The Nightcap from SPAC Track

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (November 2, 2021)

Discover and track all of the SPACs at spactrack.net.

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The Stats:

SPAC Track @SPACtrack

#SPAC Volume Leaders (11/2) $SBEA 99.2M (Deal with Black Rifle Coffee, +15.4%) $DWAC 17M $KVSB 5.9M (Merger with Nextdoor approved, +7.3%) $BENE 5.5M $SWBK 5.1M (Merger with Bird approved, -18.3%) $GGPI 4.3M $SEAH 3.2M $DGNS 3.1M $NGAB 3.1M $CND 2.8M

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The Deals:

1) SilverBox Engaged Merger Corp I (SBEA: warrants +109.6%) & Black Rifle Coffee Company

Merger Partner Description:

Black Rifle Coffee Company (BRCC) is a Veteran-founded coffee company serving premium coffee to people who love America. Founded in 2014 by Green Beret Evan Hafer, Black Rifle develops their explosive roast profiles with the same mission focus they learned while serving in the military. BRCC is committed to supporting Veterans, active-duty military, first responders and the American way of life. With every purchase made, they give back.

• Valuation: $1.71B EV

• Financing:

This is a fully financed transaction, with $300 million in common equity commitments from a group of investors led by a $100 million commitment from Engaged Capital, that will satisfy the minimum cash condition in the business combination agreement. These commitments include a unique backstop feature whereby this group of investors have provided flexibility in the total amount of capital to be funded, with the actual amount funded at closing between $200 million and $300 million.

• Press Release

• Investor Presentation

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Merger Votes/ Completions:

• Khosla Ventures Acquisition Co. II (KVSB: $10.98 +7.28%) shareholders approve its merger with Nexdoor

  • Closing expected on 11/5 with ticker change to KIND on 11/8

  • 7.41% of public shares were redeemed, resulting in gross proceeds of $655M raised for Nextdoor

• Switchback II Corporation (SWBK: $8.17 -18.30%) shareholders approve its merger with Bird

  • Closing is expected on 11/4 with ticker change to BRDS following closing

  • An estimated 67% of public shares were redeemed

• Reinvent Technology Partners Y (RTPY) shareholders approve its merger with Aurora

  • Closing is expected on 11/3 with ticker change to AUR expected on 11/4

• Motion Acquisition Corp (MOTN) shareholders approve its merger with DocGo

  • 60% of public shares were redeemed

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Tracking De-SPAC S-1s (including PIPE resale registrations):

S-1s that went effective today:

• Renovacor (RCOR: $7.79 +3.87%)

S-1 filings:

• NextNav (NN: $9.97 -21.99%)

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IPOs to begin trading tomorrow*:

1) Fortune Rise Acquisition Corporation Announces Pricing of $85 Million Initial Public Offering (FRLA-U)

2) TG Venture Acquisition Corp. Announces Pricing of $100 Million Initial Public Offering (TGVC-U)

3) McLaren Technology Acquisition Corp. Announces Pricing of $175,000,000 Initial Public Offering (MLAI-U)

4) Trine II Acquisition Corp. Announces Pricing of $360 Million Initial Public Offering (TRAQ-U)

5) Onyx Acquisition Co. I Announces Pricing of Upsized $230 Million Initial Public Offering (ONYX-U)

*Priced as of this writing

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New S-1s:

None today

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Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, and Expected Ticker Changes

See the full calendar here.

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Thanks for reading,

SPAC Track

spactrack.net

Note: Share prices only included if 5%+ moves and for all De-SPAC PIPE entries

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice.