The Nightcap
Nightly recap of the day's SPAC highlights (May 6th, 2021)
May 6th, 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 Stats:
The Deals:
1) Amplitude Healthcare Acquisition Corporation (AMHC) and Jasper Therapeutics Announce Merger to Create a Publicly Listed Leading Biotechnology Company in Hematopoietic Stem Cell Transplantation.
$290M EV
$100M PIPE
Deal News Reports:
1) Live Oak Acquisition Corp. II (LOKB)
Navitas Semiconductor Agrees to Live Oak SPAC Merger (Bloomberg— paywall)
Navitas Semiconductor, a maker of power chips, has agreed to go public through a merger with Live Oak Acquisition Corp. II, a blank-check firm, according to a person with knowledge of the matter.
The transaction, which could be announced as soon as this week, is set to value the combined entity at about $1 billion, said the person. That includes a so-called private investment in public equity, or PIPE, of about $145 million, the person said.
2) Gores Technology Partners II Inc. (GTPB)
SoftBank-Backed Alto Is in Talks to Merge With Gores SPAC (Bloomberg— paywall)
Alto Pharmacy, a startup that specializes in same-day delivery of prescription medications, is in talks to go public via a blank-check firm affiliated with Alec Gores, according to people with knowledge of the matter.
A deal between Alto and Gores Technology Partners II Inc., featuring a so-called private investment in public equity, or PIPE, is set to value the combined entity at around $2.3 billion, one of the people said. A transaction hasn’t been finalized and it’s possible talks could collapse, but if one is reached, it could be announced in the coming weeks.
IPOs to Begin Trading Tomorrow:
1) Data Knights Acquisition Corp. (DKDC.U)
$100M, 1 W
Focus: Data Centers, Internet Tech
S-1 Filings:
1) Blue Safari Group Acquisition Corp (BSGA)
$50M, 1 R (1/10 share)
Focus: FinTech, InfoTech, InsurTech and business services
2) Mericsson Acquisition Corp (MLXA)
$40M, 1 R (1/10 share)
Focus: Media, advertising & entertainment in Asia
SPACs Leaving the Nest:
NGA will trade as LEV starting tomorrow, 5/7.
Notable SPAC News:
1) The new ‘deal tax’: SPAC defendants are paying plaintiffs lawyers to drop N.Y. state suits (Reuters)
Most SPAC defendants facing these disclosure demands, according to these lawyers, decide it's less expensive to issue additional disclosures and pay mootness fees than to litigate the breach-of-duty suits. In effect, they said, defendants are willing to pay a nuisance fee to shareholder firms to keep their deals on track.
“This is going to be another deal tax for a while,” one of the defense lawyers said.
2) Stable Road Acquisition Corporation (SRAC) Adjourns Special Meeting of Stockholders to May 13, 2021 to Allow Stockholders More Time to Vote on Extension Amendment Proposal(PR)
Stable Road had not received the vote of the holders of at least 65% of all outstanding shares of stock as of the record date in favor of the Extension Amendment Proposal, which is the threshold needed to approve that proposal. As a result, Stable Road believes adjourning the Special Meeting until May 13, 2021 is in the best interest of its stockholders to provide additional time for stockholders to vote to approve the Extension Amendment Proposal.
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Friday, May 7th
Unit Splits: Athena Technology Acquisition Corp. (ATHN), KKR Acquisition Holdings I Corp. (KAHC), Tech and Energy Transition Corp. (TETC)
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Thanks for reading,