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:
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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: $8.35) completed 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):
S-1’s that went effective today:
Joby Aviation (JOBY: $10.16 -14.84%)
Berkshire Grey (BGRY: $7.37 -14.50%)
Taboola (TBLA: $8.99 -3.23%)
Filed S-1:
Momentus (MNTS: $12.00 3.54%)
Filed S-1/A:
Ucommune International (UK: $1.03 -1.90%)
CCC Intelligent Solutions (CCCS: $11.87 0.76%)
Doma Holdings (DOMA: $8.96 3.34%)
Evolv Technologies (EVLV: $7.65 1.73%) filed its 424B3
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,