The Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (Feb 10, 2022)
FYI: All the Pro data points on the Pro Screener along with which table “view” and export eligibility can be found here: spactrack.io/screener-instructions
The Stats:
Pre-Market Movers:
CFVI -4.6%, ASAX -5.1%, HCCC -4.6%
Yesterday’s Movers and Volume Leaders:
The Deals:
No deals today.
Merger Votes/ Completions:
SilverBox Engaged Corp I (SBEA) completed its merger with Black Rifle Coffee and will begin trading as BRCC today
The transaction raised appx $150M of cash proceeds
Growth Capital Acquisition Corp. (GCAC) shareholders approved the merger with Cepton Technologies
15.6M shares were redeemed (an estimated ~90% of the public SPAC shares)
Merger Vote Set:
Supernova Partners Acquisition Company II, Ltd. (SNII) & Rigetti Computing (2/28)
News:
Binance, led by the world’s richest crypto billionaire, is taking a $200 million stake in Forbes (CNBC)
Binance, the world’s biggest cryptocurrency exchange, is making a $200 million strategic investment in Forbes, the 104-year old magazine and digital publisher, CNBC has learned.
The funds will help Forbes execute on its plan to merge with a publicly-traded special purpose acquisition company, or SPAC [Magnum Opus Acquisition Ltd (OPA)], in the first quarter, according to people with knowledge of the deal.
Investors have grown skeptical of SPAC deals generally, and media deals in particular, in recent months amid the broader stock market retrenchment. Binance will replace half of the $400 million in commitments from institutional investors announced by Forbes in August, said the people, who declined to be identified before the transaction is announced.
That will make Binance one of the top two biggest owners of Forbes, which will be listed on the New York Stock Exchange under the ticker “FRBS,” the people said. The crypto company will also get two directors out of nine total board seats, they said.
The move shows the increasing real-world influence of the crypto sector, which has seen surging valuations and minted a new class of billionaires amid global interest in digital assets. While crypto companies have gone public, affixed their names to sports arenas and flooded airwaves with celebrity endorsements, this is the sector’s first big investment in a traditional U.S. media property.
Other Updates:
Rumble’s SPAC [CF Acquisition Corp. VI (CFVI)] Stock Drops 17% After Joe Rogan Rejects Offer To Leave Spotify (Forbes)
New SPACs (S-1s):
No new S-1s yesterday
Registration Withdrawals:
HighCape Capital Acquisition Corp. II (HCCR)
If you find this newsletter useful, feel free to share it with a friend (the free version of the newsletter) and suggest they subscribe:
De-SPAC S-1s (including PIPE resale registrations*):
S-1 filings:
System1 (SST) (Wed.)
S-1 effective:
Sonder (SOND)
The Greenrose Holding Company (GNRS)
*When applicable
S-4 Activity:
S-4/A filings:
Highland Transcend Partners I Corp. (HTPA) & Packable (Wed.) (4th amendment)
FirstMark Horizon Acquisition Corp. (FMAC) & Starry (Wed.) (4th amendment)
Motive Capital Corp (MOTV) & Forge Global (4th amendment)
Tailwind Two Acquisition Corp. (TWNT) & Terran Orbital (3rd amendment)
S-4 effective:
Supernova Partners Acquisition Company II, Ltd. (SNII) & Rigetti Computing
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings
See the full calendar here.
Thanks for reading,