The SPAC Week in Review
A newsletter recapping the previous week's SPAC activity (May 9, 2022)
The Stats:
The Deals from Last Week (2):
1) Mountain Crest Acquisition Corp. IV (MCAF) & CH-AUTO
Valuation: $1.25B equity value
2) Fortune Rise Acquisition Corporation (FRLA) & VCV Digital Technology
Valuation: $294.1M 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:
Facebook Billionaire Eduardo Saverin’s B Capital Abandons SPAC Plans Amid Market Volatility (Forbes)
Giga Carbon Neutrality, a commercial mobility and clean energy technology company, announced that it has signed an LOI to merge with an unnamed SPAC
Satellogic (SATL) to launch 68 satellites with SpaceX (SpaceNews)
Offerpad (OPAD) turns in a $41M profit in the first quarter (RealTrends)
Better's SPAC deal [Aurora Acquisition Corp. (AURC)] could be in peril as investors raise more red flags in a lawsuit against its embattled CEO Vishal Garg (Business Insider)
Updates from Last Week:
Terminations / Liquidations
Goldenbridge Acquisition Limited (GBRG) and AgiiPlus mutually agree to terminate the merger
Merger Votes/ Completions
Spring Valley Acquisition Corp. (SV) announces the closing of the merger with NuScale Power and will begin trading as SMR today, 5/3
The transaction raised gross proceeds of $380M
Merger vote set:
Extensions
AGBA Acquisition Limited (AGBA) shareholders approved the extension of the deadline from 5/16/22 to 11/16/22
L&F Acquisition Corp. (LNFA) shareholders approved the extension of the deadline from 5/3/22 to 8/24/22
13,824,311 shares were redeemed or an estimated ~79% of the public SPAC shares
Maquia Capital Acquisition Corporation (MAQC) announces it intends to extend its deadline from 5/7/22 to 8/7/22 by depositing $0.10 per public SPAC share into the trust
Data Knights Acquisition Corp. (DKDCA) announced it extended its deadline from 5/11/22 to 8/11/22 by depositing $0.10 per share into trust
Other Deal Updates
Dune Acquisition Corporation (DUNE) announces that its Board of Directors unanimously recommends that Dune’s stockholders vote against the merger when the vote occurs
De-SPAC S-1 Filings (including PIPE resale registrations*):
S-1 Filings:
LumiraDx (LMDX) (F-1)
Gogoro (GGR) (F-1)
Comera Life Sciences / OTR Acquisition Corp. (OTRA)
S-1 Effective:
BRC (Black Rifle Coffee) (BRCC)
Sky Harbour (SKYH)
*When applicable
S-4 Activity:
S-4 filings:
Iron Spark I Inc. (ISAA) & Hypebeast (F-4)
S-4 Effective:
Lionheart Acquisition Corp. II (LCAP) & MSP Recovery
Apollo Strategic Growth Capital (APSG) & American Express Global Business Travel
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,