Wake me up before you Gogoro

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (September 14, 2021)

Discover and track all of the SPACs at spactrack.net.


The Stats:


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The Deals:

None today.


News:

Taiwanese Startup Gogoro in Merger Talks With Poema SPAC (Bloomberg—paywalled)

Gogoro, a Taiwanese startup that specializes in battery-swapping technology, is in talks to go public through a merger with Poema Global Holdings Corp. (PPGH), a blank-check firm, according to people with knowledge of the matter.

The deal is set to value the combined company at $1 billion or more, the people said, asking not to be identified as the information is private. An announcement could come as soon as this week, they said. Terms may change and, as with any deal that isn’t finalized, it’s possible that talks could fall through.

A representative for Gogoro said “as a matter of policy we don’t comment on rumor or speculation.” Poema did not immediately respond to calls or emails seeking comment. 

Taipei-based Gogoro has touted its ability to reduce energy consumption with its products that power electric scooters and other two-wheeled vehicles. Last month, it said that together with its customers, it had saved 300 million kilograms (661 million pounds) of carbon dioxide, the equivalent of what more than 30 million trees absorb in a year.

“Gogoro’s innovative battery-swapping technology will provide cities with a better electric refueling system that greatly reduces consumer anxiety on battery life and range as well as usage costs,” Dong Jinggui, chairman of Yadea Group Holdings Ltd., a Gogoro partner that makes e-scooters and bicycles, said in a May statement. “It will introduce a brand-new mobility experience that is safer and more convenient while reducing the carbon footprint of our customers.”


Spire snaps up exactEarth in first acquisition as a public company (SpaceNews)

Newly listed small satellite constellation operator Spire Global (SPIR) is buying Canadian ship-tracking company exactEarth in its first major acquisition, inflating expectations of more space consolidation amid a surge of companies going public.

Vienna, Virginia-based Spire, which provides data-gathering and analysis services in maritime and other markets with more than 110 Lemur satellites in low Earth orbit, is acquiring exactEarth for about $161.2 million through a mix of cash and stock. 

The deal values exactEarth at just over nine times its total revenue over the last 12 months, the companies said in a Sept. 14 announcement.

Shareholders in exactEarth will own about 3.8% of Spire after the transaction, if at least two-thirds of them approve it during a meeting they expect to hold in November.

Spire has already got the support of around 60% of exactEarth’s shareholders, including its directors and officers.

Peter Mabson, exactEarth’s chief executive officer, will report to Spire CEO Peter Platzer under the plan, as exactEarth becomes a fully owned subsidiary of Spire.

“Peter and I share a vision about the opportunity for space-based maritime data and the digitalization of the global maritime industry, and I look forward to pursuing that vision together,” Platzer said in a statement. 

“I have great respect for the highly experienced team at exactEarth and am excited to continue driving this digital transformation together, serving more customers with a more robust data and solutions platform.”

Cambridge, Ontario-based exactEarth was founded in 2009 to provide Satellite-Automatic Identification System (S-AIS) services to the global maritime industry. 

Spire said the acquisition increases its customer base by more than 75%, adding over 150 S-AIS commercial and government customers across 39 countries.


Quick News Corner:

  • Soaring Eagle Acquisition Corp. (SRNG: $9.87 +7.87%) shareholders approved its merger with Ginkgo Bioworks

    • After ~50% of redemptions, Ginkgo will receive $1.633B of gross proceeds, including $775M from the PIPE and ~$858M from the trust

    • Closing is expected on 9/16 with the ticker change to DNA expected on 9/17

  • Atlas Crest Investment Corp (ACIC: $10.19 +6.48%) shareholders approved its merger with Archer Aviation

    • After ~48.5% of redemptions, Archer will receive $857.6M of gross proceeds, including $600M from the PIPE

    • Closing is expected on 9/16 with the ticker change to ACHR expected on 9/17

  • TPG Pace Tech Opportunities Corp. (PACE) shareholders approved its merger with Nerdy

  • Marquee Raine Acquisition Corp. (MRAC) and Enjoy Technology announced a $100M backstop and “reflecting current market conditions” have reduced the Pro-forma EV from $1.18B to $1.06B

  • Lilium completes its merger with Qell Acquisition Corp. (QELL)

    • Ticker change to LILM is set for tomorrow, 9/15

  • Yunhong International (ZGYH) announced the termination of its deal with Giga Carbon Neutrality Inc. (f/k/a Giga Energy Inc.)

  • Rice Acquisition Corp. (RICE) filed an 8-K noting that one of the PIPE investors was unable to fulfill their $25M investment, thus additional PIPE financing was secured in the amount of $25M (1.7M shares at $15 per share)


Tracking De-SPAC S-1s (PIPE Registrations):


IPOs to Begin Trading Tomorrow*:

1) Sierra Lake Acquisition Corp. Announces Pricing of $300 Million Initial Public Offering (SIER-U)

  • Up to 13 “anchor investors” that are to purchase up to 29.9M in exchange for 1.875M founder shares (from the previous S-1/A)

2) WinVest Acquisition Corp. Announces Pricing of $100 Million Initial Public Offering (WINV-U)

*Priced at the time of this writing


New S-1s (3):

1) Arbor Rapha Capital Bioholdings Corp. I (ARCK)

  • $150M, 1/3 Warrant

  • Focus: Biopharmaceuticals

  • Management:

    Ivan Kaufman (Founder, Chairman, & CEO of Arbor Realty Trust)

2) Compass Digital Acquisition Corp. (CDAQ)

  • $200M, 1/3 Warrant

  • Focus: Technology Services and Software industry

  • Management:

    Abid Neemuchwala (Former CEO of Wipro)

  • Directors:

    Steven Freiberg (Vice Chairman of SoFi, Director of MasterCard, and Former CEO of E*TRADE)

    Deborah Hopkins (Former COO & CTO of Citigroup and Former CFO of The Boeing Company)

    Admiral Bill Owens (Former Vice Chairman of the Joint Chiefs of Staff, Former Chairman of CenturyLink Telecom)

3) Renewable Energy Acquisition Corp. (REAI)

  • $75M, 1 Warrant, 1 Right (1/10th sh)

  • Focus: Renewable Energy


Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, and Expected Ticker Changes

Wed, Sep 15

  • Merger Meetings:

    D8 Holdings Corp (DEH) & Vicarious Surgical

    Rotor Acquisition Corp. (ROT) & Sarcos Robotics

  • Expected Ticker Change:

    Qell Acquisition Corp. (QELL) --> Lilium (LILM)

Thurs, Sep 16

  • Merger Meetings:

    Cerberus Telecom Acquisition Corp (CTAC) & KORE

  • Expected Ticker Change:

    Rice Acquisition Corp. (RICE) --> Archaea Energy (LFG)

Fri, Sep 17

  • Expected Ticker Change:

    Soaring Eagle Acquisition Corp. (SRNG: $9.87 +7.87%) --> Ginkgo Bioworks (DNA)


Thanks for reading,

SPAC Track

spactrack.net

Note: Share prices only included if 5%+ moves and for all De-SPAC PIPE entries
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