The SPAC Week in Review

A newsletter recapping the past week's SPAC activity (April 18, 2022)

SPAC Track

Apr 18, 2022

The Deals from Last Week (2):

1) 8i Acquisition 2 Corp. (LAX) & EUDA Health Limited

Valuation: $580M EV
PIPE: No PIPE
Press Release
Investor Presentation

Saturday morning deal:

2) East Stone Acquisition Corporation (ESSC) & ICONIQ (NTWN)

NWTN is one of the world’s pioneering smart electric vehicle company which aims to integrate avant-garde design, life-style personalization, IoT connectivity, and autonomous driving technology into “a passenger-centric green premium mobility solution to the world”, a vision coined by its founder and chairman Mr. Alan Wu, who has defined this Smart Passenger Vehicle (“SPV”) vehicle concept for the global automobile industry.

Valuation: $2.5B “post-combination valuation”
PIPE: No PIPE
Press Release

SPAC Track Pro Updates:

Sign up for SPAC Track Pro by next Monday, April 25th and get 20% off of the annual subscription with the promo code: ‘NEWSLETTER20’.

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, disc/prem 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:

Infinite Reality to Buy ReKTGlobal, Aims to Raise $150 Million (Bloomberg)
Circle [merging with Concord Acquisition Corp (CND)] announces $400M funding round including investments from BlackRock and Fidelity
- Also: Stablecoin Issuer Circle [merging with Concord Acquisition Corp (CND)] Leads U.K. Charm Offensive Ahead of New Rules
SPAC Trades May Have Made 888% Profit. Some Face SEC Scrutiny (Bloomberg Law)
Credit Suisse Committee to Review SPAC Deals as SEC Rules Loom (Bloomberg)
Meesho plans to launch live commerce biz by year-end. “The company is currently exploring either a domestic listing or a SPAC-listing in the US” (Mint)
Activist investors are hunting targets in the SPAC market, but battles won’t be easy to win (CNBC)
BlackRock’s Newest Investment Paves The Way For Digital Assets On Wall Street (Forbes)
NASDAQ Grants View, Inc. (VIEW) Stay of Delisting through End of May 2022, Consistent with View’s Expected Timeline to Become Current with Filings
Indonesia’s Tiket Weighs Blibli Merger Before $1 Billion IPO [talks with Crescent Cove Acquisition Corp. (COVA) have fallen apart] (Bloomberg)
Gensler Pushed by Industry for More Time to Comment on SEC Plans (Bloomberg Law)

Updates from Last Week:

Terminations

Alberton Acquisition Corp. (ALAC) was notified by its merger partner, SolarMax Technology, that it intends to terminate the merger “because it reasonably believed that the proposed merger between the Company and SolarMax would not be completed by April 26, 2022”
CHP Merger Corp. (CHPM) and Accelus mutually terminate merger due to market conditions with CHPM opting to liquidate on 4/25
East Stone Acquisition Corporation (ESSC) issued a press release on Saturday morning announcing a new deal with ICONIQ (NTWN) and noting that the merger agreement with JHD Holdings was terminated.

Merger Votes/ Completions

Merger Vote Set:
- OTR Acquisition Corp. (OTRA) & Comera Life Sciences (5/10)

Extensions

Global SPAC Partners Co. (GLSPT) shareholders approved the deadline extension from 4/13/22 to 7/13/22
- $0.03 per public share was added to the trust
- 3.8M shareholders redeemed leaving 12.9M public shares remaining

Other Deal Updates

Archimedes Tech SPAC Partners Co. (ATSPT) enters into new PIPE subscription agreement for $2M, bringing total PIPE proceeds to $113M for its merger with SoundHound
Bowlero Corp. (BOWL) Announces Redemption of All Outstanding Warrants