Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (April 12, 2022)
The Stats:
Pre-Market Movers:
THCA +1.7%
Previous Session Movers & Volume Leaders:
The Deals:
1) 8i Acquisition 2 Corp. (LAX) & EUDA Health Limited (warrants -20% pre-market)
EUDA Health Limited, is a Singapore-based health technology company that operates a first-of-its-kind Southeast Asian digital healthcare ecosystem aimed at making healthcare affordable and accessible, and improving the patient experience by delivering better outcomes through personalized healthcare. The company’s proprietary unified AI platform quickly assesses a patient’s medical history, triages a condition, digitally connects patients with clinicians, and predicts optimal treatment outcomes. EUDA Health’s holistic approach supports patients throughout all stages of care, including wellness & prevention, urgent care & emergencies, pre-existing conditions, and aftercare services. The company is expected to operate in five countries throughout Southeast Asia by the end of 2022.
Valuation: $580M EV
PIPE: No PIPE
News:
Infinite Reality to Buy ReKTGlobal, Aims to Raise $150 Million (Bloomberg)
Infinite Reality Inc., which has inked a deal to go public through a merger with Universal Security Instruments Inc., has agreed to acquire ReKTGlobal, an esports startup that abandoned a prior plan to combine with a SPAC.
“We were on the two-yard line to go public with a SPAC,” ReKTGlobal co-founder and Chairman Amish Shah said in an interview. “We could have gone solo and been a micro-cap stock, but we thought it was smarter play to be part of a bigger company in a hot sector,” he said, referencing the metaverse. The company pivoted to a $470 million all-stock transaction with Infinite Realty.
Infinite Reality, formed through the merger of Display Social and production company Thunder Studios, is valued at $2 billion, Chief Executive Officer John Acunto said in an interview. It plans to expand ReKTGlobal’s brands including League of Legends’ Rogue and Call of Duty League’s London Royal Ravens into the metaverse, potentially through the creation of esports stadiums and skyboxes, Acunto said.
“Together, there’s no reason we can’t do $100 million in revenue in 2022,” Shah said.
Infinite Reality is in discussions to raise $150 million or more through a private investment in public equity, or PIPE, in a deal valuing the combined entity at more than $2.5 billion, said Acunto.
SPAC Trades May Have Made 888% Profit. Some Face SEC Scrutiny (Bloomberg Law)
Updates:
Circle [merging with Concord Acquisition Corp (CND)] announces $400M funding round including investments from BlackRock and Fidelity
New SPACs (S-1s):
No new S-1s
Registration Withdrawals
BCC Investment Corp. (BCIC)
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*):
S-1:
Leafly (LFLY)
S-1/A:
Cepton (CPTN)
S-4 Activity:
S-4/A:
OTR Acquisition Corp. (OTRA) & Comera Life Sciences (3rd amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Notes:
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,