The Nightcap
Nightly recap of the day's SPAC highlights (March 16th, 2021)
March 16th, 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) FinTech Acquisition Corp V (FTCV) & EToro, an Israeli “social trading” and investment platform.
$9.6B EV
$650M PIPE, including investments from ION Investment Group, SoftBank, and Third Point.
Deal News Reports:
None today.
Notable IPO’s to begin trading tomorrow:
1) Build Acquisition Corp. (BGSX.U)
$200M, 1/3 warrant
Focus: SaaS, Infrastructure Software, Fintech
Chairman & Co-CEO: Lanham Napier (Former CEO of Rackspace)
Director: Owen Van Natta (Former COO of Facebook, Former CEO of MySpace, Former Director of Zynga)
Notable S-1 Filings:
1) Skydeck Acquisition Corp. (SKYA)
$250M, 1/3 warrant
Focus: Media, Tech, Communications, Digital Health
Officers:
Paul Salem (Senior Managing Director Emeritus of Providence Equity, Chairman of MGM Resorts International)
Freddy” Flaxman (Former COO of the Weather Group)
Directors:
Janet L. Rollé (General Manager at Parkwood Entertainment: the media and management company founded by Beyoncé, Director of BuzzFeed, Former CMO of CNN Worldwide)
William Teuber, Jr. (Former Vice Chairman & CFO of EMC Corporation)
2) Newcourt Acquisition Corp (NCAC)
$200M, 1/3 warrant
Focus: Fintech with exposure to emerging markets
Officers:
Michael Jordaan… note the extra “a”… (Former CEO of First National Bank, CEO of Montegray Capital, and Chairman of Bank Zero)
Advisors
Ryan Gilbert (General Partner at Propel Venture Partners)
SPACs Leaving the Nest:
Roth CH Acquisition I Co (ROCH) shareholders approve the business combination with PureCycle Technologies. ROCH will trade as PCT upon merger completion.
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Wednesday, March 17th
Longevity Acquisition Corp (LOAC) Shareholder Meeting to Approve Business Combination with 4D Pharma
Unit Splits: Mountain Crest Acquisition Corp. II (MCAD)
Thursday, March 18th
Unit Splits: Biotech Acquisition Company (BIOT), D and Z Media Acquisition Corp. (DNZ), Hudson Executive Investment Corp. II (HCII)
Friday, March 19th:
CIIG Merger Corp (CIIC) Shareholder Meeting to Approve Business Combination with Arrival
Unit Splits: Climate Real Impact Solutions II Acquisition Corporation (CLIM)
Visuals:
There are now 109 SPACs with merger deals announced.
Below is a graphic with the Implied Market Caps at the current share prices along with the 2021 projected revenues for all of the current SPAC merger partners.
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Thanks for reading,