The Nightcap
Nightly recap of all the day's SPAC highlights (Feb 25th, 2021)
February 25th, 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 and Losers:
The Deals:
No deals today.
Deal News Reports:
1) Late Wednesday night, Bloomberg reported that Malacca Straits Acquisition (MLAC) is in talks to merge with Vision+, the streaming TV unit of PT MNC Vision Networks, known as “the Netflix of Indonesia”, at around a $600M valuation.
Bloomberg noted that Vision+ has 1.6M paid subscribers and that Tiga Investments was in discussions to invest in the PIPE.
Notable IPO’s:
1 and 2) Austerlitz Acquisition Corp I (AUS.U) and Austerlitz Acquisition Corp II (ASZ.U) — will trade tomorrow
Focus: Fintech
Founder & Director: Bill Foley (Founder and Chairman of Fidelity National Financial, Chairman of Cannae Holdings, and Owner of the Vegas Golden Knights NHL Team)
Austerlitz Acquisition Corp I (AUS)
$600M, 1/4 warrant
Austerlitz Acquisition Corp II (ASZ)
$1.2B, 1/4 warrant
Sponsor’s Previous SPACs to Announce a Deal:
Foley Trasimene Acquisition (WPF) announced a merger deal with Alight in late January. WPF closed the day at $10.40.
Foley Trasimene Acquisition Corp. II (BFT) announced a merger deal with Paysafe last December. BFT closed the day at $15.34.
3) Fusion Acquisition Corp. II (FSNB.U) — will trade tomorrow
$435M, 1/3 warrant
Focus: Fintech, or wealth, investment, and asset management
Sponsor’s Previous SPAC to Announce a Deal: Fusion Acquisition (FUSE) announced a merger deal with MoneyLion on February 12th. FUSE closed the day at $10.66.
4) ARYA Sciences Acquisition Corp IV (ARYD) — will trade tomorrow
$130M, no warrants
Focus: Healthcare
Chairman: Joseph Edelman (Founder & CEO of Perceptive Advisors)
Sponsor’s Previous SPAC to Announce a Deal: ARYA Sciences Acquisition Corp III (ARYA) announced a merger deal with Nautilus Biotechnology on February 8th. ARYA closed the day at $15.95.
Notable S-1 Filings:
1) Velocity Merger Corp. (VEMC)
$250M, 1/3 warrant
Focus: Fintech
Chairman, CEO, & Director: Mitchell Caplan (Former CEO & Director of E*Trade and Former CEO & Vice Chairman of Telebanc Financial)
President, CEO & Director: Lyndon Lea (Founder & Managing Partner of Lion Capital)
Directors:
Jonathan Christodoro (Former Managing Director of Icahn Capital, Director of PayPal & Xerox, and Former Director of eBay, Lyft, & Herbalife)
Laurence Greenberg (Former COO of Telebanc)
Steve Lockshin (Founder of Lydian Wealth Management, Founder of AdvicePeriod, and Former Chairman of Convergent Wealth Advisors)
2) and 3) Jaws Hurricane Acquisition Corp (HCNE) and Jaws Wildcat Acquisition Corp (WCAT)
$250M, 1/4 warrant
Focus: Consumer Tech
Chairman: Barry Sternlicht (Chairman and CEO of Starwood Capital)
Sponsor’s Previous SPAC to Announce a Deal: JAWS Acquisition Corp (JWS) announced a merger with Cano Health. JWS closed the day at $14.27.
4) Orion Biotech Opportunities Corp. (ORIA)
$200M, 1/5 warrant
Focus: Biotech, Life Sciences
CEO & Director: James Huang (Founding Managing Partner of Panacea)
Sponsor is an affiliate of MSD Capital (Michael Dell’s family office) and Panacea
5) CM Life Sciences III Inc. (CMLT)
$400M, 1/5 warrant
Focus: Life Sciences
Chairman: Keith Meister (Founder of Corvex Management, Former CEO of Icahn Enterprises, Director of MGM Resorts International, and Former Director of Yum! Brands & Motorola)
Sponsor’s Previous SPAC to Announce a Deal: CM Life Sciences (CMLF) announced a merger deal with Sema4 on February 10th. CMLF closed the day at $19.26.
6) INSU Acquisition Corp. IV (Ticker not yet available)
$220M, 1/4 warrant
Focus: Insurance, InsurTech
Chairman: Daniel Cohen (Chairman of Cohen & Company)
Sponsor’s Previous SPAC to Announce a Deal: INSU Acquisition Corp. II (INAQ) merged with Metromile (MILE) on February 9th. MILE closed the day at $15.37.
SPACs Leaving the Nest:
Shareholders of Switchback Energy Acquisition Corporation (SBE) have approved the business combination with Chargepoint. The completion of the business combination is expected to be tomorrow, 2/26.
The new company, “ChargePoint Holdings” is expected to begin trading on the NYSE as CHPT on Monday, March 1st.
Upcoming Dates:
This Week’s Shareholder Meetings:
None remaining
This Week’s Unit Splits (common shares and warrants to commence trading separately from underlying units):
Friday, 2/26:
Sports Ventures Acquisition Corp. (AKIC)
Kairos Acquisition Corp. (KAIR)
Star Peak Corp II (STPC)
FoxWayne Enterprises Acquisition (FOXW)
Thank you for reading.
Thanks,