The SPAC Week in Review
A newsletter recapping the past week's SPAC activity (April 25, 2022)
The Stats:
The Deals from Last Week (2):
1) Bull Horn Holdings Corp. (BHSE) & Coeptis Therapeutics
Valuation: $175M
PIPE: No PIPE
2) LMF Acquisition Opportunities, Inc. (LMAO) & SeaStar Medical
Valuation: $85M EV
PIPE: Expected PIPE from existing investors, The Dow Chemical Company Pension Plans
SPAC Track Pro Updates:
Sign up for SPAC Track Pro by end of day today (4/25) and get 30% off of the annual subscription with the promo code: ‘NEWSLETTER30’.
After today, you can sign up for 10% off the annual subscription with the promo code: ‘NEWSLETTER10’.
New Data Points, Filters, and a new table view have been added to the Pro Screener as of 4/14:
Votes / Actions View: A downloadable table view to quickly access upcoming vote details, trust per share details, discount /premium to trust, & other relevant data points
New Data Points: Disc/prem to trust (Votes/Action View) and Merger Partner Geography (Deal Details View)
New Filters: Warrant Coverage, Upcoming Vote (definitive merger or extension vote scheduled), Merger Partner Geography
News from Last Week:
Elliott Management Backs SPAC Deal for Travel-Tech Company Mondee (PYMNTS.com)
A court battle that has raised concerns about Spacs (FT)
Helbiz earns its name with punishing 2021 earnings (TechCrunch)
Bed Bath & Beyond's Buybuy Baby Draws Buyer Interest (WSJ)
Updates from Last Week:
Terminations
Alberton Acquisition Corp. (ALAC) will liquidate on 4/26/22 after the merger with SolarMax was terminated on 4/20
ALAC was previously notified by NASDAQ that the exchange would delist ALAC’s shares if the SPAC did not complete the merger by 4/26
Merger Votes/ Completions
TradeUP Global Corporation (TUGC) shareholders approved the merger with SAITECH with 2.07M shares redeemed or an estimated ~46% of the public SPAC shares
Spring Valley Acquisition Corp. (SV) announces that it expects to close its merger on 5/2 and begin trading on NYSE as SMR on 5/3
Merger Vote Set:
Extensions
FoxWayne Enterprises Acquisition Corp. (FOXW) extends its deadline from 4/22/22 to 7/22/22 by adding $0.025 per share to trust
Greencity Acquisition Corporation (GRCY) shareholders approved the extension of the deadline from 4/28/22 to 10/28/22
78k shares were redeemed, leaving $41M in the trust
Other Deal Updates
Gores Guggenheim, Inc. (GGPI) and Polestar amend merger agreement to extend the outside date from 5/27 to 6/24
Software Acquisition Group Inc. III (SWAG) and Nogin announce $60M convertible note financing as part of the PIPE, in connection with the upcoming merger (expected to take place Q2), including funds managed by UBS, Tenor Capital Management and the CEO of SWAG III
Alvotech and Oaktree Acquisition Corp. II (OACB) secure up to $250M in financing to backstop redemptions: a binding term sheet for $75-$125M in debt from Sculptor and $150M equity financing from Yorkville
The parties also agreed to reduce the min. cash condition so that it is satisfied by the PIPE proceeds and new financing
Tuatara Capital Acquisition Corporation (TCAC) and SpringBig amend the merger agreement to, among other things, reduce SpringBig’s valuation from $245 to $215M
Gesher I Acquisition Corp. (GIAC) receives a commitment of $10M from Composite Analysis Group to backstop redemptions
This is the 2nd commitment it has received. See: GIAC enters into an amended FPA agreement with M&G Investment Management Limited
De-SPAC S-1 Filings (including PIPE resale registrations*):
S-1 filings:
Terran Orbital (LLAP)
Fast Radius (FSRD)
Swvl (SWVL)
Starry (STRY)
Forge Global (FRGE)
Effective:
System1 (SST)
*When applicable
S-4 Activity:
S-4 filings:
Agrico Acquisition Corp. (RICO) & Kalera
Effective:
ACE Convergence Acquisition Corp (ACEV) & Tempo Automation
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,