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Conditions are improving (just not the cash kind)

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

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

The average return among De-SPACs (common shares only) completed YTD is now -1.1%. Last Monday this number was -6.3%.

The top performer, Stem (STEM: $24.96), is up 150% while the bottom is Ensysce Biosciences (ENSC: $3.07) at -69%.

The Stats:

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The Deals (1):

1) Petra Acquisition, Inc. (PAIC: $10.07) & Revelation Biosciences

  • Merger Partner Description:

Revelation Biosciences, Inc. is a clinical stage life sciences company focused on the development of immunologic‑based therapies for the prevention and treatment of disease. Revelation has several product candidates in development. REVTx‑99, the lead therapeutic candidate, is an intranasal immunomodulator to prevent or treat infections caused by various respiratory viruses such as SARS-CoV-2 including its variants, influenza A and B, parainfluenza, rhinovirus, and RSV. REVTx‑200 is an intranasal immunomodulator adjunct to be used in combination with an intramuscular vaccination for more complete immunity. REVTx‑200 is based on the same technology used in REVTx-99. In addition to Revelation’s therapeutic pipeline, Revelation is also developing REVDx‑501, a rapid point-of-care diagnostic that can be used to detect any respiratory viral infection, regardless of virus type or strain, without the need for specialized instrumentation.

  • Valuation: $128M EV

  • PIPE: No PIPE

  • Press Release

  • No Investor Presentation filed

Deal News:

Spring Valley Announces Shareholder Approval of Business Combination with AeroFarms

Spring Valley Acquisition Corp. (SV: $9.95) shareholders approve the merger with AeroFarms.

However, due to the redemptions, the minimum cash condition has not been met and the parties are now seeking additional capital. AeroFarms insiders are expected to contribute a significant portion of the additional capital. Closing is expected on 9/24, or earlier, if the parties agree to close.

Other News:

Astra Space Drops Most Since SPAC Deal After Mission Fails (Bloomberg—paywalled)

Astra Space Inc. (ASTR: $9.49) shares plunged the most since going public last month after a weekend mission failed to carry a test payload into orbit -- the latest setback for the satellite-launch provider.

The company’s 45-foot-tall rocket took off unsteadily Saturday from a pad at the Pacific Spaceport Complex in Alaska, flew for more than 2 minutes and then suffered what Astra described as “technical difficulties.”

Astra tumbled 17% to $9.68 at 9:54 a.m. in New York after dropping as much as 24%. The Alameda, California-based company, which began trading July 1 via a special purpose acquisition company run by telecommunications billionaire Craig McCaw, said it had gathered valuable data from the flight and has more rockets ready to test again soon.

The machine was carrying a test payload for the U.S. Space Force. Astra had its most successful launch in December, when its rocket reached space and then just missed reaching orbit.

Tracking De-SPAC S-1s:

IPOs to Begin Trading Tomorrow:

1) Alpine Acquisition Corporation Announces Pricing of $100.0 Million Initial Public Offering (REVE-U)

*Priced at the time of this writing

New S-1s:

None today.

Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

Tues, August 31

  • Merger Meetings:CM Life Sciences II Inc. (CMII: $10.37) & SomaLogicSupernova Partners Acquisition Company (SPNV: $9.14) & OfferpadCentricus Acquisition Corp. (CENH: $9.99) & Arqit Limited

Wed, Sep 1

  • Merger Meetings:Chardan Healthcare Acquisition 2 Corp (CHAQ: $10.15) & RenovacorGenesis Park Acquisition Corp. (GNPK: $9.98) & Redwire

Fri, Sep 3

  • Merger Meeting: Sustainable Opportunities Acquisition Corp (SOAC: $9.98) & DeepGreen Metals

Thanks for reading,

SPAC Track

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.