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2 SoftBank-backed companies getting an early Christmas present

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (November 30, 2021)

Two SoftBank-backed tech companies, Better (merging with AURC) and Grab (merger with AGC approved today), are about to receive a major capital infusion.

Better, announced it reworked its merger agreement to give the company access to $750M bridge financing now while Grab is set to close its SPAC merger tomorrow, giving the Southeast Asian “super-app” an estimated $4.5B in cash proceeds.

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

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The Stats:

The Deals:

1) Adit EdTech Acquisition Corp. (ADEX: warrants +1.77%) & Griid Infrastructure

Merger Partner Description:

GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining facilities across the United States. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. With its unique vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets.

Merger Votes/ Completions:

  • Merger Vote Set: Roman DBDR Tech Acquisition Corp. (DBDR) & CompuSecure: 12/23

  • DD3 Acquisition Corp. II (DDMX) completes its merger with Codere Online. Will trade as CDRO starting tomorrow

    • The transaction raised appx $116M after an estimated ~61% of public shares were redeemed

  • ION Acquisition Corp 2, Ltd. (IACB) shareholders approved its merger with Innovid

    • Closing is expected to be tomorrow, 11/30, with the ticker change to CTV on 12/1

    • The transaction raised appx $251M after 19.6M shares were redeemed (an estimated ~77% of the public shares)

  • Thimble Point Acquisition Corp. (THMA) shareholders approved its merger with Pear Therapeutics

  • Altimeter Growth Corp. (AGC) shareholders approved its merger with Grab

    • Closing is expected to be on 12/1, with the ticker change to GRAB on 12/2

    • 8.5k shares were redeemed or 0.02% of the public shares

  • TPG Pace Solutions Corp. (TPGS) shareholders approved its merger with Vacasa

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

No activity.

Quick News:

  • GigCapital4, Inc. (GIG) lowers the valuation of BigBear.ai by 15% to $1.05B to “reflect current market conditions” and enters into a $75M backstop agreement with AE Industrial Partners

  • Aurora Acquisition Corp. (AURC) announces it has reworked the PIPE/backstop financing for its merger with Better

    • The commitment for up to $1.78B that Better was to receive from SoftBank (existing investor and PIPE investor) and Novator (SPAC sponsor) in the form of a $1.5B PIPE and $278M backstop has been replaced by an up to $1.5B commitment from SoftBank and Novator that includes a $750M bridge financing funded immediately (will convert into common equity upon closing) and an additional $750M convertible note at Better’s option after closing

    • Under the previous arrangement, $950M of the up to $1.78B commitment was to be used to purchase shares from existing Better shareholders.

    • Under the new arrangement, all of the $1.5B proceeds will “go directly to Better’s balance sheet (i.e., no secondary purchase from existing Better shareholders) to accelerate growth”.

IPOs to begin trading tomorrow*:

1) Roth CH Acquisition V Co. Announces Pricing of $100 Million Initial Public Offering (ROCL-U)

2) Capitalworks Emerging Markets Acquisition Corp Announces Pricing of $200 Million Initial Public Offering (CMCA-U)

*Priced as of this writing

New S-1s:

None today

Upcoming Dates:

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

See the full calendar here.

Thanks for reading,

SPAC Track

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.