announced that it has extended the expiration date of its previously commenced offer to purchase (the “Offer”) all of its outstanding public warrants and private placement warrants (collectively, the “Warrants”) to purchase shares of its Class A common stock, par value $0.0001 per share, at a purchase price of $1.00 in cash, without interest, to 12:00 midnight, Eastern Time at the end of the day on May 13, 2022”
IPOs*:
1) ClimateRock Announces Pricing of $75.0 Million Initial Public Offering (CLRC-U)
2) Chenghe Acquisition Co. Announces Pricing of $100 Million Initial Public Offering (CHEA-U)
*priced as of this writing
New SPACs (S-1s):
No new S-1s
Registration Withdrawals
EF Hutton Acquisition Corp. (EFHT)
Hony Capital Acquisition Corp. (HCAA)
If you find this newsletter useful, feel free to share it with a friend (the free version of the newsletter) and suggest they subscribe:
De-SPAC S-1s (including PIPE resale registrations*):
Effective:
SES AI (SES)
S-4 Activity:
S-4:
Avista Public Acquisition Corp. II (AHPA) & OmniAb (subsidiary of Ligand)
S-4/A:
Cleantech Acquisition Corp. (CLAQ) & Nauticus (2nd amendment)
B. Riley Principal 150 Merger Corp. (BRPM) & FaZe Clan (2nd amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
SPAC Track Pro Updates:
New Data Points and Filters have been added to the Pro Screener as of 4/26:
New Data Points: Estimated $ Discount/premium to trust value per share, Estimated % Disc/prem to trust value per share
New Filters: Deadline approaching within 1-4 months
**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,