Cutting Back

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (November 23, 2021)

November 23, 2021

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

With the market-wide cutting back on growth and tech stocks, recent De-SPACs like Genius Sports (GENI: $10.19 -25.29%) and Aurora Innovation (AUR: $12.15 -18.73%) experienced steep declines today.

Meanwhile, another form of scaling back was highlighted with Bright Lights Acquisition Corp. (BLTS) announcing a deal to merge with the men’s grooming company, MANSCAPED.

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The Stats:

The Deals:

1) Bright Lights Acquisition Corp. (BLTS: warrants +33%) & MANSCAPED

Merger Partner Description:

Founded by Paul Tran in 2016, San Diego, California-based MANSCAPED™ is the leading men’s lifestyle consumer brand and male grooming category creator trusted by over four million men worldwide. The product range includes a diversified line of premium tools, formulations, and accessories that are intelligently designed to introduce a whole new self-care routine for men. MANSCAPED offers a one-stop-shop at manscaped.com and direct-to-consumer shipping in 38 countries spanning the United States, Canada, Australia, New Zealand, the United Kingdom, the European Union, Norway, Switzerland, Singapore, South Africa, the United Arab Emirates, and the Kingdom of Saudi Arabia. Select products and unique bundles can also be found on Amazon with Prime and pickup options available. Retail placement includes Target, Best Buy and Macy’s stores throughout the U.S. and Hairhouse locations in Australia.

  • Valuation: $1B EV

  • PIPE: $75M at $9.20 per share including investments from funds managed by UBS O’Connor, Shaolin Capital Management, Signia Venture Partners, and Guggenheim Investments; additional investors include Endeavor, an affiliate of Saban Capital Group LLC, Bright Lights, and certain MANSCAPED shareholders

  • Press Release

  • Investor Presentation

Merger Votes/ Completions:

  • Thimble Point Acquisition Corp. (THMA) adjourned its shareholder meeting to vote on its merger with Pear Therapeutics to 11/30 “to provide THMA’s stockholders additional time to review and consider the information provided in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on November 22, 2021.”

    • The 8-K notes the previously mentioned increased backstop of up to $73M and the waiving of the min. cash condition by Pear Therapeutics

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

S-1s that went effective today:

  • NextNav (NN: $7.96 -8.92%)

Quick News:

IPOs to begin trading tomorrow*:

1) Beard Energy Transition Acquisition Corp. Announces Pricing of Initial Public Offering (BRD-U) 

2) Everest Consolidator Acquisition Corporation Announces Pricing of $150 Million Initial Public Offering (MNTN-U) 

*Priced as of this writing

New S-1s (3):

  • $250M, 1/2 Warrant

  • Focus: Fintech, enterprise tech, deep tech, and healthcare tech

  • Management:Isabelle Freidheim (Co-founder & MP of Castle VC [formerly Starwood VC])Kirthiga Reddy (Investment Partner at SoftBank Investment Adviser and Director of WeWork)

  • Directors:Judith Rodin (Former President of The Rockefeller Foundation and Former Director of Comcast and American Airlines)Randi Zuckerberg (Founder of Zuckerberg Media)

  • $100M, 1/3 Warrant

  • Focus: Life Sciences, Healthcare

  • $250M, 1/2 Warrant

  • Focus: Business services, consumer and lifestyle, niche manufacturing and technology in Western Europe, including the United Kingdom, or Northern Europe and, opportunistically, in Turkey

  • Management:Hazem Ben-Gacem (Co-CEO of Investcorp)

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.