Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (March 14, 2022)
The Stats:
Pre-Market Movers:
DWAC -1.1%
Friday’s Movers and Volume Leaders:
The Deals:
No new deals
News:
Byju’s Founder in $800 Million Funding Round With BlackRock (Bloomberg)
Byju Raveendran is investing $400 million in his namesake India’s most valuable startup, Byju’s, leading an $800 million funding round alongside investors BlackRock Inc., Sumeru Ventures and Vitruvian Partners.
Raveendran’s stake will increase by nearly 2% in Byju’s parent Think & Learn Pvt., according to a person familiar with the development. The round values the startup at $22 billion, said the person who asked not to be identified as the information is private. That takes the founder group’s holding to about 25%.
The funding round has closed even as the Bangalore-headquartered edtech startup is in negotiations with at least three special-purpose acquisition companies with plans to go public via a merger. The SPACs include Michael Klein’s Churchill Capital and Michael Dell’s MSD Acquisition Corp., and the SPAC promoted by Harry Sloan, a long-time Hollywood executive. Separately, the startup is also in discussions for a pre-IPO funding round of up to $1 billion.
Raveendran’s investment is a rare instance of an Indian founder-entrepreneur taking part in a venture capital round at a late-stage startup that is considering an initial public offer. It bucks the trend of others who give up stake early, decreasing their say in the companies they founded in later stages.
More news
Nikola (NKLA) wants to add 200M common shares that could raise $1.5B (Freightwaves)
Updates:
FirstMark Horizon Acquisition Corp. (FMAC) Reminds Stockholders of Pro Rata Right to Additional Shares for Non-Redemption and That Voting Has Commenced for Business Combination with Starry, Inc.
New SPACs (S-1s):
1) Acri Capital Acquisition Corporation (Ticker n/a)
$75M, 1/2 Warrant
Focus: Tech in North America
UW: EF Hutton
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De-SPAC S-1s (including PIPE resale registrations*):
Effective:
Codere Online (CDRO)
S-4 Activity:
S-4 filings:
Ventoux CCM Acquisition Corp (VTAQ) & Presto
S-4/A filings:
Spring Valley Acquisition Corp. (SV) & NuScale Power
B. Riley Principal 150 Merger Corp. (BRPM) & FaZe Clan
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,