The Nightcap
Nightly recap of all the day's SPAC highlights (Feb 12th, 2021)
February 12th, 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) Falcon Capital Acquisition Corp (FCAC) & Sharecare, a consumer health and wellness platform.
$3.75B EV
$425M PIPE
FCAC closed the day at $11.31 (-3.91%)
2) Fuse Acquisition Corp (FUSE) & MoneyLion, a digital personal finance platform.
$2.36B EV
$250M PIPE including investments by Funds and Accounts Managed by BlackRock and Funds Managed by Affiliates of Apollo Global Management
FUSE closed the day at $11.49 (-5%)
Deal News Reports:
Artius Acquisition Corp (AACQ) is in talks to merge with Origin Materials, a plant-based plastic developer, according to Bloomberg.
Notable IPOs:
1) and 2) Churchill Capital Corp VI (CCVI.U) and Churchill Capital Corp VII (CVII.U)
Chairman & CEO:
Michael Klein (Former Co-CEO of Citigroup Markets and Banking and Serial SPAC Sponsor)
Churchill Capital Corp VI (CCVI.U)
$480M, 1/5 warrant
Director:
Glenn August (Founder and CEO of Oak Hill Advisors)
CCVI.U closed the day at $11.22 (+12.2%)
Churchill Capital Corp VII (CVII.U)
$1.2B, 1/5 warrant
CVII.U closed the day at $10.67
Notable New SPAC S-1 filings:
28 SPACs filed S-1’s today. A new record! Here are some of the more notable ones:
1) Jaws Juggernaut Acquisition Corp (JUGG)
$200M, 1/4 warrant
Focus: Wireless communications and may pursue a business combination with XCOM Labs, Paul Jacobs’ wireless technology company, and another company.
Chairman:
Barry Sternlicht (Chairman & CEO of Starwood Capital)
CEO and Director:
Paul Jacobs (Former Executive Chairman & CEO of Qualcomm and Chairman & CEO of XCOM Labs)
2), 3), and 4) Khosla Ventures Acquisition Co (KVSA), Khosla Ventures Acquisition Co II (KVSB), Khosla Ventures Acquisition Co III (KVSC)
Founder:
Vinod Khosla (Founder of Khosla Ventures)
Focus: Companies with highly differentiated proprietary technology
Khosla Ventures Acquisition Co (KVSA)
$300M, no warrants
Directors:
Jagdeep Singh (Founder, Chairman, & CEO of QuantumScape)
Mario Schlosser (Founder and CEO of Oscar Insurance)
Khosla Ventures Acquisition Co II (KVSB)
$400M, no warrants
Khosla Ventures Acquisition Co III (KVSC)
$500M, no warrants
5) Lerer Hippeau Acquisition Corp (LHAA)
$200M, 1/2 warrant
Focus: Tech
Chairman:
Kenneth Lerer (Co-founder of The Huffington Post, Chairman of BLADE Urban Air Mobility, Director of Group Nine Media, Former Chairman of BuzzFeed, Former Director of Viacom)
CEO:
Eric Hippeau (Former CEO of The Huffington Post, Former Managing Partner at SoftBank Capital, Director of BuzzFeed and Marriott International, and Former Director of Yahoo!)
President:
Ben Lerer (CEO of Group Nine Media— parent of NowThis, The Dodo, and Thrillist, Founder and Former CEO of Thrillist, Director of Casper Sleep)
Director:
Arianna Huffington (Founder of The Huffington Post, Former Director of Uber)
6) Levere Holdings Corp (LVRA)
$250M, 1/3 warrant
Focus: Europe, the Middle East, and Africa
Chairman & CEO:
Martin Varsavsky (Founder of Viatel, Jazztel)
CFO & CIO:
Stefan Krause (Founder of Canoo, President & COO of Fisker, Inc., and Former CFO of Deutsche Bank)
Director:
Bodo Uebber (Former CFO of Daimler, Former Chairman of Airbus, Supervisory Board Member of Adidas)
7) Virgin Group Acquisition Corp. II (Ticker not available)
$330M, 1/5 warrant
Focus: Consumer
Founder
Sir Richard Branson (Founder of the Virgin Group)
CEO
Josh Bayliss (CEO of the Virgin Group)
Other notable sequel SPACs filed today:
8) Reinvent Technology Partners Y (RTPY)
$850M, 1/8 warrant
Reid Hoffman and Mark Pincus’ 3rd SPAC
Reinvent Technology Partners (RTP) is said to be nearing a deal with Joby Aviation, according to the Financial Times in a report published yesterday. RTP closed the day at $14.49
9) Landcadia Holdings IV, Inc. (LCA)
$500M, 1/4 warrant
Focus: Consumer, Dining, Hospitality, Entertainment and Gaming
Tilman Fertitta’s 4th SPAC
Landcadia Holdings III merged with Fertitta’s Golden Nugget Online Gaming (GNOG) in December of last year. GNOG closed the day at $18.32
10) Oaktree Acquisition Corp. III (OACC)
$325M, 1/5 warrant
Focus: Industrial and Consumer
Oaktree Acquisition Corp I merged with Hims & Hers Health, Inc. (HIMS) in January. HIMS closed the day at $22.46
11) Graf Acquisition Corp. II (GTOO)
$225M, 1/3 warrant
Graf Acquisition Corp. I merged with Velodyne Lidar (VLDR) last September, kicking off the lidar SPAC wave. VLDR closed the day at $23.22
12) Decarbonization Plus Acquisition Corp III (DCRC)
$350M, 1/3 warrant
Focus: Decarbonization
Decarbonization Plus Acquisition Corp I (DCRB) announced a merger deal last week with Hyzon Motors, a hydrogen fuel cell truck company. DCRB closed the day at $15.58
SPACs Leaving the Nest:
Longview Acquisition Corp (LGVW) shareholders approved its business combination with Butterfly Network. The company will trade as BFLY after the merger.
Upcoming Dates:
Tuesday, 2/16:
CF Acquisition Corp. IV (CFIV) units available to separate into common stock and warrants
Wednesday, 2/17:
Crescent Acquisition Corp (CRSA) Shareholder Meeting to Extend Deadline for Business Combination
**Newborn Acquisition Corp (NBAC) Shareholder Meeting to Extend Deadline for Business Combination
**this previously noted that 2/18 was NBAC’s business combination meeting. This has been fixed to be the deadline extension shareholder meeting on 2/17 (7 pm EST). Tuesday, 3/16 is NBAC’s shareholder meeting to approve its business combination with Nuvve.
Thank you for reading.
Thanks,