The end of SPACTrack.net
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (December 7, 2021)
Yes, it is true. After a 1.5-year run, SPACTrack.net is shutting down.
I want to express my sincere gratitude to all of those who have supported us on our mission to expand access to high-quality SPAC data.
It’s been a great run and I hope all of you have found at least a modicum of value from SPAC Track.
Alas, this isn’t farewell. It is see you at our new home… SPACTrack.io!
Along with the new domain, we have been working to build a much-improved version of the SPAC Track offering with more features and more data. We are excited to debut the revamped site for you all.
Check out the new and improved Active SPACs page here: spactrack.io/spacs. The new offering features more advanced filtering & sorting on the Active SPAC page, one watchlist, Dark Mode for the Active SPACs page, and individual SPAC pages with an embedded stock chart.
The legacy Active SPACs page will continue to be live for the time being, though it will be phased out in the coming months. That page can be found here: spactrack.io/activespacs.
In addition to the revamped offering for all users, we are launching our premium subscription service: SPAC Track Pro.
SPAC Track Pro is a premium monthly subscription service to discover, track, and analyze SPACs & De-SPACs. The Pro version comes with 4x more data points than the standard version and includes several other useful features such as a unified view of SPACs and De-SPACs, the ability for unlimited downloads of the Active & De-SPAC list, and the ability to create up to 4 watchlists.
We will be continuously improving the new site over time with new features and data points, as well as UX and performance improvements (of which much is already in advanced development).
Currently, we are offering introductory rates — 30% off when selecting the annual subscription option and 10% off with coupon ‘NIGHTCAP10’ (expires EOD tomorrow). Check out spactrack.io/pro to learn more about Pro and to subscribe!
Discover and track all of the SPACs at spactrack.io.
If you haven’t subscribed to this Free nightly newsletter, you can do so below.
The Stats:
The Deals (3):
1) Pine Technology Acquisition Corp. (PTOC: warrants -0.01%) & Tomorrow.io
Merger Partner Description:
Tomorrow.io is The World’s Weather and Climate Security Platform, helping countries, businesses, and individuals manage their weather and climate security challenges. Fully customizable to any industry impacted by the weather, customers around the world including Uber, Delta, Ford, National Grid, and more use Tomorrow.io to dramatically improve operational efficiency. Tomorrow.io was built from the ground up to help teams prepare for the business impact of weather by automating decision-making and enabling climate adaptation at scale. Headquartered in Boston, MA, Tomorrow.io employs more than 170 people globally.
Valuation: $729M EV
PIPE: $75M including investments by existing investors National Grid Partners, JetBlue Technology Ventures, SB Energy Corp. (SoftBank subsidiary), as well as Koch Strategic Platforms and Pine Technology’s sponsor
2) Oaktree Acquisition Corp. II (OACB: warrants +20.18%) & Alvotech
Merger Partner Description:
Alvotech is a biopharmaceutical company focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products and services, enabled by a fully integrated approach and broad in-house capabilities. Alvotech’s current pipeline contains seven biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, and cancer.
Valuation: $2.25B EV
PIPE: $154M including investments by existing investor, Athos (the Strüngmann Family Office, as well as investments by Suvretta Capital, CVC Capital Partners, Temasek, Farallon Capital Management, Sculptor Capital Management, and Icelandic investors including Arctica Finance, Arion Bank, and Landsbankinn
3) FoxWayne Enterprises Acquisition (FOXW: warrants -8.06%) & Aerami Therapeutics
Merger Partner Description:
Aerami is a clinical stage biopharmaceutical company developing inhaled therapies to treat severe respiratory and chronic diseases. Aerami's lead development program is AER-901, a drug-device combination product candidate in Phase 1 for the treatment of pulmonary arterial hypertension. AER-901 is designed to improve drug uptake and deliver consistent, therapeutically effective, and well tolerated levels of a nebulized formulation of imatinib through once-a-day inhalation via the FOX® device, which is both 510(k) cleared and CE marked and which the Company has licensed from Vectura Limited.
Valuation: Transaction values Aerami at $250M
PIPE: No PIPE
No Investor Presentation filed yet
News:
Better's top marketing, PR, and communications executives have resigned after mass layoffs at the online-mortgage startup (Insider)
The three executives who run the online-mortgage startup Better's marketing, communications, and public-relations divisions have resigned, Insider has learned.
The company's three most senior communications representatives — Melanie Hahn, head of marketing, Tanya Hayre Gillogley, head of public relations, and Patrick Lenihan, VP of communications — have all resigned from the company.
Better did not respond to a request for comment by press time. The three executives declined to comment.
The news comes after CEO Vishal Garg laid off about 900 employees, or 9% of Better's total workforce, over a three-minute Zoom call. Garg's handling of the layoffs and divisive management style have been the object of social-media outrage this week, particularly on the employer-review website Blind.
"Anyone who is leaving right now, these are folks that have tried to make it work and given their all to a company they believe in but who ultimately get undermined by a CEO that doesn't take advice from anyone and believes he's always right," a person familiar with Garg told Insider.
Forbes has highlighted Garg's "tangled past" and "fraud claims," while the Daily Beast published a profile of him in August that said he "threatened to burn his business partner alive."
Better, founded in 2016, has received funding from the unicorn-minting factory SoftBank, Goldman Sachs, and the venture legends Kleiner Perkins. Earlier this year, the company announced that it planned to go public through a special-purpose acquisition company merger with Aurora Acquisition Corporation (AURC), a blank-check company sponsored by Novator Capital. The deal values the company at $6.9 billion and included a $1.5 billion investment from SoftBank.
On November 30, the company announced that half of SoftBank's SPAC investment would actually come early, in the form of a $750 million bridge loan, instead of being contingent on the SPAC merger. On December 1, the company executed a round of layoffs, captured in a video leaked to YouTube that has now racked up almost 1 million views.
Insider reported that Garg addressed remaining employees shortly after the layoffs, saying, "We should have done this three months ago." In a leaked video of that Zoom meeting shared with Insider, he blamed himself for overhiring and said that Better lost $100 million last quarter. Later, Fortune reported that Garg accused "at least 250" of staffers who were let go of only working "two hours a day," saying that they were "stealing from our customers."
Garg also laid out a vision for "Better 2.0" in the post-layoff meeting, saying that the company would be much less forgiving of mistakes and implying that he would more quickly fire subpar staff.
"If you felt in the past that people weren't looking — well, everyone is looking now," Garg said in the meeting.
Bloomberg also reported:
Better HoldCo Inc., a mortgage and real estate startup backed by SoftBank Group Corp., is pushing back its public listing through a merger with a blank-check firm, according to people with knowledge of the matter, after amending the deal a day before it terminated 9% of its workforce.
The company will seek new regulatory approval after revising the terms of the merger with Aurora Acquisition Corp., a special purpose acquisition company, said one of the people, who asked not to be identified discussing private information. That will push back the closing of the transaction, which the companies had previously announced was likely to happen in the fourth quarter.
Merger Votes/ Completions:
dMY Technology Group, Inc. IV (DMYQ) completed its merger with Planet, with the transaction raising $590M. The ticker is set to change to PL tomorrow
GigCapital4 (GIG) completed its merger with BigBear.ai
Dragoneer Growth Opportunities Corp. II (DGNS) shareholders approved its merger with Cvent
Closing is expected to be tomorrow, 12/8, followed by the ticker change to CVT on 12/9
23.3M shares were redeemed or an estimated 84% of the public shares
Seven Oaks Acquisition Corp. (SVOK) shareholders approved its merger with Boxed
Decarbonization Plus Acquisition Corp III (DCRC) shareholders approved its merger with Solid Power
210,171 shares were redeemed or an estimated 0.60% of the public shares
Merger Vote Set:
European Sustainable Growth Acquisition Corp. (EUSG) & ADS-TEC Energy: 12/21
NextGen Acquisition Corp. II (NGCA) & Virgin Orbit: 12/28
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Tracking De-SPAC S-1s (including PIPE resale registrations*):
S-1s that went effective today:
Procaps Group (PROC: $9.89 +8.21%)
Navitas Semiconductor (NVTS: $18.88 +8.19%)
*When applicable
Quick News:
Anzu Special Acquisition Corp I (ANZU) Announces Forward Purchase Agreements of Up to $120 Million and Further $120 Million Right of First Offer on Potential Private Placement
New S-1s:
None today
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings, and Expected Ticker Changes
See the full calendar here.
Thanks for reading,