SPACs aren't finished with EVs yet

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (September 3, 2021)

Discover and track all of the SPACs at spactrack.net.


The Stats:


If you haven’t subscribed to this Free nightly newsletter, you can do so below.


The Deals:

No deals today.


News:

Chinese EV Startup Iconiq Said to Mull $4 Billion U.S. SPAC Deal (Bloomberg—paywalled)

Iconiq Motors, a Chinese electric vehicle firm, is considering going public in the U.S. through a merger with a blank-check company, according to people familiar with the matter.

The startup is working with an adviser on a potential deal that could value the combined company at about $4 billion, according to one of the people. 

Iconiq could become publicly traded through the special purpose acquisition company as soon as the end of this year, another person said, asking not to be identified as the details are private.

Discussions are at an early stage and there is no guarantee that a deal with a SPAC will be reached, the people said. A representative for Iconiq declined to comment.

Founded in 2016 by Chinese entrepreneur Alan Wu, Iconiq Motors has offices in Tianjin, Shanghai and Dubai according to its website. Its partners include auto supplier Magna Steyr and Microsoft Corp. The company, which targets the high end of the EV market, aims to launch the Iconiq Seven series multi-purpose vehicle by end of 2023. It counts Amer International Group Co. among its investors, according to a press release in March.

Encouraged by domestic carmakers NIO Inc. and Xpeng Inc.’s successful share sales in the U.S., Chinese EV startups have sought to tap the market there to meet the demands of their capital-intensive manufacturing processes. A crackdown by Chinese authorities on its companies listing overseas has thrown those plans into doubt, particularly those that collate large amounts of user data, which means they could be subject to reviews before being allowed to go public.


Quick News Corner:

  • Centricus Acquisition Corp. (CENH: $8.35completed its merger with Arqit

    • Ticker change to ARQQ is set for 9/7

    • Arqit received $96M in proceeds including the $71M PIPE ($51M of which was Centricus affiliates)

  • Sustainable Opportunities Acquisition Corp (SOAC: $10.02) shareholders approve merger with DeepGreen Metals


Tracking De-SPAC S-1s (PIPE Registrations):


New S-1s (4):

1) Arogo Capital Acquisition Corp. (AOGO)

  • $100M, 1/2 warrant

  • Focus: Electric Vehicles (EV) technology, smart mobility, or sustainable transportation in Asia-Pacific, primarily South East Asia

2) Home Plate Acquisition Corp (HPLT)

  • $200M, 1/2 warrant

  • Focus: Fintech, Embedded Finance

  • Management:

    Daniel Ciporin (General Partner at Canaan Partners)

  • Directors:

    Rhonda Ramparas (Former CFO of Boxed)

3) McLaren Technology Acquisition Corp. (MLAI)

  • $200M, 1/2 warrant

  • Focus: Banking, Financial Services, and Insurance, that leverage artificial intelligence, machine learning, digital, fintech

4) Liberty Resources Acquisition Corp. (LBTY)

  • $100M, 1/2 warrant

  • Focus: Natural resources, specifically oil and gas


Upcoming Dates:

Next Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

Mon, Sep 6: Labor Day

Tues, Sep 7

  • Unit Split: StoneBridge Acquisition Corporation (APAC-U: $9.94)

Wed, Sep 8

  • Merger Meeting: Osprey Technology Acquisition Corp. (SFTW: $9.98) & BlackSky

Thurs, Sep 9

  • Merger Meeting: Rice Acquisition Corp. (RICE: $16.34) & Aria Energy and Archaea Energy

Fri, Sep 10

  • Merger Meeting: Qell Acquisition Corp. (QELL: $9.99) & Lillium


Thanks for reading,

SPAC Track

spactrack.net

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice.