WeWork is set to become a public company after an unusual 14-month delay post-S-1 filing

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (October 19, 2021)

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

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The Stats:

SPAC Track @SPACtrack

#SPAC Volume Leaders (10/19) $ENTF -U 15.6M* $SMAP-U 6.7M* $FEXD-U 6.3M* $GSAH 5.9M (Merger with Mirion approved, -1.4%) $SNII 4.4M $BOWX 3.3M (Merger with WeWork approved, -9.9%) $BMAQ-U 3.1M* $AGC 2.8M $RTPY 1.9M $HIGA 1.3M *New IPO

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The Deals:

None today.

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Merger Votes/ Completions:

• GS Acquisition Holdings Corp II (GSAH) shareholders approve merger with Mirion Technologies 

  • GSAH previously announced they expect to raise appx $554M from the GSAH trust, indicating an estimated 26% of public shares were redeemed

  • Closing is expected on 10/20 with ticker change to WE set for 10/21

• BowX Acquisition Corp. (BOWX) shareholders approve merger with WeWork

  • WeWork set to receive $1.3B in gross proceeds

  • Closing is expected on 10/20 with ticker change to WE set for 10/21

• Navitas Semiconductor closes its merger with Live Oak Acquisition Corp. II (LOKB). Ticker change to NVTS set for tomorrow.

  • Navitas set to receive ~$320M in gross proceeds, indicating an estimated ~42% of public shares were redeemed

• Algoma Steel closes its merger with Legato Merger Corp. (LEGO). Ticker change to ASTL set for tomorrow.

  • Algoma Steel is set to receive net proceeds of appx. $306M

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Tracking De-SPAC S-1s (including PIPE resale registrations):

No De-SPAC S-1 activity today

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IPOs to begin trading tomorrow*:

1) ESGEN Acquisition Corporation Announces Pricing of Upsized $240 Million Initial Public Offering (ESAC-U)

2) Athena Consumer Acquisition Corp. Announces Pricing of $200 Million Initial Public Offering (ACAQ-U)

3) Newcourt Acquisition Corp Announces Pricing of Upsized $220 Million Initial Public Offering (NCAC-U)

*Priced at the time of this writing

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New S-1s (4):

1) Blue Water Acquisition Corp. II (BWTR)

• $75M, 1/2 Warrant

• Focus: Healthcare

2) Mana Capital Acquisition Corp. (MANA)

• $60M, 1/2 W, 1 R (1/7th of a share)

• Focus: Healthcare, tech, green economy, and consumer products

3) Everest Consolidator Acquisition Corp (MNTN)

• $150M, 1/2 Warrant

• Focus: Independent financial advisory providers and Wealthtech

4) Rigel Resource Acquisition Corp. (RRAC)

• $250M, 1/2 Warrant

• Focus: Global mining, metals, and basic materials

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Upcoming Dates:

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

See the full calendar here.

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Thanks for reading,

SPAC Track

spactrack.net

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

DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice.