The SPAC Week in Review
A newsletter recapping the previous week's SPAC activity (June 1, 2022)
The Stats:
The Deals from Last Week (4):
1) Goldenbridge Acquisition Limited (GBRG) Auto Services Group (SunCar)
Valuation: $858M Pro-forma Enterprise Value
2) Aesther Healthcare Acquisition Corp. (AEHA) & United Gear & Assembly
3) Legato Merger Corp. II (LGTO) & Southland Holdings
Valuation: $810M Pro-forma Enterprise Value
4) Crescent Cove Acquisition Corp. (COVA) & ECARX
Valuation: $3.5B Pro-forma Enterprise Value
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News from Last Week:
EV Startup Electric Last Mile (ELMS) Warns It May Run Out of Cash in June (Bloomberg)
Swvl (SWVL) lays off a third of its workers to pursue profitability (Quartz)
eToro targeting $1 billion funding round after SPAC stalls (Calcalist)
Parent of Social Platform Uplive Is Discussing Deal With E.Merge SPAC [E.Merge Technology Acquisition Corp. (ETAC)] (Bloomberg)
Trump’s commerce secretary Ross plots £700m merger with UK’s Atom Bank [Ross Acquisition Corp II (ROSS)] (Sky News)
Updates from Last Week:
Terminations / Liquidations
Trepont Acquisition Corp I (TACA) announced it will liquidate effective of 6/10. The redemption price per share is $10.10
Cascade Acquisition Corp. (CAS) provided an update that the liquidation/ redemption of all outstanding shares will take place on 6/8 with the redemption price of $10.10 per share
Merger Votes/ Completions
Apollo Strategic Growth Capital (APSG) completed its merger with American Express Global Business Travel and the combined company started trading as GBTG
77,514,764 shares were redeemed or an estimated ~95% of the public SPAC shares
Haymaker Acquisition Corp. III (HYAC) completed its merger with Biote and started trading as BTMD
Lionheart Acquisition Corporation III (LCAP) completes its merger with MSP Recovery and started trading as MSPR
Merger vote set:
Extensions
OceanTech Acquisitions I Corp. (OTEC) extended its deadline by 6 months from 6/2 to 12/2 by adding $0.15 per public share into the trust
Kingswood Acquisition Corp. (KWAC) extended its deadline to 11/24 by depositing $60,969 into the trust
Tiga Acquisition Corp. (TINV) extended its deadline to 11/27 by depositing funds from private placement warrant sale to the sponsor into trust
Other Deal Updates
Edoc Acquisition Corp. (ADOC) and Calidi Biotherapeutics amend the merger agreement to, among other things, reduce the merger consideration to Calidi from $400M to $380M
Gores Holdings VIII, Inc. (GIIX) and Footprint amend the merger agreement to among other things, reduce the PIPE size to account for the Class C Financing raised by Footprint
De-SPAC Updates
Vivid Seats (SEAT) announces warrant exchange offer and $40M share repurchase program
Warrant holders have the opportunity to receive 0.240 shares of Class A Common Stock in exchange for each warrant
De-SPAC S-1 Filings (including PIPE resale registrations*):
S-1 Filings:
Prenetics (PRE)
S-1 Effective:
BigBear.AI (BBAI)
Alpha Tau Medical (DRTS)
*When applicable
S-4 Activity:
S-4 filings:
Bull Horn Holdings Corp. (BHSE) & Coeptis Therapeutics
Cohn Robbins Holdings Corp. (CRHC) & Allwyn Entertainment
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,