The Nightcap
Nightly recap of the day's SPAC highlights (May 17th, 2021)
May 17th, 2021
Good evening,
Thanks for reading “The Nightcap”, a nightly recap of the highlights of the SPAC world. You can always discover and track all of the SPACs at spactrack.net.
The Stats:
The Deals:
1) SCVX Corp (SCVX) & Bright Machines
$1.15B EV
$205M PIPE
2) Seaport Global Acquisition Corp. (SGAM) & Redbox
$693M EV
$50M PIPE
3) Yunhong International (ZGYH) & Giga Energy Inc. (f/k/a Ares Motor Works, Inc.)
Yunhong International, a special purpose acquisition company, and Giga Energy Inc. (f/k/a Ares Motor Works, Inc.), a company that plans to provide industrial and commercial transportation solutions, today announced the execution of a definitive share exchange agreement, pursuant to which Giga Energy will be acquired by Yunhong and Giga Energy will be the surviving business. The potential maximum value of this transaction is approximately $7.354 billion.
Deal News Reports:
None today.
New S-1 Filings:
1) Macondray Capital Acquisition Corp. I (DRAY)
$275M, 1/3 warrant
Focus: Software, data and technology, media and telecom industries
Directors:
Gretchen Howard (COO at Robinhood Markets)
Claire Johnson (COO at Stripe)
Stacy Brown-Philpot (Former CEO of TaskRabbit, Director of HP and Nordstrom)
Notable SPAC News:
1) SoftBank Vision Fund Considers Listing a $300 Million European Tech SPAC (Bloomberg— behind paywall)
The Japanese conglomerate’s Vision Fund is discussing plans to raise capital for a blank-check company on the Amsterdam stock exchange later this year, the people said, asking not to be identified because the information is private. It is considering seeking about 250 million euros ($304 million) from the deal, though the target hasn’t been finalized, the people said.
The SPAC would hunt for investments in the European technology industry and other high-growth areas, the people said. Deliberations are at an early stage, and details of the potential listing could change, the people said.
2) Indonesia’s Top Tech Startups Gojek and Tokopedia to Merge (WSJ— behind paywall)
Southeast Asian startups Gojek and Tokopedia said they would combine to create a ride-hailing, e-commerce and financial-service company that plans to go public by the end of this year.
Terms of the all-stock merger weren’t disclosed Monday. The combined company will be known as GoTo Group, with more than 100 million monthly active users, and plans to expand within its home market of Indonesia and other countries in the region.
GoTo intends to go public this year in what will be a dual listing, said Patrick Cao, Tokopedia’s president, at a news briefing Monday. He said the company could do so via an initial public offering, but he didn’t rule out a merger with a special-purpose acquisition company, or SPAC, that is already public.
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Tuesday, May 18th
Altimar Acquisition Corp (ATAC) Shareholder Meeting to Approve Business Combination with Owl Rock Capital Group and Dyal Capital Partners
Unit Splits: AF Acquisition Corp. (AFAQ)
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