The Deals are back in town.

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (September 9, 2021)

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The Stats:

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The Deals (2):

1) Highland Transcend Partners I Corp. (HTPA: $9.84) & Packable

  • Merger Partner Description:

    Packable is a leading e-commerce company with a proprietary technology platform that empowers brands with a complete and cost-effective logistics, fulfilment, data science, digital marketing and sales solution. Founded in 2010, Pharmapacks has a premier team of e-commerce experts and approximately 1000 employees connecting consumers to their favorite brands on online marketplaces such as Amazon, Walmart, Google, eBay, Target, Kroger and Facebook, becoming one of the largest marketplace sellers in North America. Pharmapacks serves as a "launch pad" for emerging brands by giving a select amount of lesser-known brands access to the Pharmapacks' e-commerce platform and consumer base. This enables brands to focus on product research and development, while Pharmapacks focuses on building a connection between the consumer and the brand.

  • Valuation: $1.55B EV

  • PIPE/Additional Financing: $180M ($70M PIPE and $110M pre-SPAC merger convertible note) anchored by Fidelity Management & Research Company, Lugard Road Capital and Luxor Capital, Park West Asset Management, and Morningside

  • Press Release

  • Investor Presentation

2) Novus Capital Corporation II (NXU: $9.83) & Energy Vault

  • Merger Partner Description:

Energy Vault is the creator of sustainable energy storage products that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Applying conventional physics fundamentals of gravity and potential energy, the system combines advanced material science and proprietary, machine-vision AI software that autonomously orchestrates the charging and discharging of electricity using ultra low cost composite bricks and innovative mechanical crane systems. Utilizing 100 percent eco-friendly materials with the ability to integrate waste materials for beneficial re-use at unprecedented economics, Energy Vault is accelerating the shift to a circular economy and a fully renewable world.

  • Valuation: $1.13B EV

  • PIPE: $100M including investments from Adage Capital Partner, Pickering Energy Partners, Sailingstone Capital Energy Transition Strategy Fund, SoftBank Investment Advisers, Cemex Ventures, and Palantir Technologies Inc.

  • Press Release

  • Investor Presentation

News: acquires UK-based Property Partner ahead of SPAC close (TechCrunch)

Online mortgage company has acquired U.K.-based startup Property Partner as it seeks to expand into new markets and offer new product lines. The deal could give Better a way to augment its lending business with the potential to enable fractional ownership of properties in the U.S. and other markets.

Better plans to go public later this year through its planned merger with a special purpose acquisition company (SPAC) [Aurora Acquisition Corp. (AURC: $9.99)]in a deal that values it at $7.7 billion. In the meantime the company has been active in the M&A market, acquiring two U.K.-based companies in the lead up to the deal’s close.

In July, Better announced its acquisition of Trussle, a digital mortgage brokerage in the U.K. that was widely seen as its first step to international expansion. But with the purchase of Property Partner, Better could gain technology capabilities to expand its feature set in the U.S. and other markets.

Launched in 2015, Property Partner enables fractional ownership of “buy to let” properties throughout the country. Through its platform, users could invest in individual properties or in a portfolio of properties and earn a portion of the rental income generated by those assets. It also created a resale market, enabling users to sell off their shares to other users.

The startup claims more than 9,000 investors on its property crowdfunding market and £140 million of assets under management. With the Better acquisition, the company expects to be able to expand both its investor base and properties to invest in.

Property Partner sent a message to users late last week to inform them of upcoming changes as a result of the deal. The startup announced it was temporarily pausing trading on the resale market while promoting some of Better’s plans as a result of the deal.

Under the new ownership, Property Partner said it would be able to reduce fees, grow its investor base, and dramatically expand investment opportunities by adding properties in the U.S. and other international locations to its platform.

For Better, the deal adds a new income stream in the short term while enabling the company to completely reimagine homeownership over a longer time horizon. Over the years Better has sought to augment its core mortgage lending business with additional products and services, including real estate agents, title and homeowners insurance, and the ability to make all-cash offers in certain markets in which it operates.

Quick News Corner:

  • Osprey Technology Acquisition Corp. (SFTW: $11.41completes its merger with BlackSky. Will trade as BKSY starting tomorrow, 9/10

    • BlackSky received ~$283M in gross proceeds

    • 21,375,376 shares were redeemed (~68%), leaving $103M in the trust

  • Rice Acquisition Corp. (RICE: $18.50) shareholders approve the merger with Aria Energy & Archaea Energy

    • Closing is expected on 9/15. The combined company will be named Archaea Energy and will trade as LFG

    • 46,972 or less than 0.2% of shares were redeemed for ~$10 per share, while RICE hasn’t dipped below $14 since mid-May

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

IPOs to Begin Trading Tomorrow:

1) SILVERspac Inc. Announces Pricing of $250 Million Initial Public Offering (SLVR-U)

*Priced at the time of this writing

New S-1s:

1) Marblegate Acquisition Corp. (GATE)

  • $300M, 1/2 warrant

  • Focus: Companies that have recently undergone a restructuring

  • Management:

    Harvey Golub (Former Chairman & CEO of American Express and Former Chairman of AIG & Campbell Soup)

2) Thrive Acquisition Corp (THAC)

  • $200M, 1/2 warrant

  • Focus: Global health and wellness industry

Upcoming Dates:

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

Fri, Sep 10

  • Merger Meeting: Qell Acquisition Corp. (QELL: $10.14) & Lillium

  • Unit Split: Portage Fintech Acquisition Corp. (PFTA-U: $10.00)

Thanks for reading,

SPAC Track

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.