The Nightcap
Nightly recap of all the day's SPAC highlights (Feb 24th, 2021)
February 24th, 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:
1) Revolution Acceleration Acquisition Corp (RAAC) & Berkshire Grey, a provider of “artificial intelligence-based software and hardware solutions to automate business operations in warehouses and logistics fulfillment centers”
$2.234B EV
$165M PIPE including investments from Chamath Palihapitiya, Hedosophia, and funds and accounts managed by BlackRock.
2) RMG Acquisition Corp. II (RMGB) & ReNew Power, India's largest renewable energy provider.
$7.846B EV
$855M PIPE including investments from Chamath Palihapitiya, BNP Paribas Energy Transition Fund, and funds and accounts managed by BlackRock.
3) Reinvent Technology Partners (RTP) & Joby Aviation, an evTOL (electric vertical take-off and landing) aircraft company.
$4.629B EV
$835M PIPE including investment from funds and accounts managed by BlackRock
$75M Uber Technologies convertible note which converts immediately prior to the closing of the transaction
4) one (AONE) & Markforged, a “creator of an integrated metal and carbon fiber additive manufacturing platform”.
$1.664B EV
$210M PIPE including investments from BlackRock, M12 (Microsoft’s Venture Fund), and Porsche Automobil Holding
Deal News Reports:
None today.
Notable IPO’s:
1) Colicity Inc. (COLI.U)
$300M, 1/5 warrant
Focus: TMT
Chairman & CEO: Craig McCaw (Founder of McCaw Cellular and Clearwire Corp)
Sponsor’s Previous SPAC to Announce a Deal: Holicity (HOL) announced a merger deal with Astra on February 2nd. HOL closed the day at $15.82.
COLI began trading today and closed the day at $10.52.
2) USHG Acquisition Corp. (HUGS.U) — will trade tomorrow
$250M, 1/3 warrant
Focus: Tech, e-Commerce, Food/Beverage, Health, Retail, Consumer
Chairman: Danny Meyer (Founder & Chairman of Shake Shack and CEO of Union Square Hospitality Group or USHG)
Directors:
Randy Garutti (CEO of Shake Shack and Director of Square)
Walter Robb (Former Co-CEO of Whole Foods)
Robert Steel (Chairman & Partner of Perella Weinberg Partners, Former CEO of Wachovia, Former Vice Chairman of Goldman Sachs, and Former Deputy Mayor for Economic Development under Mayor Bloomberg)
3) Gores Holdings VIII, Inc. (GIIX.U) — will trade tomorrow
$300M, 1/8 warrant
Chairman: Alec Gores (Founder of The Gores Group)
Sponsor’s Previous SPAC to Announce a Deal: Gores Holdings V (GRSV) announced a merger deal with Ardagh Metal Packaging yesterday. GRSV closed the day at $10.72.
Notable S-1 Filings:
1) Leo Holdings IV Corp (Ticker not available yet)
$500M, 1/3 warrant
Focus: Consumer
Chairman: Ed Forst (Former CEO of Cushman & Wakefield, Former Co-CEO of Goldman Sachs Asset Management, and Former CEO of Realty Shares)
President, CEO & Director: Lyndon Lea (Founder & Managing Partner of Lion Capital)
Directors: Lori Bush (Former CEO, Rodan + Fields)
Sponsor’s Previous SPAC to Announce a Deal: Leo Holdings Corp. (LHC) merged with Digital Media Solutions (DMS) in July of last year. DMS closed the day at $14.20.
2) FinTech Acquisition Corp. VI (FTVI)
$220M, 1/4 warrant
Focus: Fintech
Chairman: Betsy Cohen (Founder & Former CEO of The Bancorp and serial SPAC sponsor)
CEO: Daniel Cohen (Chairman of Cohen & Company)
Sponsor’s Previous SPAC to Announce a Deal: FTAC Olympus Acquisition (FTOC) announced a merger deal with Payoneer on February 3rd. FTOC closed the day at $12.38.
3) B. Riley Principal 250 Merger Corp. (BRIV)
$250M, $1/3 warrant
Chairman: Bryant Riley (Chairman and Co-CEO of B. Riley Financial)
CEO, CFO, & Director: Daniel Shribman (CIO of B. Riley Financial and Director of Eos Energy)
Sponsor’s Previous SPAC to Announce a Deal: B Riley Principal Merger II Corp (BMRG) merged with Eos Energy Enterprises (EOSE) in November of last year. EOSE closed the day at $21.93.
4) Tech & Energy Transition Corp (TETC)
$350M, 1/3 warrant
Focus: Technology, Energy
The sponsor is an affiliate of Macquarie Capital
Executive Chairman: Dan Hesse (Former CEO of Sprint, Former CEO of AT&T Wireless, and Director of PNC)
5) Tekkorp Digital Acquisition Corp. II (TEKC)
$150M, 1/3 warrant
Focus: Digital media, sports, entertainment, leisure, and gaming
CEO & Director: Matthew Davey (CEO of Tekkorp Capital, Former CEO of SG Digital, and Former CEO of NYX Gaming Group)
Director: Tony Rodio (Former CEO of Caesars Entertainment, Former CEO of Affinity Gaming, and Former CEO of Tropicana Entertainment)
Upcoming Dates:
This Week’s Shareholder Meetings:
Thursday, 2/25:
Switchback Energy Acquisition Corporation (SBE) Shareholder Meeting to Approve Business Combination with ChargePoint
This Week’s Unit Splits (common shares and warrants to commence trading separately from underlying units):
Thursday, 2/25:
Crucible Acquisition Corporation (CRU)
Friday, 2/26:
Sports Ventures Acquisition Corp. (AKIC)
Kairos Acquisition Corp. (KAIR)
Thank you for reading.
Thanks,