The Nightcap
Nightly recap of the day's SPAC highlights (March 18th, 2021)
March 18th, 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:
The Deals:
1) Supernova Partners Acquisition Company (SPNV) & Offerpad, an online residential real estate platform.
$2.37B EV
$200M PIPE including investments from funds and accounts managed by BlackRock
$50M investment by affiliates of Supernova, led by Spencer Rascoff (Co-founder & Former CEO of Zillow)
2) Industrial Tech Acquisitions, Inc. (ITAC) enters into a definitive agreement with Arbe Robotics, a 4D imaging radar technology company.
$572M EV
$100M PIPE
Deal News Reports:
Horizon Acquisition Corp (HZAC) is in talks to merge with Vivid Seats, an online ticketing marketplace that competes with StubHub, at a potential valuation of $2.5B, according to Bloomberg.
Notable IPO’s to begin trading tomorrow:
1) Levere Holdings Corp (LVRA.U)
$250M, 1/3 warrant
Focus: Mobility in Europe, the Middle East, and Africa
Officers:
Martin Varsavsky (Founder of Viatel and Jazztel)
Stefan Krause (Founder of Canoo and Former CFO of Deutsche Bank)
Directors:
Bodo Uebber (Former CFO of Daimler, Former Chairman of Airbus, and Supervisory Board Member of Adidas)
2) LDH Growth Corp I (LDHA.U)
$200M, 1/5 warrant
Sponsor: SoftBank Group
Focus: Tech, Latin America
Officers:
Marcelo Claure (President and COO of SoftBank Group, Chairman of Fortress Investment Group, Executive Chairman of WeWork, Former CEO of Sprint, and Founder & Former CEO of Brightstar)
Michael Combes (President of SoftBank Group International, Former CEO of Sprint, and Former CEO of Alcatel-Lucent)
Notable S-1 Filings:
1) Good Works II Acquisition Corp. (GWII)
$200M, 1/3 Warrant
Focus: High-growth companies affected by COVID-19 and other High-growth tech companies
Officers:
Fred Zeidman (Chairman of the Gordian Group)
Douglas Wurth (Former CEO of Alternative Investments for J.P. Morgan)
2) Quiet Plus I Acquisition Corp. (QPAA)
$250M, 1/4 warrant
Focus: Tech
Officers:
Lee Linden (Founder and Managing Partner of Quiet Capital, Co-founder of Tapjoy and Karma Science)
Matthew Humphrey (Founder and Managing Partner of Quiet Capital, Co-Founder and Former CEO of LendingHome)
Directors:
Michael Preysman (Founder and CEO of Everlane)
Khozema Shipchandler (CFO of Twilio)
Jessica Holscott (Former CFO of HBO)
Payal Kadakia (Founder and Executive Chairman of ClassPass)
SPACs Leaving the Nest:
Longevity Acquisition Corporation (LOAC) shareholders approve the business combination with 4d pharma. LOAC will trade as LBPS upon merger completion.
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Friday, March 19th:
CIIG Merger Corp (CIIC) Shareholder Meeting to Approve Business Combination with Arrival
Unit Splits: Climate Real Impact Solutions II Acquisition Corporation (CLIM), Fortistar Sustainable Solutions Corp. (FSSI), ITHAX Acquisition Corp. (ITHX), Constellation Acquisition Corp I (CSTA)
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Thanks for reading,