The Nightcap
Nightly recap of the day's SPAC highlights (March 9th, 2021)
March 9th, 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:
The Deals:
1) Motion Acquisition Corp. (MOTN) & Ambulnz (dba DocGo), a “provider of last-mile telehealth and integrated medical mobility services.”
$900M EV
$125M PIPE
MOTN closed the day at $10.00 (+0.81%)
Deal News Reports:
None
Notable IPO’s to begin trading tomorrow:
1) Forest Road Acquisition Corp. II (FRXB.U)
$305M, 1/5 warrant
Focus: Tech, Media, Telcom, and Consumer (“TMTC”)
Co-CEO and Co-Chairman:
Thomas Staggs (Former COO of The Walt Disney Company and Director of Spotify)
Kevin Mayer (Former CEO of TikTok)
Director: Martin Luther King III (Son of Martin Luther King Jr. and Former CEO of The King Center)
Strategic Advisor: Shaquille “Shaq” O’Neal (Former NBA Player, Director of Papa John’s)
Sponsor’s Previous SPAC to Announce a Deal: Forest Road Acquisition Corp (FRX) announced a merger deal with Beachbody and Myx Fitness on February 10th. FRX closed the day at $11.36.
2) Colonnade Acquisition Corp. II (CLAA.U)
$300M, 1/5 warrant
Sponsor’s Previous SPAC to Announce a Deal: Colonnade Acquisition Corp. I (CLA) announced a merger deal with Ouster in December (and received shareholder approval today). CLA closed the day at $10.70.
3) ESM Acquisition Corporation (ESM.U)
$300M, 1/3 warrant
Focus: Energy transition (“companies, projects or technologies which benefit from the global transition towards a low carbon economy”)
CEO: Sir Michael (“Mick”) Davis (Former CEO of Xstrata, Former CFO of Billiton, and Former Executive Director of Eskom)
4) PWP Forward Acquisition Corp. I (FRWAU)
$200M, 1/5 warrant
Focus: “Women-Forward Companies: businesses that are founded by, led by or enrich the lives of women”
Chairman: Joseph Perella (Founding Partner of Perella Weinberg Partners)
Director: Courtney Leimkuhler (Former CFO of Marsh)
5) Sandbridge X2 Corp. (SBII.U)
$220M, 1/3 warrant
Focus: Consumer
Chairman and CEO: Ken Suslow (Founder of Sandbridge Capital)
Director: Domenico De Sole (Co-Founder of Tom Ford and Former CEO of Gucci Group)
Sponsor’s Previous SPAC to Announce a Deal: Sandbridge Acquisition Corp. (SBG) announced a merger with Owlet last month. SBG closed the day at $10.03.
6) Digital Transformation Opportunities Corp. (DTOC.U)
$300M, 1/4 warrant
Focus: Healthcare Tech
Chairman and CEO: Kevin Nazemi (Co-Founder and Former Co-CEO of Oscar Health)
Directors:
Bradley Fluegel (Former Chief Strategy Officer of Walgreens and Anthem)
Jim Moffatt (Former Global CEO of Deloitte Consulting)
Notable S-1 Filings:
1) AdMY Technology Group, Inc (Ticker not available yet)
$250M, 1/4 warrant
Focus: Communications and cloud infrastructure (including 5G and distributed edge & cloud computing)
Co-Chairman & Director:
Harry You (Former CFO of Oracle and Founder of GTY Technology Holdings)
Niccolo de Masi (Chairman and Former CEO of Glu and CEO of dMY Technology Group III)
Director: Darla K. Anderson (Academy Award winner, Film Producer at Netflix, and Former Film Producer at Pixar Animation Studio— produced “Coco,” “Toy Story 3,” “Cars,” “Monsters, Inc.” )
Sponsor’s Previous SPAC to Announce a Deal: dMY Technology Group, Inc. III (DMYI) announced a merger with IonQ yesterday. DMYI closed the day at $11.31.
2) and 3) New Beginnings Acquisition Corp. II (NBAB) and III (NBAD)
Both are $100M, 1/2 warrant
NBAB
Focus: Travel, Hospitality, Leisure, Fintech, InsurTech, Proptech in the US
NBAD
Focus: Travel, Hospitality, Leisure, Fintech, InsurTech, Proptech outside of the US
Sponsor’s Previous SPAC to Announce a Deal: New Beginnings Acquisition Corp. (NBA) announced a merger deal with Airspan Networks yesterday. NBA closed the day at $10.18.
4) and 5) GigCapital5 (GIA) and GigCapital6 (GIF)
Both are $350M, 1/3 warrant
GIA
Focus: TMT, Aerospace & Defense, Automation, Sustainability
Executive Chairman: Dr. Avi Katz (Serial SPAC Sponsor)
GIF
Focus: TMT, Cybersecurity, Privacy, Sustainability
Director: Dr. Avi Katz (Serial SPAC Sponsor)
Sponsor’s Previous SPAC to Announce a Deal: GigCapital3 Inc (GIK) announced a merger with Lightning eMotors in December. GIK the day at $11.50.
6) Virgin Group Acquisition Corp. III (VIII)
$500M, 1/5 warrant
Focus: Consumer
Founder: Sir Richard Branson (Founder of the Virgin Group)
CEO & Director: Josh Bayliss (CEO of the Virgin Group),
CFO & Director: Evan Lovell (CIO of the Virgin Group)
Sponsor’s Previous SPAC to Announce a Deal: VG Acquisition Corp (VGAC) announced a merger with 23andMe in early February. VGAC closed the day at $10.73.
7) Panacea Acquisition Corp. II (PANA)
$150M, no warrants
Focus: Biotech
Sponsor’s Previous SPAC to Announce a Deal: Panacea Acquisition (PANA) merged with Nuvation Bio (NUVB) last month. NUVB closed the day at $12.66.
SPACs Leaving the Nest:
Colonnade Acquisition Corp. (CLA) shareholder approved the business combination with Ouster. CLA will begin trading as OUST upon closing of the merger.
Upcoming Dates:
This Week’s Shareholder Meetings:
Wednesday, 3/10:
GigCapital2, Inc (GIX) Shareholder Meeting to Extend Deadline for Business Combination
Thursday, 3/11:
Interprivate Acquisition Corp (IPV) Shareholder Meeting to Approve Business Combination with Aeva
Friday, 3/12:
New Providence Acquisition Corp (NPA) Shareholder Meeting to Extend Deadline for Business Combination
This Week’s Unit Splits (common shares and warrants to commence trading separately from underlying units):
Wednesday, 3/10
European Sustainable Growth Acquisition Corp. (EUSG)
Quantum FinTech Acquisition Corporation (QFTA)
Friday, 3/12
Monument Circle Acquisition Corp. (MON)
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