The SPAC Week in Review
A newsletter recapping the past week's SPAC activity (May 2, 2022)
The Stats:
The Deals from Last Week (5):
1) Ignyte Acquisition Corp. (IGNY) & Peak Bio
Valuation: $278M Pro-forma equity value
PIPE: $25M including investments from Palo Alto Investors and Peak Bio’s CEO, Hoyoung Huh
2) Isleworth Healthcare Acquisition Corp. (ISLE) & Cytovia Therapeutics
Valuation: $367M Pro-forma EV
PIPE: $20M
3) Arogo Capital Acquisition Corp. (AOGO) & EON Reality
Valuation: $655M Pro-forma EV
4) Data Knights Acquisition Corp. (DKDCA) & OneMedNet
Valuation: $317M pro-forma EV
5) XPAC Acquisition Corp. (XPAX) & SuperBac
Valuation: $500M Pro-forma EV
SPAC Track Pro Updates:
New Data Points, Filters, and a new table view have been added to the Pro Screener:
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, Deadline approaching within 1-4 months
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News from Last Week:
AU10TIX founders in negotiations to sell company at over $1 billion valuation (Calcalist)
Cantor Loses Four in SPAC, Event-Driven Sales and Trading (Bloomberg)
Trump-Tied SPAC [Digital World Acquisition Corp. (DWAC)] Shares Roar Back With Truth Social No.1 in App Store (Bloomberg)
Dubai’s Averda Explores IPO After Ditching SPAC Merger Talks with Better World Acquisition Corp. (BWAC) (Bloomberg)
Chinese Hydrogen Fuel Cell Energy Solution Provider Said to Mull $1 Billion U.S. SPAC Deal
Updates from Last Week:
Terminations / Liquidations
Mallard Acquisition Corp. (MACU) announces liquidation on 4/29/22
MACU will redeem all of the public SPAC shares at a redemption price of 10.10
Shareholders approved the extension with 8.5M shares redeemed or an estimated ~77% of the public SPAC shares. The SPAC opted to liquidate rather than extend
Merger Votes/ Completions
SAI.TECH Global Corporation (SAI) announces closing of the merger with TradeUP Global Corporation (TUGC) and will begin trading as SAI today, 5/2
Spring Valley Acquisition Corp. (SV) shareholders approved the merger with NuScale Power
The merger raised ~$380M in gross proceeds and is expected to close on 5/2 with the ticker change to SMR on 5/3
8.6M shares were redeemed or an estimated ~37% of the public SPAC shares
Zanite Acquisition Corp. (ZNTE) and Eve UAM announce the merger is expected to close on 5/9, subject to approval at the shareholder meeting on 5/6
SoundHound AI (SOUN) completed its merger with Archimedes Tech SPAC Partners Co. (ATSPT) and will trade as SOUN starting today
Extensions
Bull Horn Holdings Corp. (BHSE) shareholders approved the deadline extension from 5/3/22 on a monthly basis up to 11/3/22
~4.3M shares were redeemed (~56% of the public SPAC shares) resulting in $32.7M remaining in trust
Brookline Capital Acquisition Corp. shareholders approved the deadline extension from 5/2/22 on a monthly basis up to 11/2/22
688k shares were redeemed (~12% of the public SPAC shares) resulting in $51.1M remaining in trust
Other Deal Updates
Selina announces $147.5 Million Convertible Note Financing in Connection with its Planned Business Combination with BOA Acquisition Corp. (BOAS)
Mondee and ITHAX Acquisition Corp. (ITHX) announce an additional $20M PIPE investment at $10 per share from two “leading financial investors” bringing the total PIPE proceeds to $70M
De-SPAC S-1 Filings (including PIPE resale registrations*):
S-1 Effective:
SES AI (SES)
*When applicable
S-4 Activity:
S-4 filings:
Avista Public Acquisition Corp. II (AHPA) & OmniAb (subsidiary of Ligand)
Riverview Acquisition Corp. (RVAC) & Westrock Coffee Company
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,