March 4th, 2021
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:
1) Reinvent Technology Partners Z (RTPZ) & Hippo, a home insurance company.
$550M PIPE including investments from Dragoneer Investment Group, Lennar Corp, and Ribbit Capital
RTPZ closed the day at $10.45 (-5.9%)
2) Sustainable Opportunities Acquisition Corp (SOAC) & DeepGreen, a future producer of metals obtained from seafloor deposits for use in electric vehicle batteries (currently in pre-production/exploration stage).
SOAC closed the day at $10.10 (-1.2%)
Deal News Reports:
1) Bloomberg reports that Apollo Strategic Growth Capital (APSG), formerly reported as in talks with Solera Holdings (per Bloomberg as of 2/4), is now in talks with three companies: DealerSocket, Omnitracs, and Solera. The combined deal would be valued at around $15B.
2) Altimar Acquisition Corp. II (ATMR) is in talks to merge with Shutterfly, an internet photo services platform, at a potential valuation of $4B-$5B including debt, according to the Wall Street Journal.
Notable IPO’s to begin trading tomorrow:
1) Tailwind Two Acquisition Corp. (TWNT)
$300M, 1/3 warrant
Chairman: Philip Krim (Founder & CEO of Casper Sleep)
Co-CEO & Director: Chris Hollod (Former Managing Partner of A-Grade Investments)
Sponsor’s Previous SPAC to Announce a Deal: Tailwind Acquisition Corp. (TWND) announced a merger deal with QOMPLX on Monday. TWND closed the day at $10.11.
2) dMY Technology Group, Inc. IV (DMYQ.U)
$300M, 1/5 warrant
Focus: Consumer Tech/ Apps
Chairman: Harry You (Former CFO of Oracle and Founder of GTY Technology Holdings)
CEO & Director: Niccolo de Masi (Chairman and Former CEO of Glu and CEO of dMY Technology Group III)
Director: Darla K. Anderson (Academy Award winner, Film Producer at Netflix, and Former Film Producer at Pixar Animation Studio— produced “Coco,” “Toy Story 3,” “Cars,” “Monsters, Inc.” )
Sponsor’s Previous SPAC to Announce a Deal: dMY Technology Group II (DMYD) announced a merger deal with Genius Sports in October of last year. DMYD closed the day at $14.50.
3) and 4) VPC Impact Acquisition Holdings II (VPCB.U) and III (VPCC.U)
$225M, 1/4 warrant
Focus: Fintech outside of the US
Director: Senator Joe Lieberman (Former US Senator)
$225M, 1/4 warrant
Focus: Fintech (US)
Sponsor’s Previous SPAC to Announce a Deal: VPC Impact Acquisition Holdings (VIH) announced a merger deal with Bakkt in January. VIH closed the day at $12.64.
5) Tribe Capital Growth Corp I (ATVC.U)
$240M, 1/4 warrant
Chairman & CEO: Arjun Sethi (Co-founder of Tribe Capital and Former Partner of Social Capital)
Richard Peretz (Former CFO of UPS)
Henry Ward (CEO of Carta)
Duriya Farooqui (Director of InterContinental Hotels Group and Intercontinental Exchange)
Anthony “Pomp” Pompliano (Former Managing Partner at Full Tilt Capital and Director of BlockFi)
Kat Cole (COO of Focus Brands)
6) and 7) Warburg Pincus Capital Corp I-A (WPCA) and Warburg Pincus Capital Corp I-B (WPCB)
$250M, 1/5 warrant
$500M, 1/5 warrant
Notable S-1 Filings:
1) and 2) 10X Capital Venture Acquisition Corp. II (VCXA) and III (VCXB)
Chairman & CEO: Hans Thomas (Founder & CEO of 10X Capital)
Director: Woodrow Levin (Director at DraftKings)
VCXA: $200M, 1/4 warrant
VCXB: $350M, 1/4 warrant
3) Alpha Healthcare Acquisition Corp. III (ALPA)
$150M, 1/4 warrant
Sponsor’s Previous SPAC to Announce a Deal: Alpha Healthcare Acquisition Corp. (AHAC) announced a merger deal with Humacyte last month. AHAC closed the day at $10.46.
4) Live Oak Crestview Climate Acquisition Corp. (LOCC)
$250M, 1/4 warrant
Focus: Climate & Sustainability
Sponsor’s Previous SPAC to Announce a Deal: Live Oak Acquisition Corp. (LOAK) merged with Danimer Scientific (DNMR) last December. DNMR closed the day at $33.18.
5) Belong Acquisition Corp. (BLNG)
$150M, 1/3 warrant
Focus: Tech (including e-commerce, software, and digital media)
Chairman & CEO: Jennifer Deason (Former CFO of the Weather Channel
George Arison (Chairman & Co-CEO of Shift Technologies)
Jason Park (CFO of DraftKings)
Dhani Jones (TV host, Former NFL player, Co-founder & Chairman of Qey Capital)
6) GP-Act III Acquisition Corp. (GPAT)
$250M, 1/3 warrant
Co-Chairman: Fersen Lamas Lambranho (Chairman of GP Investments)
Co-Chairman: Irwin Simon (Co-founder of The Hain Celestial Group, Chairman & CEO of Aphria, Former Director of Barnes & Noble)
CEO & Director: Antonio Bonchristiano (CEO of GP Investments)
Director: George Roeth (Former CEO of Central Garden and Pet, Former COO of Clorox)
Sponsor’s Previous SPAC to Announce a Deal: Act II Global Acquisition Corp (ACTT) merged with subsidiaries of Flavors Holdings: Merisant Company and MAFCO Worldwide in June of 2020 to form Whole Earth Brands (FREE). FREE closed the day at $12.50.
7) NextGen Acquisition Corp. II (NGCA)
$400M, 1/5 warrant
Focus: Industrial, Tech, and Healthcare
Co-Chairman: George Mattson (Director of Delta Air Lines, Air France-KLM, and Virgin Galactic Holdings)
Sponsor’s Previous SPAC to Announce a Deal: NextGen Acquisition Corporation (NGAC) announced a merger deal with Xos last month. NGAC closed the day at $10.29.
This Week’s Shareholder Meetings:
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):
Deep Lake Capital Acquisition Corp. (DLCA), Fortress Capital Acquisition Corp. (FCAX), Athlon Acquisition Corp. (SWET), Pontem Corporation (PNTM), 890 5th Avenue Partners, Inc. (ENFA), Northern Genesis Acquisition Corp. II (NGAB)
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