The Nightcap: Six for Six (SPAC IPOs Trading Higher Than or at $10)
Nightly recap of the day's SPAC highlights (June 18th, 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 Weekly Stats:
The Stats:
The Deals:
1) Leo Holdings III Corp. (LIII: $9.87) & Local Bounti
Merger Partner Description:
Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. The company operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. The company’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90 percent less land and water than conventional outdoor farming methods.
Valuation: $757M Pro-forma EV
PIPE: $125M fully committed PIPE anchored by existing investors and new investors, including Fidelity Management & Research Company LLC, BNP Paribas Asset Management Ecosystem Restoration Fund and Cargill.
Additional Financing: Cargill is separately expecting to provide a $200M debt facility to accelerate Local Bounti’s expansion plans
Local Bounti Investor Presentation (starts p. 159)
Quick News Corner:
Arrival (ARVL: $17.91) Announces Redemption of Warrants (TLDR: Deadline to redeem is July 19th)
SPAC Backed by Father Gains 84% Buying Firm Run by Daughter (Bloomberg— behind paywall)
U.S. nickel-cobalt miner Missouri Cobalt hires bank to go public through SPAC (Reuters)
Malaysia’s Carsome Weighs U.S. Listing With SPAC as Option (Bloomberg— behind paywall)
Vivendi’s UMG Spinoff Hits Wrong Notes With Some Investors (Barron’s— behind paywall)
New S-1 Filings:
1) Portage Fintech Acquisition Corporation (PFTA)
$200M, 1/3 warrant
Focus: FinTech
Joint Book-running Managers: Goldman Sachs, BTIG, Scotiabank, and SoFi
Directors:
Paul Desmarais III (Chairman of Wealthsimple Financial Corp.)
Steve Freiberg (Vice Chairman of SoFi, Director of MasterCard, Former Co-Chairman & CEO of Citigroup’s Global Consumer Group, and Former CEO of E*Trade)
Stuart Charles Harvey, Jr. (Former Chairman of Paysafe Group)
Tom Hutton (Chairman & Former Interim CEO of SoFi)
Upcoming Dates:
Next Week’s Shareholder Meetings and Unit Splits:
Tuesday, June 22nd
FinTech Acquisition Corp. IV (FTIV: $12.00) Shareholder Meeting to Approve Business Combination with Perella Weinberg Partners
Thoma Bravo Advantage (TBA: $9.97) Shareholder Meeting to Approve Business Combination with ironSource
Wednesday, June 23rd
FTAC Olympus Acquisition (FTOC: $9.90) Shareholder Meeting to Approve Business Combination with Payoneer
Artius Acquisition (AACQ: $9.86) Shareholder Meeting to Approve Business Combination with Origin Materials
Thursday, June 24th
Forum Merger III Corporation (FIII: $9.98) Shareholder Meeting to Approve Business Combination with Electric Last Mile
Forest Road Acquisition Corp. (FRX: $9.99) Shareholder Meeting to Approve Business Combination with Beachbody and Myx Fitness
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