The Nightcap

Nightly recap of the day's SPAC highlights (May 7th, 2021)

May 7th, 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.

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The Stats:

SPAC Track @SPACtrack

#SPAC Volume Leaders (5/7) $CCIV 14.3M $IPOE 5.5M (+10%) $STWO 4.1M (Definitive Agreement with Ess, +0.4%) $LOKB 4.0M (DA with Navitas, -1%) $BRIV-U 3.5M (New IPO) $LSAQ 2.7M (DA with Science 37, +6.8%) $VACQ 2.1M $MUDS 1.9M $IPOF 1.8M $CCX 1.7M

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The Deals:

1) Live Oak Acquisition Corp. II (LOKB) & Navitas Semiconductor

Navitas Semiconductor, the Industry Leader in Gallium Nitride (GaN) Power ICs, to Go Public at an Enterprise Value of $1.04 Billion via Live Oak II SPAC Business Combination

• $1.04B EV

• $145M PIPE

2) ACON S2 Acquisition Corp. (STWO) & Ess Tech

ESS Inc., a Long-Duration Energy Storage Solutions Company, to Become a Publicly Listed Company Through Merger with ACON S2 Acquisition Corp.

• $1.07B EV

• $250M PIPE

3) LifeSci Acquisition II Corp (LSAQ) and Science 37

Science 37 to Become Publicly Listed via Merger with LifeSci Acquisition II Corp., Powering the Clinical Trial Operating System of the Future

• $1.05B EV

• $200M PIPE

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Deal News Reports:

None today.

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IPOs to Begin Trading Tomorrow:

None- it’s Friday ya dingus!

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Notable S-1 Filings:

1) Dynamics Special Purpose Corp. (DYNS)

• $200M, No warrants

• Focus: Healthcare

• Management:

  • Omid Farokhzad (Founder & CEO of Seer, Inc., Co-founder of BIND Therapeutics & Selecta Biosciences, and Former Professor at Harvard Medical School)

  • Mostafa Ronaghi (Former CTO at Illumina)

• Directors:

  • Jay Flatley (Former Chairman & CEO of Illumina)

  • Deep Nishar (Senior Managing Partner of the Softbank Vision Fund)

2) World Quantum Growth Acquisition Corp. (WQGA)

• $300M, 1/3 warrant

• Focus: Financial services and Fintech sector in the U.S. and EMEA

• Management:

  • Xavier Rolet KBE (Former CEO of London Stock Exchange Group, Former CEO of CQS)

  • Serge Harry (Former CFO of Euronext and Former CFO of CQS)

  • Antoine Shagoury (Former COO of LSEG)

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SPACs Leaving the Nest:

1) Lion Electric (LEV), formerly Northern Genesis Acquisition Corp. (NGA), began trading today. LEV is now trading at $17.76 (+9.83% today).

2) Lightning eMotors (ZEV), formerly GigCapital3  (GIK), began trading today. ZEV is now trading at $8.64 (+10.49% today).

3) Experience Investment Corp. (EXPC) completed its business combination with Blade Urban Air Mobility. EXPC will trade as BLDE starting on Monday, May 10th.

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Notable SPAC News:

1) Swiss digital therapeutics firm MindMaze in SPAC talks, seeks funds, say sources (Reuters)

Swiss digital therapeutics firm MindMaze, backed by Hollywood star Leonardo DiCaprio, is considering a Nasdaq listing by merging with a SPAC, or blank check company, and has held talks with a series of U.S. suitors, people close to the matter said.

MindMaze offers therapeutic virtual reality (VR) games to help stroke patients in rehabilitation to train body movements, automatically measuring motions and giving advice on how to improve the recovery of motor skills and cognitive functions.

The VR-based neuro restoration technology firm was founded by neuroscientist Tej Tadi in Lausanne in 2012. In 2016, it attracted $100 million from investors including the Hinduja Group. Backers also include Swiss funds FIT and Venture Kick.

2) Grab’s Huge SPAC Merger Heralds Asia’s Next Tech Boom (WSJ— behind paywall)

The $4.5 billion Grab will receive from the SPAC deal will help it keep expanding rapidly, even as it doesn’t expect to turn a profit on an Ebitda basis—meaning earnings before interest, tax, depreciation and amortization—until 2023. It lost $800 million on that measure last year.

“We’re going to double down on building a large, low-cost on-demand delivery network,” Grab President Ming Maa said in an interview. “It’s not about getting goods in the next day or two days, it’s about getting goods in one hour or two hours,” he said.

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Upcoming Dates:

Next Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)

Monday, May 10th

• Unit Splits: BYTE Acquisition Corp. (BYTS), GX Acquisition Corp. II (GXII), Longview Acquisition Corp. II (LGV), Levere Holdings Corp. (LVRA), Waldencast Acquisition Corp. (WALD), Global SPAC Partners Co. (GLSPT — splitting into subunits)

Wednesday, May 12th

• GreenVision Acquisition Corp (GRNV) Shareholder Meeting to Extend Deadline for Business Combination

Friday, May 14th

• GX Acquisition Corp (GXGX) Shareholder Meeting to Extend Deadline for Business Combination

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SPAC Track

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