The Nightcap
Nightly recap of all the day's SPAC highlights (March 2nd, 2021)
March 2nd, 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) Ascendant Digital Acquisition (ACND) & Beacon Street Group, a multi-brand financial research subscription platform.
$3.02B EV
$150M PIPE
2) Capitol Investment Corp. V (CAP) & Doma (formerly: States Title), a "machine intelligence technology platform for residential real estate".
$3.03B EV
$300M PIPE including investments from funds and accounts managed by BlackRock, The Gores Group, Hedosophia, SB Management (a subsidiary of SoftBank Group), and Spencer Rascoff
Deal News Reports:
1) Horizon Acquisition Corp. II (HZON) is in talks to merge with Sportradar, a provider of sports data to the gambling industry and media companies, according to Bloomberg.
2) Vistas Media Acquisition Company Inc. (VMAC) is nearing a merger deal with Middle East music streaming service, Anghami, at a valuation of around $300M, according to Bloomberg.
Notable IPO’s to begin trading tomorrow:
1) Roth CH Acquisition III Co. (ROCR.U)
$100M, 1/4 warrant
Focus: Business Services, Consumer, Healthcare, Tech, Wellness or Sustainability
Chairman & Co-CEO: Byron Roth (Chairman & CEO of Roth Capital Partners)
Sponsor’s Previous SPAC to Announce a Deal: Roth CH Acquisition I Co (ROCH) announced a merger deal with PureCycle Technologies in November of last year. ROCH closed the day at $25.99.
Notable S-1 Filings:
1) Dragoneer Growth Opportunities Corp. III (DGNU)
$400M, no warrants
Focus: Software, Internet, Media, Consumer/Retail, Healthcare IT and Financial services/Fintech
Chairman: Marc Stad (Founder, CEO, CIO, & Managing Partner of Dragoneer Investment Group)
Director: Sarah Friar (CEO of Nextdoor, Former CFO of Square, Director of Walmart & Slack Technologies)
Sponsor’s Previous SPAC to Announce a Deal: Dragoneer Growth Opportunities Corp. (DGNR) announced a merger deal with CCC Information Services last month. DGNR closed the day at $10.79.
2) two (ATWO)
$200M, 1/4 warrant
Focus: Tech
Co-Founder & Co-CEO: Kevin Hartz (Co-Founder, Chairman, & Former CEO of Eventbrite, and Co-founder & Former CEO of Xoom)
Co-Founder & Co-CEO: Gautam Gupta (Former CFO & COO of Opendoor.com)
Chairman: Pierre Lamond (Former General Partner at Sequoia Capital, Former Chairman of Cypress Semiconductor, and Former General Partner at Khosla Ventures)
Sponsor’s Previous SPAC to Announce a Deal: one (AONE) announced a merger deal with Markforged last week. AONE closed the day at $12.64.
3), 4), and 5) Atlas Crest Investment Corp. III (ACCC), IV (ACIV), and V (ACCV)
ACCC: $600M, 1/4 warrant
ACIV: $400M, 1/4 warrant
ACCV: $200M, 1/4 warrant
Focus: Media, Fintech/payments, Software, Tech, Online gaming/sports betting, Healthcare, Consumer
Chairman: Ken Moelis (Chairman & CEO of Moelis & Co)
Sponsor’s Previous SPAC to Announce a Deal: Atlas Crest Investment Corp. (ACIC) announced a merger deal with Archer Aviation last month. ACIC closed the day at $12.36.
6) Accelerate Acquisition Corp. (AAQC)
$400M, 1/3 warrant
Focus: Industrial, Transportation, Consumer, Retail
Directors:
Chairman & CEO: Bob Nardelli (Former Chairman & CEO of The Home Depot and Former Chairman & CEO of Chrysler)
Directors:
Mark Little (Former CTO of GE)
Mark Weinberger (Former Global Chairman & CEO of Ernst & Young, Director of Metlife, Johnson & Johnson, and Saudi Aramco)
Dr. John Kelly III (Former SVP of Cognitive Solutions at IBM: oversaw IBM’s software business and Watson)
Advisor: Lloyd Trotter (Former Vice Chairman of GE, Former CEO of GE Industrial, and Former Director of PepsiCo & Daimler A.G.)
7) Acamar Partners Acquisition Corp. II (ACAM)
$350M, 1/4 warrant
Focus: Consumer, Retail
Directors:
Domenico De Sole (Co-founder & Chairman of Tom Ford and Former CEO of Gucci Group)
James Skinner (Former Vice Chairman, COO & CFO of Neiman Marcus Group)
Sponsor’s Previous SPAC to Announce a Deal: Acamar Partners Acquisition Corp (ACAM) merged with CarLotz (LOTZ) in January. LOTZ closed the day at $9.91.
8) Do It Again Corp. (DOIT)
$125M, 1/3 warrant
Focus: Restaurant, food-related, and franchise
Chairman & CEO: Clifford Hudson (Former Chairman & CEO of Sonic Corp)
Directors:
Sid Feltenstein (Former CMO of Dunkin’ Donuts, Founder of Sagittarius Brands, and Director of Captain D’s, Fazioli’s, Hooters, The Honey Baked Ham Company, Newk’s Eatery, and TGI Friday’s)
Kate Lavelle (Former CFO of Dunkin’ Brands)
9) Iron Spark I Inc. (ISAA)
$175M, 1/2 warrant
Focus: Branded Consumer
Chairperson: Amy Butte (Former CFO of the New York Stock Exchange)
CFO & COO: Alexander Oxman (Co-founder & Former Chairman & CEO of Winc Wines)
Directors:
Trevor Edwards (Former President of NIKE)
Jay Margolis (Former COO of Reebok International and Former Director of Boston Beer, Godiva Chocolatier, and Burlington Coat)
Advisors:
Tony Hawk (Professional skateboarder and Owner of Birdhouse skateboard company)
Musa Tariq (CMO of GoFundMe)
Upcoming Dates:
This Week’s Shareholder Meetings:
Friday, 3/5:
CF Finance Acquisition Corp II (CFII) Shareholder Meeting to Approve Business Combination with View
This Week’s Unit Splits (common shares and warrants to commence trading separately from underlying units):
Wednesday, 3/3
Adit EdTech Acquisition Corp. (ADEX)
Powered Brands (POWR)
Friday, 3/5
Deep Lake Capital Acquisition Corp. (DLCA), Fortress Capital Acquisition Corp. (FCAX)
Thank you for reading.
Thanks,