The Nightcap from SPAC Track
Nightly recap of the day's SPAC highlights (May 26th, 2021)
May 26th, 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) Decarbonization Plus Acquisition Corporation II (DCRN $9.79) & Tritium.
$1.4B EV
No PIPE
- The transaction will provide gross proceeds of up to approximately US$403 million (AUD$520 million) to Tritium, assuming minimal redemptions by DCRN's public stockholders, to fully fund its growth as a technology market leader in the DC fast charging space for electric vehicles.
- Tritium, a 20-year-old company with high revenue growth over the last five years, is valued at US$1.2 billion (AUD$1.55 billion) in connection with the transaction.
- The transaction is expected to provide capital to grow Tritium's operations to three global, full-scale manufacturing facilities, with investment in a new production facility in Europe, expansion of its Los Angeles site, and further development of the Brisbane facilities.
- Tritium is the only pure-play DC fast charging manufacturer, with a global sales and support reach servicing customers in 41 countries across 4 continents.
Deal News Reports:
None today.
New S-1 Filings:
1) Digital World Acquisition Corp. (DWAC)
$100M, 1/2 warrant
Focus: Tech in the Americas: Saas or Fintech
2) Sagaliam Acquisition Corp. (SAGA)
$100M, 1R (1/10 share)
Focus: TMT
3) Sparta Healthcare Acquisition Corp. (SPTA)
$100M, 1/2 warrant
Focus: Healthcare, Therapeutics
4) and 5) TradeUP 88 Corp. (TUFU) and Fortune Rise Acquisition Corporation (FRLA)
TUFU: $88M, 1/2 warrant
FRLA: $85M, 1/2 warrant
Notable SPAC News:
1) VinFast adds banks to advise on U.S. listing, but plan faces delay -sources (Reuters)
Reuters reported earlier in the month that VinFast was eyeing a valuation of about $60 billion and had appointed Credit Suisse to lead the potential transaction. Sources have said VinFast’s IPO could raise at least $2 billion, and one source had said a deal was slated for the second quarter.
VinFast’s preferred scenario is to merge with a SPAC for a U.S. listing, said two sources who had direct knowledge of the matter.
However, they said the talks with the SPACs haven’t made much headway in terms of coming up with deal proposals or a specific timeline for a listing.
This was due to uncertainty surrounding SPAC regulations in the United States, said the sources, who did not want to be named as the information has not yet been made public.
A time table on a transaction has not been set and the company’s plans could change, they added.
2) Indonesian Travel Startup Tiket Weighs SPAC Merger This Year (Bloomberg— behind paywall)
If Tiket decides to go public, “it will definitely be within this year,” the CEO said. “Traditional IPO, definitely looking at that, but for the full travel recovery, it will take a year or even two. The SPAC option is quicker.”
Tiket is in talks with COVA Acquisition Corp. (COVA: $9.68) for a deal that would value the combined entity at about $2 billion, Bloomberg News reported last week. Goldman Sachs Group Inc. is advising Jakarta-based Tiket, according to people familiar with the matter. As part of the deal, Tiket could raise about $200 million in a so-called private investment in public equity, or PIPE, that often accompanies a SPAC merger, they said.
Tiket joins a slew of Southeast Asian internet companies considering SPAC listings or IPOs to fuel growth as online commerce gains popularity in the region. Local rival Traveloka is in advanced talks to go public through merging with Bridgetown Holdings Ltd., a blank-check firm backed by billionaires Richard Li and Peter Thiel.
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Thursday, May 27th
Social Capital Hedosophia Holdings Corp. V (IPOE: $19.90) Shareholder Meeting to Approve Business Combination with SoFi
Friday, May 28th
Northern Star Acquisition Corp. (STIC: $10.33) Shareholder Meeting to Approve Business Combination with Barkbox
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