The Nightcap
Nightly recap of all the day's SPAC highlights (Feb 3rd, 2021)
February 3rd, 2021
Good evening,
Thanks for reading “The Nightcap”, a nightly recap of all the day’s highlights in the SPAC world. In this newsletter, you will find a breakdown of the day’s deals, IPO’s, “in talks” reports, and noteworthy new SPAC S-1 filings.
Of course, you can always discover and track all of the SPACs at spactrack.net.
The SPAC Market Stats:
Volume Leaders:
Top Gainers:
Top Losers:
The Deals:
1) 10X Capital Venture Acquisition Corp (VCVC) & REE Automotive, an Israeli developer of modular platforms for electric vehicles.
$3.14B Pro-forma equity value
$300M PIPE
2) FTAC Olympus Acquisition (FTOC) & Payoneer, an online payments and commerce-enabling platform.
$3.27B Pro-forma equity value
$300M PIPE including investment from Dragoneer
3) Dragoneer Growth Opportunities Corp. (DGNR) & CCC Information Services, a property and casualty insurance SaaS platform.
$7B Pro-forma equity value
$150M PIPE including an investment from Altimeter Capital Management
$175M Forward purchase agreement from Dragoneer and Michael Bloomberg's family office
Today’s Notable IPO’s:
1) Decarbonization Plus Acquisition Corporation II (DCRN.U) — will trade tomorrow
$350M, 1/3 warrant
Focused on Global decarbonization (including energy, agriculture, industrials, transportation, commercial, residential)
The sponsor’s previous SPAC, Decarbonization Plus Acquisition Corp (DCRB - closed at $14 today) priced its offering in October of last year and has not announced a deal yet
CEO: Erik Anderson (Founder of WestRiver Group and Executive Chairman of Topgolf)
2) Novus Capital Corporation II (NXU.U) — will trade tomorrow
$250M, 1/3 warrant
Focusing on High Technology: “smart tech, 5G, VR, AI, spatial computing, cloud analytics, machine learning, LogTech, sustainable smart city systems and sustainable AgTech”
The sponsor’s previous SPAC, Novus Capital I (NOVS), announced on Monday it had completed its merger with AppHarvest, a sustainable indoor farming company that counts Martha Stewart, Jeffrey Ubben, and J.D. Vance as Board Members. AppHarvest (APPH) closed the day at $31.37 representing a 213% gain from the SPAC’s IPO in May of last year.
Notable New SPAC S-1 filings:
1) Figure Acquisition Corp. I (FACA)
$250M, 1/3 warrant
Focus: Fintech, Financial Services
Chairman:
Michael Cagney (CEO of Figure Technologies and Fomer Chairman and CEO of SoFi)
CEO:
Asiff Hirji (President of Figure Technologies, Former COO of Coinbase, Former Operating Partner at Andreessen Horowitz. Former Partner at TPG Capital, and Former COO of TD Ameritrade)
SPACs Leaving the Nest:
Today’s Shareholder Meetings:
FS Development Corp (FSDC) merger with Gemini Therapeutics was approved.
Link to 8-K with results here.
Other Shareholder Meetings Tomorrow:
Agba Acquisition Ltd (AGBA) Shareholder Meeting to Extend its Deadline for the Business Combination
Visuals are tight:
In a world of SPAC proliferation, in which seemingly almost every SPAC sponsor comes back for round 2 or 3, the following business leaders are the undisputed champions of SPACland. I present to you, in an absolutely stunning work of graphic design, the 2021 SPAC Kings and Queen.
Thanks for reading,