The Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for paid subscribers. (Feb 9, 2022)
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FYI: All links are underlined.
The Stats:
Pre-Market Movers:
SBEA +6.5%, ROCR -1.9%
Yesterday’s Movers and Volume Leaders:
The Deals:
No deals today.
Merger Votes/ Completions:
CITIC Capital Acquisition Corp. (CCAC) completed its merger with Quanergy Systems and will begin trading under its new ticker, QNGY, today
The transaction raised appx $50M from the PIPE and SPAC trust as well as an up to $125M subscription agreement in which $25M can be drawn following S-1 effectiveness
M3-Brigade Acquisition II Corp. (MBAC) Announces Termination of Merger Agreement with Syniverse and MBAC will seek an alternative business combination due to high number of redemptions resulting in the SPAC not meeting the minimum cash condition for closing
"Although the parties collaboratively sought potential solutions in anticipation of high redemptions as a result of the recent turbulence in capital markets and growth stocks, these same conditions prevented the parties from reaching agreement on modifying the transaction terms," said Donald E. Morgan III, the Founder, Managing Partner and Chief Investment Officer of Brigade Capital Management, LP. "Nobody on the MBAC team is happy to have a failed deal and rest assured that we will have alternative sources of financing in hand for our next proposed combination"
Other Updates:
3 top execs depart Better after SPAC merger [with Aurora Acquisition Corp. (AURC)] delay and layoffs (Inman)
IPOs*:
1) Evergreen Corporation Announces Pricing of $100,000,000 Initial Public Offering (EVGR-U)
2) Counter Press Acquisition Corporation Announces Pricing of $75 Million Initial Public Offering (CPAQ-U)
3) byNordic Acquisition Corporation Announces Pricing of $150 Million Initial Public Offering (BYNO-U)
*Announced pricing as of this writing
New SPACs (S-1s):
No new S-1s yesterday after market open.
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De-SPAC S-1s (including PIPE resale registrations*):
S-1/A filings:
BigBear.AI (BBAI) (Tuesday)
*When applicable
S-4 Activity:
S-4 filings:
ArcLight Clean Transition Corp. II (ACTD) & OPAL Fuels
S-4/A filings:
Supernova Partners Acquisition Co II, Ltd. (SNII) & Rigetti Computing (Tuesday) (4th amendment)
MedTech Acquisition Corporation (MTAC) & Memic Innovative Surgery (Tuesday) (3rd amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings
See the full calendar here.
Thanks for reading,