The Nightcap
Nightly recap of all the day's SPAC highlights (Feb 4th, 2021)
February 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:
Top Gainers:
Top Losers:
The Deals:
Virgin Group’s VG Acquisition Corp. (VGAC) & 23andMe, a consumer DNA testing and genetics company.
$3.5B EV
$250M PIPE including investments from Sir Richard Branson, Anne Wojcicki (Co-founder of 23andMe), and Altimeter Capital
Deal News Reports:
1) Apollo Strategic Growth Corp (APSG) is said to be in talks with Solera Holdings, a risk management data and software provider, at a valuation of over $6.5B (what it was worth in 2016 when it went private), according to Bloomberg.
2) Archer Aviation, an electric aircraft company that is developing “environmentally sustainable air taxis”, is said to be merging with a SPAC at a “multibillion dollar” valuation in a transaction supported by a PIPE of at least $500M, according to IPO Edge. No SPAC was named in the report.
Today’s Notable IPO’s:
1) RMG Acquisition Corp. III (RMGC.U) — will trade tomorrow
$420M, 1/5 warrant
Advisors:
Randel Falco (Former Chairman and CEO of AOL)
Jeffrey Bornstein (Fomer Vice Chairman and CFO of GE)
The sponsor’s first SPAC, RMG Acquisition Corp (RMG) completed a merger with Romeo Power (RMO), a maker of electric vehicle batteries and battery management systems, in December. RMO closed the day at $18.44
2) Sustainable Development Acquisition I Corp (SDAC.U) — will trade tomorrow
$275M, 1/2 warrant
The SPAC is a public benefit corporation and has a strong interest in finding a merger partner that is a Certified B Corp
Focus: Companies that are addressing the United Nations Sustainable Development Goals, including in the water, food, agriculture and renewable energy sectors.
3) Compute Health Acquisition Corp. (CPUH.U) — will trade tomorrow
$750M, 1/4 warrant
Focus: Medical device companies leveraging computational power
Chairman: Omar Ishrak (Chairman of Intel, Former CEO of Medtronic and Former CEO of GE Healthcare)
Notable New SPAC S-1 filings:
1) Slam Corp. (SLAM)
$500M, 1/4 warrant
Focus: Sports, Media, Entertainment, Health and Wellness, Consumer Tech
CEO:
Alex Rodriguez, (MLB All-Star & World Series Champion and Founder of A-Rod Corp)
Directors:
Jagdeep Singh (Co-founder, Chairman and CEO of QuantumScape)
QuantumScape (QS) completed its merger with Kensington Acquisiton Corp (KCAC) in November of last year. QS enjoyed a run up to an All Time High of $132.73 in December. QS closed the day at $47.39, or a 373% return from the SPAC’s IPO last June.
Reggie Hudlin (Film Producer: Django Unchained & Marshall, Black Panther comic book series writer, and Former President of BET)
Desiree Gruber (CEO of Full Picture and Co-founder of the Project Runway television series)
2.) Northern Star Investment Corp. IV (NSTD)
$300M, 1/6 warrant
Focus: Direct-to-Consumer, e-commerce
Chairman & CEO:
Joanna Coles (Former Editor-in-Chief of Cosmopolitan and Director of Snapchat & Sonos)
President & COO:
Jonathan Ledecky (Serial sponsor with 3 completed SPAC mergers and Co-owner of the New York Islanders)
Directors:
Emily White (Former COO of Snapchat and Director of Lululemon Athletica
Kirsten Green (Founder & Managing Partner of Forerunner Ventures and Director of Nordstrom)
Northern Star Investment Corp I (STIC) announced a deal in December with BarkBox, a pet subscription service with 1M+ subscribers. STIC closed the day at $14.17
Northern Star Investment Corp III ($300M, 1/6 warrant) was also filed today.
3) KKR Acquisition Holdings I (KAHC)
$1B, 1/3 warrant
Focus: Consumer, Retail
CEO: Glenn Murphy (Former CEO of The Gap and Chairman of the Board of Lululemon Athletica
4) ArcLight Clean Transition Corp. II (ACTD)
$250M, 1/4 warrant
Focus: Energy transition
The sponsor is an affiliate of ArcLight Capital Partners, an energy infrastructure focused private equity firm
The first ArcLight Clean Transition Corp. (ACTC) announced a merger with Proterra, a commercial electric vehicle company, in January. ACTC closed today at $25.24
Thanks for reading,