The Nightcap

Nightly recap of the day's SPAC highlights (March 10th, 2021)

March 10th, 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:

SPAC Track @SPACtrack

#SPAC Volume Leaders (3/10) $CCIV 32.7M $ESM.U 16.1M (New IPO) $VAQC 12.1M (New IPO) $AGGR.U 10.6M (New IPO) $CLAA.U 7.9M (New IPO) $GSAH 7.7M (+10.6%) $IPOE 7.4M $BFT 5.8M $STPK 4.7M (+17.2%) $SVFC 3.5M

The Deals:

None today.

Deal News Reports:

1) Jaws Spitfire Acquisition Corporation (SPFR) is in talks to merge with Velo3D, “a maker of 3D metal printers”, at a more than $1B valuation, according to Bloomberg.

2) LGL Systems Acquisition Corp (DFNS) is in talks to merge with IronNet, a cybersecurity firm that offers a “collective defense platform, powered by AI-based network detection and response”, at a valuation of about $1.2B, according to Bloomberg.

3) 890 5th Avenue Partners (ENFA) is in talks to merge with Buzzfeed, according to Bloomberg.

Notable IPO’s to begin trading tomorrow:

1) Pine Technology Acquisition Corp. (PTOC.U)

• $300M, 1/3 warrant

• Focus: InsurTech

• Directors:

  • J. Eric Smith (Former CEO of Swiss Re Americas)

  • Bradley Tusk (Founder & CEO of Tusk Holdings)

2) L Catterton Asia Acquisition Corp (LCAA.U)

• $250M, 1/3 warrant

• Focus: Consumer Tech in Asia

• Officers:

  • Chinta Bhagat (Co-head and CEO of L Catterton Asia)

  • Scott Chen (Co-head and CIO of L Catterton Asia)

• Directors:

  • John Sculley (Former CEO of Apple and Former CEO of Pepsi-Cola)

• Sponsor’s Previous SPAC to Announce a Deal: Aspirational Consumer Lifestyle Corp. (ASPL) announced a merger deal with Wheels Up in early February. ASPL closed the day at $10.66.

3) Silver Spike Acquisition Corp II (SPKB.U)

• $250M, 1/4 warrant

• Focus: Cannabis

• Sponsor’s Previous SPAC to Announce a Deal: Silver Spike Acquisition Corp (SSPK) announced a merger deal with WM Holding Company (Weedmaps) in December. SSPK closed the day at $18.87.

Notable S-1 Filings:

1) CIIG Merger Corp. II (CIIG)

• $300M, 1/5 Warrant

• Focus: TMT and Sustainability

• Officers:

  • Peter Cuneo (Former CEO of Marvel Entertainment and Former CEO of Remington Products)

• Sponsor’s Previous SPAC to Announce a Deal: CIIG Merger Corp (CIIC) announced a merger deal with Arrival in November. CIIC closed the day at $21.61.

2) HighCape Capital Acquisition Corp. II (HCCR)

• $200M, 1/4 warrant

• Focus: Life Sciences

• Officers:

  • Kevin Rakin (Partner of High Cape Capital)

• Sponsor’s Previous SPAC to Announce a Deal: HighCape Capital Acquisition Corp. (CAPA) announced a merger deal with Quantum-Si last month. CAPA closed the day at $13.24.

3) Cain Acquisition Corp (CAIN)

• $250M, 1/3 warrant

• Focus: Experiential Hospitality, Location-based Entertainment, and Real Estate

• Officers:

  • Jonathan Goldstein (Founder & CEO of Cain International)

Upcoming Dates:

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

Thursday, 3/11:

• Interprivate Acquisition Corp (IPV) Shareholder Meeting to Approve Business Combination with Aeva

Friday, 3/12:

• New Providence Acquisition Corp (NPA) Shareholder Meeting to Extend Deadline for Business Combination

• Unit Split: Monument Circle Acquisition Corp. (MON), Ignyte Acquisition Corp. (IGNY)

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Thanks for reading,

SPAC Track

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