The Nightcap
Nightly recap of all the day's SPAC highlights (Feb 22nd, 2021)
February 22nd, 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 and Losers:
The Deals:
Merger Monday did not disappoint this week… 7 deals!
1) Starboard Value Acquisition Corp. (SVAC) & Cyxtera Technologies, a data center company providing “retail colocation and interconnection services”.
$3.4B EV
$250M PIPE
SVAC closed the day at $10.58 (-5.1%)
2) Fortress Value Acquisition Corp. II (FAII) & ATI Physical Therapy, “the largest single-branded outpatient physical therapy provider in the US”.
$2.5B EV
$300M PIPE including investment from funds affiliated with Fortress Investment Group
FAII closed the day at $10.47 (-13.4%)
3) NextGen Acquisition Corporation (NGAC) & Xos, an electric truck maker.
$1.45B EV
$220M PIPE
NGAC closed the day at $13.89 (+5.4%)
4) Northern Star Investment Corp. II (NSTB) & Apex Clearing, a digital clearing & custody platform.
$4.66B Pro-forma equity value
$450M PIPE
NSTB closed the day at $10.72 (-2.1%)
5) Trident Acquisitions Corp (TDAC) & AutoLotto (Lottery.com), an online lottery game platform.
$526M EV
TDAC closed the day at $14.85 (-5%)
6) Rodgers Silicon Valley Acquisition Corp. (RSVA) & Enovix, a manufacturer of “3D Silicon” Lithium-ion batteries.
$1.128B EV
$175 million PIPE at $14.00 per share
RSVA closed the day at $20.80 (+32%)
7) Churchill Capital Corp IV (CCIV) & Lucid Motors, a luxury electric vehicle maker.
$2.5B PIPE at $15.00 per share, including investments from the Public Investment Fund (PIF) as well as funds and accounts managed by BlackRock
CCIV is claiming the largest SPAC PIPE ever. The previous claim to the record was the $2B PIPE raised by Foley Trasimene Acquisition Corp. II (BFT) for its merger deal with Paysafe that was announced last December.
$24B Pro-forma Equity value using the PIPE share price of $15.00
CCIV closed the day up 8.3%, however the announcement was made after hours, and the price sharply decreased in after hours trading.
Deal News Reports:
No reports today.
Notable IPO’s:
1) Slam Corp. (SLAM.U) — will trade tomorrow
$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 & CEO of QuantumScape
QuantumScape (QS) completed its merger with Kensington Acquisition Corp (KCAC) in November of last year. QS hit an All Time High of $132.73 in December. QS closed the day at $64.76 or an 548% return from the SPAC’s IPO last June.
Reggie Hudlin (Film Producer: Django Unchained and 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) FTAC Athena Acquisition Corp. (FTAA.U) — will trade tomorrow
$220M, 1/4 warrant
Focus: Tech, Fintech
Chairman: Betsy Cohen (Founder & Former CEO of Bancorp and serial SPAC sponsor)
The most recent of Betsy Cohen’s SPACs to announce a merger deal was FTAC Olympus Acqusition (FTOC). FTOC announced the deal with Payoneer on February 3rd. FTOC closed the day at $12.59.
4) Arctos NorthStar Acquisition Corp. (ANAC.U) — will trade tomorrow
$275M, 1/4 warrant
Focus: Sports, Media, and Entertainment
Chairman: David “Doc” O’Connor (Former CEO of The Madison Square Garden Company)
CEO: Theo Epstein (Former General Manager of the Boston Red Sox and Former President of Baseball Operations for the Chicago Cubs)
Directors:
Xavier Gutierrez (CEO of the Arizona Coyotes Hockey Club)
Jared Smith (Former President & Global Chairman of Ticketmaster Entertainment)
5) CM Life Sciences II Inc. (CMII.U) — will trade tomorrow
$240M, 1/5 warrant
Focus: Life Sciences: “life sciences tools, synthetic biology and diagnostics.”
Chairman: Keith Meister (Founder of Corvex Management, Former CEO of Icahn Enterprises, Director of MGM Resorts International, and Former Director of Yum! Brands & Motorola)
CM Life Sciences (CMLF) announced a merger deal with Sema4 on February 10th. CMLF closed the day at $21.49.
Notable S-1 Filings:
1) Tio Tech A (TIOA)
$300M, 1/3 warrant
Focus: Tech in Europe
Chairman: Dominik Richter (Founder & CEO of HelloFresh)
Investment Advisors:
Victor Jacobsson (Co-founder of Klarna)
Thomas Griesel (Co-founder of HelloFresh)
2) and 3) New Providence Acquisition Corp. II (NPAB) and New Providence Acquisition Corp. III (NPAC)
Focus: Consumer
CEO: Gary Smith (Former COO of Red Bull)
NPAB
$200M, 1/3 warrant
Director: Timothy Gannon (Co-Founder of Outback Steakhouse and co-founder of OSI Restaurant Partners: the operator of Outback, Carrabba’s, Bonefish Grill, and Fleming’s Prime Steakhouse)
NPAC
$300M, 1/3 warrant
New Providence Acquisition Corp. (NPA) announced a merger deal with AST and Science in December of last year. NPA closed the day at $17.52.
4) Gores Guggenheim, Inc. (GGPI)
$750M, 1/5 warrant
Focus: Consumer products and services
Chairman: Alec Gores (Founder, Chairman, & CEO of The Gores Group)
President & Director: Andrew Rosenfield (President of Guggenheim Partners)
Director: Nancy Tellem (Director of Metro-Goldwyn-Mayer and Former President of the CBS Network Television Entertainment Group)
Sponsor is an affiliate of… guess who? The Gores Group and Guggenheim.
Gores now has 3 active SPACs, 2 of which are searching for a merger partner, and 5 more that have filed their S-1 registration. This means that after the 5 upcoming SPACs have IPO’d, Gores could potentially have a record 7 SPACs searching for a merger partner.
Gores most recent SPAC merger deal was Gores Holdings VI & Matterport, which was announced on February 8th. GHVI closed the day at $21.95.
5) PWP Forward Acquisition Corp. I (FRW)
$200M, 1/5 warrant
Focus: “Women-Forward Companies: businesses that are founded by, led by or enrich the lives of women”
Chairman: Joseph Perella (Founding Partner of Perella Weinberg Partners)
Director: Courtney Leimkuhler (Former CFO of Marsh)
6) ESM Acquisition Corporation (ESM)
$300M, 1/3 warrant
Focus: Energy transition (“companies, projects or technologies which benefit from the global transition towards a low carbon economy”)
CEO: Sir Michael (“Mick”) Davis (Former CEO of Xstrata, Former CFO of Billiton, and Former Executive Director of Eskom)
7) Waldencast Acquisition Corp. (WALD)
$250M, 1/3 warrant
Focus: Beauty, Personal Care and Wellness
Executive Chairman: Felipe Dutra (Former CFO of Anheuser-Busch InBev)
Upcoming Dates:
This Week’s Shareholder Meetings:
Thursday, 2/25:
Switchback Energy Acquisition Corporation (SBE) Shareholder Meeting to Approve Business Combination with ChargePoint
This Week’s Unit Splits (common shares and warrants to commence trading separately from underlying units):
Friday, 2/26:
Sports Ventures Acquisition Corp. (AKIC)
Thank you for reading.
Thanks,