The Nightcap
Nightly recap of all the day's SPAC highlights (Feb 16th, 2021)
Re-sent with correction (NVSA.U is now in the “Notable IPO” section rather than the “Notable S-1” section)
February 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:
Volume Leaders:
Top Gainers:
Top Losers:
The Deals:
1) Sandbridge Acquisition Corporation (SBG) & Owlet Baby Care, a maker of connected baby health monitors.
$1.07B EV
$130M PIPE
SBG closed the day at $10.37 (-2.08%)
2) Peridot Acquisition Corp. (PDAC) & Li-Cycle, North America’s largest lithium-ion battery resource recycling company.
$1.67B Pro-forma equity value
$315M PIPE
PDAC closed the day at $13.80 (-0.36%)
Deal News Reports:
1) Churchill Capital Corp. (CCIV) is nearing a merger deal with Lucid Motors, a luxury electric vehicle company at a valuation of around $12B, according to Reuters.
The article notes that the PIPE could potentially be $1.5B or more and the deal could be announced within the month.
CCIV closed the day at $52.70 (+31.8%)
2) Alpha Healthcare Acquisition Corp (AHAC) has agreed to a deal with Humacyte, a developer of “universally implantable bioengineered human tissues and organs” at a potential $1.1B valuation, according to Reuters.
Notable IPOs:
1) New Vista Acquisition Corp (NVSA.U) — will trade tomorrow
$240M, 1/3 warrant
Focus: Space, Defense and Communications, Advanced Air Mobility and Logistics
Chairman and CEO:
Dennis Muilenburg (Former CEO of Boeing)
Directors:
Marion Blakey (Former CEO of Rolls-Royce North America and Former Administrator of the FAA)
Christopher Lofgren (Chairman of the Board for the US Chamber of Commerce)
Gen. Stephen W. Wilson, Ret. (Retired 4-star US Air Force General and Former Vice Chief of Staff of the Air Force)
Advisors:
Lieut. Gen. Herbert Raymond McMaster (Retired US Army Lieutenant General and Former US National Security Advisor to President Trump)
Gen. Maryanne Miller, Ret. (Retired 4-star US Air Force General)
Dr. John Tracy (Former CTO of Boeing)
2) FS Development Corp. II (FSII) — will trade tomorrow
$175M, no warrants
Focus: Biotech and Life Science infrastructure
The sponsor is Foresite Capital
President, CEO, and Director:
Dr. Jim Tananbaum (Founder and CEO of Foresite Capital)
The sponsor’s first SPAC, FS Development Corp, announced its merger with Gemini Therapeutics (GMTX). GMTX closed the day at $12.68.
Notable New SPAC S-1 filings:
1) Aldel Financial Inc (ADF)
$200M, 1/2 warrant
Focus: Companies exiting the restructuring process / transient current ownership
Chairman and CEO:
Robert Kauffman (Co-founder of Fortress Investment Group)
Director:
Charlie Nearburg (Race car driver and founder of Nearburg Producing Company)
Kyle Cerminara (Co-founder of Fundamental Global and President of FG New America Acquisition Corp - FGNA)
Upcoming Dates:
This Week’s Shareholder Meetings:
Wednesday, 2/17:
Crescent Acquisition Corp (CRSA) Shareholder Meeting to Extend Deadline for Business Combination
Newborn Acquisition Corp (NBAC) Shareholder Meeting to Extend Deadline for Business Combination
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):
Tuesday, 2/16:
CF Acquisition Corp. IV (CFIV)
Friday, 2/19
Dune Acquisition Corp (DUNE)
Thank you for reading.
Thanks,