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- A Dune fight, divesting from Russia, and a couple of liquidations
A Dune fight, divesting from Russia, and a couple of liquidations
A newsletter recapping the previous week's SPAC activity (July 18, 2022)
The Stats:
The Deals from the Previous Week (2):
FAST Acquisition Corp. II ( ) & Falcon’s Beyond Global
Valuation: $1B Pro-forma EV
Deep Medicine Acquisition Corp. ( ) & Chijet Motor Company
Valuation: “Implied enterprise value to Chijet’s operating companies of $2.55B in the aggregate”
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News from the Previous Week:
Lender Better faces SEC probe for alleged federal laws violation (Reuters)
Unity to Buy IronSource in $4.4 Billion Deal for Ad Tech (Bloomberg)
Thiel-Backed SPAC Weighs $2.5 Billion Circles.Life Deal (Bloomberg)
Ackman’s Record SPAC to Return Funds After Deal Hunt Fizzled (Bloomberg)
Canoo Shares Surge 82% on Walmart Order for 4,500 Electric Vans (Bloomberg)
A new way iconic brands like Procter & Gamble, Nokia are cashing in on R&D moonshots (CNBC)
Updates from the Previous Week:
Terminations / Liquidations
Pershing Square Tontine Holdings Ltd. ( ) will liquidate and redeem all of the public shares at a redemption price of appx. $20.05 on 7/26. Though, Pershing still aims to launch its “SPARC”
Global Synergy Acquisition Corp. ( ) announced that it will liquidate on 7/26 at a liquidation price of appx $10.01 per share
Ace Global Business Acquisition Limited ( ) and DDC Enterprise Limited (DayDayCook) mutually terminated their merger agreement
Merger Votes/ Completions
Merger vote set:
B. Riley Principal 150 Merger Corp. ( ) shareholders approved the merger with FaZe Clan
—> The merger is expected to close on 7/19 with the combined company trading as FAZE starting on 7/20
ITHAX Acquisition Corp. ( ) shareholders approved the merger with Mondee
—> The merger is expected to close today, 7/18 with the combined company trading as $MOND following completion
—> “As of July 15, 2022” 24,011,532 shares were redeemed, or an estimated ~99.4% of the public SPAC shares
ArcLight Clean Transition Corp. II ( ) shareholders approved the merger with OPAL Fuels
—> Upon completion of the merger the combined company will begin trading as $OPAL
Social Capital Suvretta Holdings Corp. III (DNAC) completed its merger with ProKidney, with the company now trading as
—> 22,829,769 shares were redeemed or an estimated ~91.3% of the public SPAC shares
Global SPAC Partners Co. (GLSPT) and Gorilla Technology Group completed their merger and the combined company started trading as
—> 88.4% of the subunits were redeemed
Extensions
Benessere Capital Acquisition Corp. ( ) shareholders approved the extension of its deadline from 7/7 to 1/7/23
ACE Convergence Acquisition Corp. ( ) shareholders approved the deadline extension from 7/13 to 10/13
FoxWayne Enterprises Acquisition Corp. ( ) shareholders approved the deadline extension from 7/22 to 10/22 and the SPAC’s ability to extend on a monthly basis for up to three months after the extended date
LightJump Acquisition Corporation ( ) shareholders approved the deadline extension from 7/12/22 to 1/12/23
HPX Corp. ( ) shareholders approved the deadline extension from 7/20 to 11/20
Clover Leaf Capital Corp. ( )’s sponsor plans to extend the deadline from 7/22 to 10/22
OCA Acquisition Corp. ( ) announces they plan on extending the deadline from 7/20/22 to 1/20/23 and intends to deposit $0.05 per public share to the trust on or before 7/20
Other Deal/ SPAC Updates
Dune Acquisition Corporation ( ) received a notice from TradeZero that stated they are terminating the merger as the outside date was 7/12. DUNE then sent a letter to TradeZero stating TradeZero is not able to terminate the merger, because TradeZero’s “breaches of and failure to perform under the Merger Agreement primarily caused or resulted in the failure of the mergers contemplated by the Merger Agreement to be consummated by the Termination Date”
Global SPAC Partners Co. ( ) and Gorilla Technology Group announce the confirmation of a $41.9M PIPE financing of 4.15M subunits at $10.10 per subunit and that Gorilla has waived the $50M min. cash condition
THOR Industries announced it has made a strategic $15M investment in Dragonfly, Chardan NexTech Acquisition 2 Corp. ( )’s merger partner
Nexters ( ), which was suspended from trading by Nasdaq on 2/25 earlier this year along with other Russia-based companies, announced that it plans to:
Intensify the Company’s relocation program with a goal of relocating the vast majority of critical personnel located in Russia, Ukraine, and Belarus to Cyprus, Armenia, and certain other “safe-harbor” countries.
Divest the Company of its Russia-based subsidiaries by transferring its gaming business in Russia to the local management
Aurora Acquisition Corp’s ( ) merger with Better.com, which is now the oldest active SPAC deal, takes a step forward with an amended S-4 filing (the last one was ~3 months ago)
—> Barclays has resigned from advising Aurora and Citi resigned from advising Better
Viveon Health Acquisition Corp. ( ) and Suneva amended the merger agreement to extend the outside date to 12/31 and reduce the min. cash condition from $50M to $30M
Kingswood Acquisition Corp ( ) was suspended by NYSE yesterday for not meeting market cap standards (after heavy redemptions) and will be delisted today, “as a result of its failure to maintain an average global market capitalization over a consecutive 30-day trading period of at least $15M”
SCVX Corp. ( ) files a preliminary proxy for an extension that notes: "We have identified a potential business combination target company ... and we are currently in advanced negotiations for an initial business combination involving the Target"
Crown PropTech Acquisitions ( ) received a notice from Golub Capital, a PIPE investor to the tune of $68M of the $75M total PIPE for CPTK’s merger with Brivo, advising that they are terminating their subscription agreement as the merger will not complete by the subscription agreement’s termination date of 7/11
—> The deal’s min. cash condition is $75M, and CPTK notes that “as of the date of this report, Crown has not secured any such additional financing”
Waldencast Acquisition Corp. ( ) adds $5M to the PIPE for its merger with Obagi & Milk Makeup
De-SPAC Updates
Redbox ( ) sets 8/9 as the date for its shareholder meeting to vote on its merger with Chicken Soup for the Soul Entertainment (CSSE)
De-SPAC S-1 Filings (including PIPE resale registrations*):
Filings:
Effective:
Swvl ( )
Super Group ( )
*When applicable
S-4 Filings:
Primavera Capital Acquisition Corporation ( ) & Lanvin Group Holdings Limited
XPAC Acquisition Corp. ( ) & SuperBac
Adara Acquisition Corp. ( ) & Alliance Entertainment
Viveon Health Acquisition Corp. ( ) & Suneva Medical
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,