The SPAC Week in Review
A newsletter recapping the previous week's SPAC activity (June 21, 2022)
The Stats:
The Deals from Last Week (5):
JATT Acquisition Corp. (JATT) & Zura Bio
Valuation: $215M Pro-forma Enterprise Value
Digital Health Acquisition Corporation (DHAC) and VSee Lab, Inc. & iDoc Telehealth Solutions, Inc.
“Expected valuation of $110 million”
Future Health ESG Corp. (FHLT) & Excelera
Valuation: $459M Pro-forma Enterprise Value
LightJump Acquisition Corp. (LJAQ) & Moolec Science
Valuation: $504M Pro-forma Equity Value
Moringa Acquisition Corp (MACA) & Holisto)
Valuation: $405M Pro-forma Equity Value
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News from Last Week:
EV-Truck Startup Electric Last Mile (ELMS) Says It Plans to Liquidate (Bloomberg)
Astra’s (ASTR) failed launch resulted in the loss of two NASA weather satellites (The Verge)
Tidjane Thiam’s Spac [Freedom Acquisition I (FACT)] in merger talks with life sciences group Human Longevity (FT)
Why a $33 Billion SPAC Deal Couldn’t Pay Its Bankers (Bloomberg Opinion)
Payment Technology Company Paya (PAYA) to Explore Sale (Bloomberg)
Updates from Last Week:
Terminations / Liquidations
Sports Ventures Acquisition Corp. (AKIC) and DNEG Mutually Agreed to their merger agreement “due to unfavorable market conditions”
GO Acquisition Corp (GOAC) announces it will liquidate on 8/7/22 returning $10 per public share
Merger Votes/ Completions
Today’s update: Gores Guggenheim, Inc. (GGPI) and Polestar announced that preliminary redemptions reflect a maximum of 25%, which could decrease if preliminary redemption requests are withdrawn, ahead of its merger vote scheduled for tomorrow — the SPAC was accepting withdrawals of redemption requests as of earlier this morning
The merger is expected to close on Thurs, 6/23, with the ticker change to PSNY on 6/24
At 25% redemptions, the transaction is expected to raise $850M
Tuatara Capital Acquisition Corporation (TCAC) completed its merger with springbig and has started trading as SBIG
Virgin Group Acquisition Corp. II (VGII) completed its merger with Grove Collaborative and the combined company has started trading under the new ticker, GROV
Oaktree Acquisition Corp. II (OACB) completed its merger with Alvotech with the combined company has started trading as ALVO
Merger vote set: Northern Lights Acquisition Corp. (NLIT) & Safe Harbor Financial (6/24)
Extensions
Ventoux CCM Acquisition Corp. (VTAQ) shareholders approved the deadline extension from 6/30 to 9/30
~16M shares were redeemed or an estimated ~92% of the public SPAC shares, leaving $12.8M in trust
Corner Growth Acquisition Corp. 2 (TRON) shareholders approved the deadline extension from 6/21 to 7/21 and on a monthly basis for an additional 8 months, through 3/21/23
~11.09M shares were redeemed or 60% of the public SPAC shares, leaving $74.1M in trust
Dune Acquisition Corporation (DUNE) shareholders approved the deadline extension from 6/22 to 12/22 of next year.
~16.4M shares were redeemed or an estimated ~95% of the public SPAC shares, leaving $8.4M in trust
Altitude Acquisition Corp. (ALTU) shareholders approved the deadline extension from 6/11 to 10/11
~24.9M shares were redeemed or an estimated ~83% of the public SPAC shares, leaving $50.6M in trust
Ackrell SPAC Partners I Co. (ACKIT), which has its extension vote scheduled for 6/21 to extend its deadline on a monthly basis from 6/23 to 9/23, announced that the sponsor will deposit “an amount equal to the lesser of $0.043 per share and $200,000” per each monthly extension
Global Consumer Acquisition Corp. (GACQ) deposited $0.10 per share into trust to extend its deadline from 6/11 to 9/11
KINS Technology Group Inc. (KINZ) shareholders approved the deadline extension from 6/17 to 12/16
Other Deal/ SPAC Updates
Freedom Acquisition I (FACT) announced it has into a non-binding LOI with Human Longevity
G Squared Ascend I Inc. (GSQD) and Transfix amended the merger agreement to, among other things, extend the outside date to 11/3, and entered into an amend convertible note purchase agreement of up to $50M
26 Capital Acquisition Corp. (ADER) announced that it has postponed the vote for its merger with Okada Manila with the new date “announced as soon as practical”. The S-4 will be amended to account for the May 31st incident, in which “Mr. Kazuo Okada, a former director of the Company, illegally and violently entered and occupied OKADA Manila premises.”
Mountain Crest Acquisition Corp. III (MCAE) and Etao amend the merger agreement to, among other things, reduce Etao’s valuation from $2.5B to $1B and to extend the outside date from 5/31 to 12/31
Barclays resigned from advising EJF Acquisition Corp. (EJFA) & Pagaya ahead of their merger
Roth CH Acquisition IV Co. (ROCG) entered into a non-binding LOI “with a target company”
Northern Lights Acquisition Corp. (NLIT) and Safe Harbor Financial announced that they have entered into a redemption backstop agreement for up to $50M with Midtown East Management
Pershing Square SPARC Holdings, Ltd. filed an amended S-1 for its “SPARC”
East Stone Acquisition Corp (ESSC) added $200M to the PIPE for its merger with NTWN
Waldencast Acquisition Corp (WALD) added $8M to the PIPE for its merger with Obagi and Milk Makeup
De-SPAC S-1 Filings (including PIPE resale registrations*):
S-1 Effective:
Gogoro (GGR)
Starry Group (STRY)
Anghami (ANGH)
*When applicable
S-4 Activity:
S-4 filings:
Chardan NexTech Acquisition 2 Corp. (CNTQ) & Dragonfly Energy
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,