Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (April 13, 2022)
The Stats:
Pre-Market Movers:
PDOT -2%, AMAO -1.3%, THCA -%
Previous Session Movers & Volume Leaders:
The Deals:
No new deals
News:
Circle raises $400M at a $7.7 billion valuation (Axios)
What they’re saying: “With the $400 million, it's not just the capital that's going to allow us to grow — it's also the strategic partnership with BlackRock,” Circle CEO Jeremy Allaire said on CNBC shortly after the deal was announced.
“This is a strategic investment aimed at increasing their role in this ecosystem with a trusted [partner] and trying to advance what's possible with stablecoins and digital currency on the internet,” he said.
Context: In a rare piece of good news for the SPAC market, Circle announced in February that it struck a revised agreement with Concord Acquisition Corp. (CND) that doubled its valuation to $9 billion.
As part of that agreement, the PIPE announced during the previous summer was canceled, but Circle had the option to raise up to $750 million.
Yes, but: This financing is not replacing the PIPE and is independent of the upcoming SPAC merger.
According to a source with knowledge of the deal, BlackRock's financing agreement values Circle at $7.65 billion — or a 15% discount.
Circle's overall valuation remains $9 billion, under the terms of its revised SPAC agreement.
Credit Suisse Committee to Review SPAC Deals as SEC Rules Loom (Bloomberg)
Meesho plans to launch live commerce biz by year-end. “The company is currently exploring either a domestic listing or a SPAC-listing in the US” (Mint)
Updates:
8i Acquisition 2 Corp. (LAX) files the investor presentation for its merger with EUDA Health Limited that was announced yesterday
IPOs*:
1) Aura FAT Projects Acquisition Corp. Announces Pricing of $100,000,000 Initial Public Offering (AFAR-U)
New SPACs (S-1s):
No new S-1s
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De-SPAC S-1s (including PIPE resale registrations*):
S-1/A:
SES AI (SES)
S-4 Activity:
S-4/A:
Ackrell SPAC Partners I Co (ACKIT) & Blackstone Products (1st 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,