The Nightcap from SPAC Track
Nightly recap of the day's SPAC highlights (June 7th, 2021)
Good evening,
Thanks for reading “The Nightcap”, a nightly recap of the highlights of the SPAC world. You can always discover and track all of the SPACs at spactrack.net.
The Stats:
The Deals:
1) VPC Impact Acquisition Holdings III, Inc. (VPCC: $9.88) & Dave. (Investor Presentation)
$4B Pro-forma equity value
$210M PIPE led by Tiger Global Management, with participation from Wellington Management and Corbin Capital Partners
Deal News Reports:
None today.
New S-1 Filings:
1) PHP Ventures Acquisition Corp. (PPHPA)
$50M, 1/2 warrant, 1 R (1/10 of a share)
Focus: Consumer-facing companies with a significant Africa presence or a compelling Africa potential
S-1 Link: https://www.sec.gov/Archives/edgar/data/1863460/000149315221013663/forms-1.htm
Notable SPAC News:
1) Playboy Takes A Page From AMC’s Playbook. It’s Selling Stock After Its Shares Soared.
At Monday’s close, PLBY Group (PLBY: $52.09) stock had soared 421% from the price at which that deal with Mountain Crest Acquisition Corp. was struck last fall, with the bulk of those gains coming since March. It rose 13.4% on Monday, to close at $52.09. Mountain Crest and its shareholders invested in PLBY Group at $10 per share.
The Hugh Hefner-founded brand has morphed into a global consumer-products start-up, in categories including apparel and sexual wellness. PLBY Group also has a growing licensing business. It brought in close to $150 million in revenue last year and had a net loss of about $5 million. The company had a market value of nearly $1.8 billion on Monday.
PLBY Group filed on Monday to sell up to 4.6 million shares to fund future growth and acquisitions. That would bring in $240 million at Monday’s closing price, but PLBY Group stock was down about 8% in after-hours trading and attracting institutional investors to the offering at current levels could be a challenge. PLBY Group’s merger with Mountain Crest, a special purpose acquisition company, or SPAC, brought in about $100 million.
2) Digital Ad Startup Minute Media Explores Going Public
Digital advertising company Minute Media is working with Goldman Sachs Group Inc. on a plan to go public as soon as this year, according to people familiar with the matter.
Minute Media, which owns brands including Mental Floss and the Players’ Tribune website started by former baseball star Derek Jeter, is considering an initial public offering or a listing through a special purpose acquisition company, the people said, asking not to be identified because the matter is private.
The company would seek to be valued at more than $1 billion when it lists its shares, the people said. It was valued at about $500 million after raising funding last year, according to data provider PrivCo.
SPACs Leaving the Nest:
1) Juniper Industrial Holdings, Inc. (JIH: $13.19) announced the closing of the business combination with Janus International Group. JIH will trade as JBI starting tomorrow, June 8th.
2) Latch, Inc. (LTCH: $11.27) announced the closing of the business combination with TS Innovation Acquisitions Corp. (TSIA).
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Tuesday, June 8th
ARYA Sciences Acquisition Corp III (ARYA: $10.49) Shareholder Meeting to Approve Business Combination with Nautilus Biotechnology
Wednesday, June 9th
HighCape Capital Acquisition Corp. (CAPA: $10.30) Shareholder Meeting to Approve Business Combination with Quantum-Si
Thunder Bridge Acquisition II (THBR: $10.03) Shareholder Meeting to Approve Business Combination with indie Semiconductor
Thursday, June 10th
Silver Spike Acquisition Corp (SSPK: $18.00) Shareholder Meeting to Approve Business Combination with WM Holding Company (Weedmaps)
VG Acquisition Corp (VGAC: $9.99) Shareholder Meeting to Approve Business Combination with 23andMe
Churchill Capital Corp II (CCX: $10.07) Shareholder Meeting to Approve Business Combination with Skillsoft and Global Knowledge
Friday, June 11th
ArcLight Clean Transition Corp (ACTC: $19.17) Shareholder Meeting to Approve Business Combination with Proterra
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