Shooting for quantum-sized redemptions
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for paid subscribers. (Feb 8, 2022)
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FYI: All links are underlined.
The Stats:
Pre-Market Movers:
GRNA +3.2%, CFVI +1.2%, MBAC -3.5%, DWAC -1%
Yesterday’s Movers and Volume Leaders:
The Deals:
1) DPCM Capital, Inc. (XPOA) & D-Wave
Merger Partner Description:
D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers—and the only company developing both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave’s systems are being used by some of the world’s most advanced organizations, including NEC Corporation, Volkswagen, DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory. With headquarters and the Quantum Engineering Center of Excellence based near Vancouver, Canada, D-Wave’s U.S. operations are based in Palo Alto, Calif. D-Wave has a blue-chip investor base that includes PSP Investments, Goldman Sachs, BDC Capital, NEC Corp., Aegis Group Partners, and In-Q-Tel.
Valuation: $1.35B EV
Additional Financing: $40M PIPE including Canadian public-sector pension-plan manager PSP Investments, NEC Corporation, Goldman Sachs, Yorkville Advisors, and Aegis Group Partners
Other Deal Details: The transaction includes a bonus pool of 5M shares that will be allocated pro rata to non-redeeming public SPAC shareholders, effectively reducing their cost basis.
A similar bonus pool of up to 1.8 million shares has been established for the PIPE investors.
Merger Votes/ Completions:
GreenLight Biosciences (GRNA) releases redemption results from its merger with Environmental Impact Acquisition Corp. (ENVI)
19.5M shares were redeemed (an estimated ~94% of the public SPAC shares)
Other Updates:
Bowlero Corp. (BOWL) announces an up to $200 million Share & Warrant Repurchase Program
Velodyne Lidar (VLDR) enters into agreement with Amazon in which Amazon will acquire up to 39.6M warrants in which vesting is based on:
discretionary payments made by Amazon (whether made directly from Amazon, its affiliates or by a third party on behalf of Amazon) pursuant to existing commercial agreements between the Company and Amazon or its affiliates, which relate to the use of the Company’s technology to continue to improve the customer experience, any possible future commercial agreements between the Company and Amazon or its affiliates, and the anticipated entry into an agreement between the Company and Amazon or its affiliates related to the use of the Company’s technology
Innovid (CTV) is acquiring converged TV measurement provider TVSquared for $160M (Calcalist)
IPOs*:
1) LIV Capital Acquisition Corp. II Announces Pricing of $100 Million Initial Public Offering (LIVB-U)
*Announced pricing as of this writing
New SPACs (S-1s):
Endeavor Acquisition Corp. (ENAC)
$225M, 1/2 warrant
Focus: Growth in Asia, including Tech and Consumer (excluding China)
Registration Withdrawals:
Crucible Acquisition Corp. II (CRUA), Crucible Acquisition Corp. III (CRUB)
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De-SPAC S-1s (including PIPE resale registrations*):
S-1 filings:
GreenLight Biosciences (GRNA) (Monday)
S-1/A filings:
The Greenrose Holding Company (GNRS) (Monday)
S-1 Effective:
Revelation Biosciences (REVB)
*When applicable
S-4 Activity:
S-4 filings:
L&F Acquisition Corp (LNFA) & ZeroFox (Monday)
AEA-Bridges Impact Corp. (IMPX) & LiveWire (Monday)
S-4/A filings:
Poema Global Holdings Corp. (PPGH) & Gogoro (2nd amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings
See the full calendar here.
Thanks for reading,