The Nightcap
Nightly recap of the day's SPAC highlights (March 15th, 2021)
March 15th, 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) Therapeutics Acquisition Corp (RACA) d/b/a Research Alliance Corp. I & POINT Biopharma, a developer of “precision radiopharmaceuticals therapies to patients with cancer”.
$924M Pro-forma Equity value
$165M PIPE
2) LGL Systems Acquisition Corp (DFNS) & IronNet, a cybersecurity firm that offers a “collective defense platform, powered by AI-based network detection and response”.
$927M EV
$125M PIPE
3) Greenrose Acquisition Corp (GNRS) & four cannabis companies Shango, The Health Center, Theraplant, and True Harvest.
$296M EV
$150M PIPE
Deal News Reports:
1) Union Acquisition Corp II (LATN) is in talks to merge with Procaps, a Colombian softgel maker, at a valuation of more than $1B, according to Reuters.
2) FinTech Acquisition Corp V (FTCV) is said to be near a merger deal with EToro, an Israeli “social trading” and investment platform, at a valuation of around $10B, according to Bloomberg.
Notable IPO’s to begin trading tomorrow:
1) Fortress Value Acquisition Corp. IV (FVIV.U)
$600M, 1/8 Warrant
Sponsor’s Previous SPAC to Announce a Deal: Fortress Value Acquisition Corp. II (FAII) announced a merger deal with ATI Physical Therapy last month. FAII closed the day at $10.03.
2) Waldencast Acquisition Corp. (WALD.U)
$300M, 1/3 warrant
Focus: Beauty, Personal Care, Wellness
Officers:
Felipe Dutra (Former CFO of Anheuser-Busch InBev)
3) Reinvent Technology Partners Y (RTPY.U)
$850M, 1/8 warrant
Focus: Tech
Founders:
Reid Hoffman (Co-founder and Former CEO of LinkedIn, Former COO of Paypal, and Partner at Greylock)
Mark Pincus (Chairman & Former CEO of Zynga)
Directors:
Katharina Borchert (Former CEO of Speigel Online)
Sponsor’s Previous SPAC to Announce a Deal: Reinvent Technology Partners Z (RTPZ) announced a merger deal with Hippo earlier this month. RTPZ closed the day at $10.70.
4) FAST Acquisition Corp. II (FZT.U)
$200M, 1/4 warrant
Focus: Restaurant, Hospitality, Consumer
Officers:
Sandy Beall (Founder of Ruby Tuesday),
Kevin Reddy (Former COO of Chipotle and CEO of Noodles & Company)
Directors:
Michael Lastoria (Co-founder and CEO of &pizza)
Sponsor’s Previous SPAC to Announce a Deal: FAST Acquisition Corp. (FST) announces a merger deal with Fertitta Entertainment in early February. FST closed the day at $13.10.
5) Plum Acquisition Corp. I (PLMI.U)
$300M, 1/5 warrant
Focus: Software/ Tech, Health and Wellbeing
Officers:
Ursula Burns (Former CEO of Xerox, Director of Nestle, Uber, and Exxon Mobil)
Mike Dinsdale (Former CFO of Gusto, Former CFO of DoorDash, and Former CFO of DocuSign)
Directors:
Kevin Turner (Former COO of Microsoft, Former CEO of Sam’s Club, Former Director at Nordstrom, and Former Vice Chairman of Citadel)
Alok Sama (Former CFO of SoftBank Group)
Notable S-1 Filings:
1) AltC Acquisition Corp. (ALCC)
$1B, 1/6 warrant
Officers:
Michael Klein (Serial SPAC Sponsor: Churchill Capital and Former Chairman & Co-CEO of Citi Markets and Banking)
Sam Altman (Co-founder & CEO of OpenAI, Chairman of Y Combinator, and Director of Expedia Group and Reddit)
Sponsor’s Previous SPAC to Announce a Deal: Michael Klein’s Churchill Capital Corp IV (CCIV) announced a merger deal with Lucid Motors last month. CCIV closed the day at $28.69.
2) Cerberus Telecom Acquisition Corp. II (CTII)
$500M, 1/4 warrant
Founders & Officers:
Stephen Feinberg (Founder & Co-CEO of Cerberus Capital Manaagement)
Frank Bruno (Co-CEO of Cerberus)
Timothy Donahue (Former CEO of Nextel Communications, Former Executive Chairman of Sprint Nextel, and Former Director of ADT and Eastman Kodak)
Directors:
Dr. Hossein Moiin (Former Chief Technology, Innovation, and Strategy Officer for Nokia Mobile Networks)
Sponsor’s Previous SPAC to Announce a Deal: Cerberus Telecom Acquisition Corp. (CTAC) announced a merger deal with KORE last week. CTAC closed the day at $9.95.
3) and 4) Brigantine Acquisition Corp. (BRIG) and Mistico Acquisition Corp. (TWCM)
BRIG: $600M, 1/5 warrant
TWCM: $400M, 1/5 warrant
Focus: Tech
Officers:
James Greene, Jr. (Founding Partner of True Wind Capital)
Directors:
Scott Wagner (Former CEO of GoDaddy)
Sponsor’s Previous SPAC to Announce a Deal: Nebula Caravel Acquisition Corp. (NEBC) announced a merger deal with Rover last month. NEBC closed the day at $9.95.
5) DD3 Acquisition Corp. III (DIII)
$150M, 1/3 warrant
Focus: Businesses located in Mexico and Hispanic businesses in the U.S.
Sponsor’s Previous SPAC to Announce a Deal: DD3 Acquisition Corp. (DDMX) merged with Betterware De Mexico (BWMX) in March of last year. BWMX closed the day at $38.63.
6) Leo Holdings V Corp (Ticker not available yet)
$250M, 1/5 warrant
Focus: Consumer
Officers:
Edward Forst (Former CEO of Cushman & Wakefield)
Lyndon Lea (Founder & Managing Partner of Lion Capital)
Directors:
Lori Bush (Former CEO, Rodan + Fields)
Sponsor’s Previous SPAC to Announce a Deal:
7) BharCap Acquisition Corp. (Ticker not available yet)
$250M, 1/3 warrant
Focus: Financial Services, Fintech
Directors
Raj Date (Managing Partner of Fenway Summer)
Gene Lockhart (Founder & Managing Partner of MissionOG and Former CEO of Mastercard International)
Karl Mehta (Founder & CEO of EdCast and Former venture partner at Menlo Ventures)
8) Vector Acquisition Corp IV (Ticker not available yet)
$350M, no warrants
Focus: Tech
Officers:
Alex Slusky (Founder of Vector Capital)
Sponsor’s Previous SPAC to Announce a Deal: Vector Acquisition Corp (VACQ) announced a merger deal with Rocket Lab earlier this month. VACQ closed the day at $12.31.
9) Brand Velocity Acquisition Corp. (Ticker not available yet)
$200M, 1/3 warrant
Focus: Branded Consumer
Advisors:
Eli Manning (Former NFL Player)
LaDainian Tomlinson (Former NFL Player)
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Tuesday, March 16th:
Roth CH Acquisition I Co (ROCH) Shareholder Meeting to Approve Business Combination with PureCycle Technologies
Newborn Acquisition Corp (NBAC) Shareholder Meeting to Approve Business Combination with Nuvve
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)
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)
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Thanks for reading,