The Nightcap from SPAC Track
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (December 16, 2021)
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The Stats:
The Deals:
1) Founder SPAC (FOUN: warrants +31.25%) & Rubicon Technologies
Merger Partner Description:
Rubicon is a Lexington, Kentucky-based software platform that provides innovative waste and recycling solutions for businesses and governments worldwide. Using technology to drive environmental innovation, the company helps turn businesses into more sustainable enterprises and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute their sustainability goals.
Valuation: $1.7B EV
PIPE: $111M including investments from Palantir Technologies, the New Zealand Super Fund, and Rodina Capital
2) North Atlantic Acquisition Corporation (NAAC— after-hours deal) & TeleSign
Merger Partner Description:
TeleSign provides continuous trust to leading global enterprises by connecting, protecting and proactively defending their digital identities. TeleSign verifies over five billion unique phone numbers a month, representing half of the world's mobile users, and provides critical insight into the remaining billions. The company's powerful AI and extensive data science deliver identity with a unique combination of speed, accuracy and global reach. TeleSign solutions prevent fraud, secure communications and enable the digital economy by allowing companies and customers to engage with confidence.
Valuation: $1.3B EV
PIPE: $107.5M including an investment from SFPI-FPIM
News:
India’s Most Valuable Startup Byju’s in Talks to Go Public Via SPAC Deal: Sources (Bloomberg—paywalled)
The online education provider Byju’s, India’s most valuable startup, is in advanced discussions to go public through a merger with one of Churchill Capital’s special-purpose acquisition companies, according to people familiar with the matter.
The startup held talks with several potential SPAC partners and is farthest along in working out an agreement with Michael Klein’s Churchill Capital, said the people, asking not to be named discussing private matters. Churchill Capital VII (CVII) raised more than $1.3 billion in an offering in February and trades on the New York Stock Exchange.
Under the preliminary terms discussed, Byju’s would raise a total of about $4 billion and seek a valuation of about $48 billion, the people said. The startup was valued at $21 billion, according to market research firm CB Insights.
While an announcement could come as soon as January, the negotiations are not final. Byju’s or Churchill could still opt out of such a deal, and Byju’s could consider an IPO in India next year, the people said.
The startup had earlier discussed a SPAC merger with Michael Dell’s MSD Acquisition Corp. (MSDA) and Altimeter Capital Management, one of the people said. India-headquartered companies can’t go public through conventional intitial public offerings in the U.S. under the country’s current regulations.
Byju’s declined to comment. Churchill didn’t immediately respond to requests for comment.
The Bangalore-headquartered company, founded and led by former teacher Byju Raveendran, provides K-12 lessons and video material to millions of Indians studying for the country’s competitive engineering and medical entrance exams. It also provides one-to-one coding, math and reading classes and material to students in countries in North America, the Middle East and Latin America.
Merger Votes/ Completions:
Broadstone Acquisition Corp. (BSN) completes its merger with Vertical Aerospace and began trading as EVTL today
28.9M shares, or an estimated ~95% of public shares were redeemed
CM Life Sciences III Inc. (CMLT) shareholders approved its merger with EQRx
Merger Vote Set:
Petra Acquisition Inc. (PAIC) & Revelation Biosciences: 1/6/22
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Tracking De-SPAC S-1s (including PIPE resale registrations*):
S-1s that went effective today:
Bakkt (BKKT: $9.08 -34.01%)
SAB Biotherapeutics (SABS: $9.13 -6.36%)
424B3 filings (S-1 likely to go effective tomorrow):
BlackSky Technology (BKSY: $7.04 -7.61%)
*When applicable
IPOs to begin trading tomorrow*:
1) Revelstone Capital Acquisition Corp. Announces Pricing of $150 Million Initial Public Offering (RCAC-U)
2) AP Acquisition Corp Announces Pricing of $150 million Initial Public Offering (APCA-U)
*Priced as of this writing
New S-1s (1):
1) Mindset Growth Opportunities I Corp. (MSVA)
$175M, 1/2 Warrant
Focus: AgTech, FoodTech
Upcoming Dates:
This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings, and Expected Ticker Changes
See the full calendar here.
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