The Nightcap
Nightly recap of all the day's SPAC highlights (Mar 1st, 2021)
March 1st, 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:
1) NavSight Holdings, Inc. (NSH) & Spire Global, “a provider of space-based data and analytics through their proprietary constellation of over 100 nanosatellites”.
$1.23B EV
$245M PIPE including investments from Tiger Global Management, funds and accounts managed by BlackRock, Hedosophia, and JAWS — the family office of Barry Sternlicht
2) Vector Acquisition Corp (VACQ) & Rocket Lab, a satellite launch company.
$4.08B EV
$467M PIPE including investments from Vector Capital, BlackRock, and Neuberger Berman
3) Tailwind Acquisition Corp. (TWND) & QOMPLX, a cyber security-focused risk analytics company.
$1.17B EV
$180M PIPE including investments from Cannae Holdings and Hedosophia
Deal News Reports:
Bloomberg reported tonight that Tailwind Acquisition Corp. (TWND) is set to merge with QOMPLX… and the SPAC followed up shortly after with the definitive agreement announcement (#3 above).
Notable IPO’s to begin trading tomorrow:
1) and 2) Northern Star Investment Corp. III (NSTC.U) and IV (NSTD.U)
Both are $350M, 1/6 warrant
Focus: Direct-to-Consumer, e-commerce
Chairperson & 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 (NSTD.U only):
Emily White (Former COO of Snapchat and Director of Lululemon Athletica
Kirsten Green (Founder & Managing Partner of Forerunner Ventures and Director of Nordstrom)
Sponsor’s Previous SPACs to Announce a Deal:
Northern Star Investment Corp I (STIC) announced a merger deal in December with BarkBox. STIC closed the day at $12.80.
Northern Star Investment Corp II (NSTB) announced a merger deal on February 22nd with Apex Clearing. NSTB closed the day at $10.16.
3) TCW Special Purpose Acquisition Corp. (TSPQ.U)
$450M, 1/3 warrant
Advisors:
Brad Buss (Former CFO of SolarCity, Director of QuantumScape and Advance Auto Parts)
Thomas Tippl (Vice Chairman and Former COO of Activision Blizzard)
4) Supernova Partners Acquisition Co II, Ltd. (SNII.U)
$300M, 1/4 warrant
Focus: Tech (Enterprise)
Co-Chairs:
Spencer Rascoff (Co-founder and Former CEO of Zillow, Co-founder of Hotwire and Director of Palantir)
Alexander Klabin (Co-founder of Senator Investment Group, Executive Chairman of Sotheby’s Financial Services)
5) NightDragon Acquisition Corp. (NDAC.U)
$300M, 1/5 warrant
Focus: Cybersecurity, Safety, Security and Privacy (CSSP)
Chairman: Dave DeWalt (Former Chairman & CEO of FireEye and Former CEO of McAfee)
Vice Chairman: Mark Garrett (Former CFO of Adobe , Director of Cisco and Snowflake)
6) Advanced Merger Partners, Inc. (AMPI.U)
$250M, 1/6 warrant
Directors:
Bruce Zimmerman (CIO of Dalio Family Office and Former CEO & CIO of UTIMCO)
Ann Daly (Former COO of DreamWorks)
Alejandro Santo Domingo (Director of Anheuser-Busch Inbev)
7) Haymaker Acquisition Corp. III (HYAC.U)
$300M, 1/4 warrant
Focus: Consumer
CEO & Executive Chairman: Steven Heyer (Former CEO of Starwood Hotels & Resorts and Former COO of The Coca-Cola Company)
Sponsor’s Previous SPAC to Announce a Deal: Haymaker Acquisition Corp. II (HYAC) merged with ARKO Holdings (ARKO) in December of last year. ARKO closed the day at $9.47.
Expected to Price:
1) Khosla Ventures Acquisition Co (KVSA.U)
Expected: $300M, no warrants
Founder: Vinod Khosla (Founder of Khosla Ventures)
Focus: Companies with highly differentiated proprietary technology
Directors:
Jagdeep Singh (Founder, Chairman, & CEO of QuantumScape)
Mario Schlosser (Founder and CEO of Oscar Insurance)
2) Atlantic Coastal Acquisition Corp. (ACAH.U)
Expected: $300M, 1/2 warrant
Focus: Next-Generation Mobility
Chairman and CEO: Shahraab Ahmad (Founder and CIO of Decca Capital)
Director: Bryan Dove (Former CEO of Skyscanner)
3) Live Oak Mobility Acquisition Corp (LOKM.U)
Expected: $200M, 1/5 warrant
Focus: Mobility and Motion Technology
Sponsor’s Previous SPAC to Announce a Deal: Live Oak Acquisition Corp. (LOAK) merged with Danimer Scientific (DNMR) last December. LOAK closed the day at $40.19.
Notable S-1 Filings:
1) HCM Acquisition Corp (HCMA)
$250M, 1/2 warrant
Focus: Fintech
Chairman & CEO: Shawn Matthews (Former CEO of Cantor Fitzgerald
President & CFO: James Bond (Former COO of Cantor Fitzgerald)
2) BrightSpark Capitol Corp. (Ticker not yet available)
$200M, 1/4 warrant
Focus: Digital forward consumer (including health, wellness, and beauty)
Co-Chair & Co-CEO: Helena Foulkes (Former CEO & Director of HBC, Former President of CVS Pharmacy & EVP of CVS Health, Director at the Home Depot)
Co-Chair & Co-CEO: Marla Beck (Co-founder & CEO of Bluemercury)
Director: Mark Ein (Founder & Owner of MDE Sports and Serial SPAC sponsor: Capitol)
3) and 4) Corner Growth Acquisition Corp. 2 & 3 (Tickers not yet available)
Corner Growth 2:
$175M, 1/4 warrant
Corner Growth 3:
$450M, 1/4 warrant
Focus: Tech
Co-Chairman: John Cadeddu (General Partner & Managing Director of Corner Ventures)
Directors:
Alexandre Balkanski (CEO of Picarro and Fomer General Partner of Benchmark Capital)
Jason Park (CFO of DraftKings)
5) Revolution Healthcare Acquisition Corp. (REVH)
$500M, 1/5 warrant
Focus: Healthcare, Healthcare Tech, Life Sciences
Sponsors: General Catalyst and ARCH
Directors:
Jeff Leiden (Executive Chairman & Former CEO of Vertex Pharmaceuticals and Former COO of Abbott Laboratories)
Robert Nelsen (Co-founder & Managing Director of ARCH)
Jennifer Schneider (Former President & Chief Medical Officer of Livongo Health)
Hemant Taneja (Managing Director of General Catalyst)
Upcoming Dates:
Next Week’s Shareholder Meetings:
Friday, 3/5:
CF Finance Acquisition Corp II (CFII) Shareholder Meeting to Approve Business Combination with View
Next Week’s Unit Splits (common shares and warrants to commence trading separately from underlying units):
Wednesday, 3/3
Adit EdTech Acquisition Corp. (ADEX)
Thank you for reading.
Thanks,