The Nightcap: SPAC IPOs Holding Ground
Nightly recap of the day's SPAC highlights (June 11th, 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) Yucaipa Acquisition Corporation (YAC: $9.95) & SIGNA Sports United
Merger Partner Description:
Based in Berlin, Germany, SIGNA Sports United is a leading global sports e-commerce and tech platform in Bike, Tennis, Outdoor and Team Sports with more than 7 million active customers and close to 500 million annual webshop visitors. SIGNA Sports United combines iconic webshop brands such as Wiggle, Chain Reaction Cycles, Fahrrad.de, Bikester, Probikeshop, Campz, Addnature, Tennis-Point, TennisPro, Outfitter and many more. More than 1,000+ brand partners, 500+ independent offline retailers and more than 15 million digital sports community members are connected to its platform.
Valuation: $3.2B Pro-forma EV
PIPE: $300M including $50M from Ron Burkle
Deal News Reports:
1) Churchill Capital Corp V (CCV: $10.26) is in talks to merge with Thrasio.
Thrasio Is in Talks to Go Public Via Michael Klein SPAC (Bloomberg— behind paywall)
Thrasio, an acquirer of private-label businesses on Amazon.com Inc., is in talks to go public through a merger with a blank-check company set up by former Citigroup Inc. rainmaker Michael Klein, according to people with knowledge of the matter.
The online retailer, backed by private equity firm Advent International, could be valued at well over $2 billion in a merger with Churchill Capital Corp. V, the people said, asking not to be identified because the information is private. That valuation could even reach more than $10 billion, two of the people said.
Churchill Capital V shares rose as much as 3.9% to $10.46 in New York trading.
No deal has been finalized, and negotiations could still fall apart. Representatives for Thrasio, Advent and Churchill Capital declined to comment.
Thrasio raised $500 million in a senior debt facility via JPMorgan Chase & Co., Goldman Sachs Group Inc. and the asset management arm of Royal Bank of Canada in January. Prior to that, it raised $260 million in a series C funding round led by Advent International.
Thrasio buys brands for everyday products from small business owners for a typical purchase price of more than $1 million. It then operates the brand with upgraded marketing, product development and supply chain management.
New S-1 Filings:
1) Frontier Investment Corp (FICV)
$250M, 1/3 warrant
Focus: Technology, digital media, e-commerce, financial technology, or digital services sectors in MENA, Africa, and Asia
S-1 Link: https://www.sec.gov/Archives/edgar/data/1855693/000110465921080156/tm2112476-2_s1.htm
2) UNSDG Acquisition Corp. (Ticker not available yet)
$100M, 1/2 warrant
Focus: Decarbonization, sustainable mining, renewable energy, blockchain, commodity trade sectors
S-1 Link: https://www.sec.gov/Archives/edgar/data/1853267/000149315221014163/forms-1.htm
SPACs Leaving the Nest:
1) ArcLight Clean Transition Corp (ACTC: $19.01) shareholders approve the merger with Proterra. Merger completion is expected on June 14th with ACTC starting to trade as PTRA on June 15th.
2) Churchill Capital Corp II (CCX: $10.75) announces closing of merger with Skillsoft and the subsequent acquisition of Global Knowledge. The combined company is now named Skillsoft Corp. CCX will trade as SKIL starting June 14th.
Upcoming Dates:
Next Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Tuesday, June 15th
Fortress Value Acquisition Corp. II (FAII: $10.13) Shareholder Meeting to Approve Business Combination with ATI Physical Therapy
Wednesday, June 16th
Crescent Acquisition Corp (CRSA: $10.13) Shareholder Meeting to Approve Business Combination with LiveVox
Thursday, June 17th
Hudson Executive Investment (HEC: $10.00) Shareholder Meeting to Approve Business Combination with Talkspace
Acies Acquisition Corp. (ACAC: $10.00) Shareholder Meeting to Approve Business Combination with Playstudios
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