The Nightcap: SPACs Still Loving LiDAR
Nightly recap of the day's SPAC highlights (June 21st, 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) Pershing Square Tontine Holdings, Ltd. (PSTH: $22.70) & Universal Music Group
Merger Partner Description:
Universal Music Group is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content in more than 60 countries. Featuring the most comprehensive catalog of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation and entrepreneurship, UMG fosters the development of services, platforms and business models in order to broaden artistic and commercial opportunities for its artists, and create new experiences for fans.
Deal News Reports:
1) CITIC Capital Acquisition Corp (CCAC: $9.93) is nearing a deal to merge with Quanergy Systems
Quanergy Systems Inc, a supplier of self-driving car technology, is nearing a deal to go public through a merger with Chinese blank-check acquisition firm CITIC Capital Acquisition Corp, people familiar with the matter said on Monday.
Quanergy would be the latest company developing LiDAR technology - which uses laser beams to help generate a three-dimensional map of the road - to turn to a so-called special purpose acquisition company (SPAC) to go public.
Others that have done so include Peter Thiel-backed Luminar Technologies Inc and AEye.
The SPAC deal would value Quanergy at $1.1 billion and could be announced as early as this week, the sources said.
To refresh your memory, there have been 5 completed mergers between SPACs and LiDAR companies with another 1 in the DeSPAC process. Here is the breakdown:
In the DeSPAC process:
AEye: announced a definitive agreement with CF Finance Acquisition Corp. III (CFAC: $10.01) in February.
Completed Mergers:
Innoviz Technologies (INVZ: $10.32)
Ouster (OUST: $12.89)
Aeva (AEVA: $11.08)
Velodyne Lidar (VLDR: $10.98)
Luminar Technologies (LAZR: $22.78)
Notable News:
1) Amazon Snaps Up Option to Buy Stake in AI Truck-Driving Startup (Behind paywall)
Amazon.com Inc. has placed an order for 1,000 autonomous driving systems from self-driving truck technology startup Plus and has acquired the option to buy a stake of as much as 20%, Plus said in a regulatory filing, confirming an earlier Bloomberg report.
Amazon has the right to buy preferred shares of Plus via a warrant at a price of $0.46647 per share, the filing shows. That amounts to a roughly 20% stake based on Plus’s shares outstanding before its planned merger with special purpose acquisition company Hennessy Capital Investment Corp. V (HCIC: $10.18)
The Sequoia Capital China-backed company, which is developing autonomous driving technology for long-haul trucking, is set to have a valuation of $3.3 billion, adding $500 million in proceeds to accelerate its expansion, the company said in a statement in May. The company raised $150 million via so-called private investment in public equity, or PIPE, from funds including BlackRock Inc. and D.E. Shaw.
Plus declined to comment via an emailed statement. A representative for Amazon said the company couldn’t immediately comment.
Cupertino, California-based Plus is among a handful of startups trying to up-end a fragmented long-haul trucking business with driverless technology. It has been working with Chinese delivery company SF Holding Co., which uses Plus-enabled trucks that can cover 1,500 kilometers (932 miles) a day, Plus said in April. State-owned China FAW Group Co. plans to start mass production of jointly-developed autonomous trucks this quarter, Plus has said.
2) Forum Merger III (FIII: $9.99) Corporation Management Team Purchases $4.9 Million of Forum III Shares on Open Market
Forum Merger III Corporation and Electric Last Mile, Inc. today announced that Forum’s management team purchased approximately $4.9 million, or 500,000 shares, of Forum’s common stock on the open market.
“This additional investment in Forum ahead of our business combination with Electric Last Mile, Inc. is a testament to our confidence in ELMS’ future as a leader in the commercial electric vehicle industry,” said a member of the Forum management team. “With an expected first-mover advantage and seasoned leadership team, we believe ELMS is strongly positioned to redefine the last mile industry and we look forward to supporting their efforts. As we approach the close of the business combination, we continue to be excited for the future of ELMS.”
Quick News Corner:
Crescent Acquisition Corp (CRSA: $8.81) completes its merger with LiveVox. CRSA will begin trading as LVOX tomorrow, June 22
Acies Acquisition Corp. (ACAC: $8.39) completes its merger with PLAYSTUDIOS. ACAC will begin trading as MYPS tomorrow, June 22
Lordstown Motors (RIDE: $10.07) Executives Sold Stock Ahead of Reporting Results and Before Troubles Came to Light (behind paywall)
Sequoia-backed Zoomcar eyes US listing via SPAC (no particular SPAC is mentioned)
New S-1 Filings:
1) bleuacacia ltd (BLEU)
$300M, 1/3 warrant
Focus: Global high-growth premium consumer-facing brands that have a powerful emotional engagement with millennial and Gen-Z consumers
Management:
Jide Zeitlin (Former Chairman & Chief Executive Officer of Tapestry, Inc., Former CEO of the Coach brand, and Former Global COO of Goldman Sachs’ investment banking business)
Lew Frankfort (Former Chairman & CEO of Coach)
Charles McGuigan (Former COO of L Brands)
S-1 Link: https://www.sec.gov/Archives/edgar/data/1843370/000114036121021718/nt10020699x6_s1.htm
2) Cedarlake Acquisition Corp. (CEDA)
$200M, 1/2 warrant
Focus: Consumer, technology and mobility sectors in China
Advisors
Dominique de Villepin (Former Prime Minister of France)
S-1 Link: https://www.sec.gov/Archives/edgar/data/1852755/000119312521195152/d115749ds1.htm
3) Goldenstone Acquisition Ltd. (GDST)
$50M, 1 warrant (2 warrants per 1 share) and 1 right (1/10th of a share)
S-1 Link: https://www.sec.gov/Archives/edgar/data/1858007/000121390021033184/ea142863-s1_goldenstone.htm
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits:
Tuesday, June 22nd
FinTech Acquisition Corp. IV (FTIV: $11.89) 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: $10.47) Shareholder Meeting to Approve Business Combination with Payoneer
Artius Acquisition (AACQ: $9.50) Shareholder Meeting to Approve Business Combination with Origin Materials
Thursday, June 24th
Forum Merger III Corporation (FIII: $9.99) Shareholder Meeting to Approve Business Combination with Electric Last Mile
Forest Road Acquisition Corp. (FRX: $9.91) Shareholder Meeting to Approve Business Combination with Beachbody and Myx Fitness
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