The Nightcap
Nightly recap of the day's SPAC highlights (March 4th, 2021)
March 4th, 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:
The Deals:
1) Reinvent Technology Partners Z (RTPZ) & Hippo, a home insurance company.
$5.06B EV
$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).
$2.38B EV
$330M PIPE
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
Focus: Tech
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)
VPCB.U:
$225M, 1/4 warrant
Focus: Fintech outside of the US
Director: Senator Joe Lieberman (Former US Senator)
VPCC.U:
$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
Focus: Tech
Chairman & CEO: Arjun Sethi (Co-founder of Tribe Capital and Former Partner of Social Capital)
Directors:
Richard Peretz (Former CFO of UPS)
Henry Ward (CEO of Carta)
Duriya Farooqui (Director of InterContinental Hotels Group and Intercontinental Exchange)
Advisors:
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)
WPCA
$250M, 1/5 warrant
WPCB
$500M, 1/5 warrant
Notable S-1 Filings:
1) and 2) 10X Capital Venture Acquisition Corp. II (VCXA) and III (VCXB)
Focus: Tech
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
Focus: Healthcare
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
Directors:
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
Focus: Consumer
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.
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):
Friday, 3/5
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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