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Failed Shuttle Launches and Failed Overtures to Rogan & Tottenham

A newsletter recapping the past week's SPAC activity (Feb 12, 2022)

Archer fails to launch, Rumble’s $100M offer to lure Joe Rogan to its platform is rejected, 2 SPAC deals are terminated, and a 3rd quantum computing deal is announced…. just another week in SPACland!

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The Stats:

The Deals from the Past Week (1):

1) DPCM Capital, Inc. (XPOA) & D-Wave

Merger Partner Description:

D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers—and the only company developing both annealing quantum computers and gate-model quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling.

News:

Merger Votes/ Completions & More Updates:

Terminations:

  • Atlantic Coastal Acquisition Corp. (ACAH) and Essentium mutually terminated their business combination and ACAH will search for another target

  • M3-Brigade Acquisition II Corp. (MBAC) Announces Termination of Merger Agreement with Syniverse and MBAC will seek an alternative business combination due to high number of redemptions resulting in the SPAC not meeting the minimum cash condition for closing

    • "Although the parties collaboratively sought potential solutions in anticipation of high redemptions as a result of the recent turbulence in capital markets and growth stocks, these same conditions prevented the parties from reaching agreement on modifying the transaction terms," said Donald E. Morgan III, the Founder, Managing Partner and Chief Investment Officer of Brigade Capital Management, LP. "Nobody on the MBAC team is happy to have a failed deal and rest assured that we will have alternative sources of financing in hand for our next proposed combination"

Completions:

  • Novus Capital Corporation II (NXU) completed its merger with Energy Vault, raising $235M of gross proceeds including a $195M PIPE

    • Ticker change to NRGV set for 2/14

  • Growth Capital Acquisition Corp. (GCAC -14.2%) completed its merger with Cepton Technologies and will begin trading as CPTN today

    • 15.6M shares were redeemed (an estimated ~90% of the public SPAC shares)

  • Leafly (LFLY) released the redemption results from its merger with Merida Merger Corp I (MCMJ)

    • 4.9M shares were redeemed (an estimated ~54% of the public SPAC shares)

    • Another ~4M shares were redeemed in the extension votes on 10/29 and 12/22, bringing the total shares redeemed to 8.9M (an estimated ~68% of the public SPAC shares)

  • SilverBox Engaged Corp I (SBEA) completed its merger with Black Rifle Coffee and will begin trading as BRCC today

    • The transaction raised appx $150M of cash proceeds

    • BRC (Black Rifle Coffee) (BRCC +30.2%) released the redemption results from its merger with SilverBox Engaged Merger Corp I (SBEA)

    • 26.9M shares were redeemed (an estimated ~78% of the public SPAC shares)

  • CITIC Capital Acquisition Corp. (CCAC) completed its merger with Quanergy Systems and will begin trading under its new ticker, QNGY, today

    • The transaction raised appx $50M from the PIPE and SPAC trust as well as an up to $125M subscription agreement in which $25M can be drawn following S-1 effectiveness

Merger Votes Set:

  • Spartan Acquisition Corp. III (SPAQ) & Allego (3/8)

  • Supernova Partners Acquisition Company II, Ltd. (SNII) & Rigetti Computing (2/28)

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De-SPAC S-1 Activity (including PIPE resale registrations*):

S-1 filings:

Effective:

  • Composecure (CMPO)

  • Revelation Biosciences (REVB)

  • Sonder (SOND)

  • The Greenrose Holding Company (GNRS)

*When applicable

S-4 Activity:

S-4 filings:

Effective:

  • Spartan Acquisition Corp. III (SPAQ) & Allego (Friday)

  • Supernova Partners Acquisition Company II, Ltd. (SNII) & Rigetti Computing (Thursday)

Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

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. SPAC Track and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the SPAC Track website.