• ListingTrack
  • Posts
  • Former Gaming Execs and Reddit Co-Founder Enter the SPAC Game

Former Gaming Execs and Reddit Co-Founder Enter the SPAC Game

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (November 10, 2021)

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

Today’s newsletter is sponsored by Founder Shield.

With such unique risks, SPACs must rely on a robust Directors & Officers Insurance program to protect their ventures. With hardening insurance markets and increased litigation, having a 360° view of your exposure can bolster your risk management efforts. Whether you’re in the early stages of formation or approaching a transaction, schedule a risk assessment with a Founder Shield D&O Specialist today.

If you haven’t subscribed to this Free nightly newsletter, you can do so below.

The Stats:

The Deals:

1) Ventoux CCM Acquisition Corp. (VTAQ: warrants +2.08%) & Presto

Merger Partner Description:

Presto overlays next-gen digital solutions onto the physical world. Our enterprise-grade touch, vision, and voice technologies help hospitality businesses thrive while delighting guests. With over 250,000 systems shipped, we are one of the largest labor automation technology providers in the industry. Founded at M.I.T. in 2008, Presto is headquartered in Silicon Valley, Calif. with customers including many of the top 20 restaurant chains in the U.S.

  • Valuation: $816.8M EV

  • PIPE: $15M and $55M convert including investments from “REMUS Capital investors, Presto Founder & CEO Rajat Suri, Sam Altman and Max Altman’s Apollo project, other existing investors, and certain other strategic groups including franchisees of Yum! Brands, Applebee’s, McDonald’s, and Outback Steakhouse.”

  • Press Release

  • Investor Presentation

2) Rosecliff Acquisition Corp. (RCLF: warrants +22.35%) & Gett

Merger Partner Description:

Gett is a technology platform focused on solving corporate Ground Transportation Management (GTM) challenges, where spending is estimated to exceed $100 billion globally. Gett is the GTM category leader, serving over a quarter of the Fortune 500 companies.

Gett’s cloud-based software offers the choice of more than 1,700 transportation providers, including corporate fleets, ride-hailing services, taxis, and limousines, on one single platform, forming a truly global transportation grid. The technology helps save businesses time and money by centrally managing all of their ground transportation spending and optimizes the entire employee experience from booking and riding to invoicing and analytics.

3) Crown PropTech Acquisitions (CPTK: warrants +8.51%) & Brivo

Merger Partner Description:

Brivo is the global leader in mobile, cloud-based access control for commercial real estate, large distributed enterprises, and multifamily residential. Our comprehensive product ecosystem and open API provide businesses with powerful digital tools to increase security automation, elevate employee and tenant experience, and improve the safety of all people and assets in the built environment. Having created the category over twenty years ago, our building access platform is now the digital foundation for the largest collection of customer facilities in the world, trusted by more than 23 million users occupying over 300 million square feet of secured space in 42 countries.

News:

Former Nintendo Exec Launches SPAC with Reddit Co-founder (SPAC Track)

United Talent Agency, one of the largest talent agencies in Hollywood is launching a SPAC, UTA Acquisition Corporation (UTAA), which aims to raise $200M and will target the gaming, digital media, creator economy, entertainment, and technology industries.

Reggie Fils-Aimé, the former President and COO of Nintendo of America is the SPAC's Chairman. Fils-Aimé is a well-known figure in the gaming industry and in particular among Nintendo fans for his tenure at the video game company.

The SPAC features Alexis Ohanian, Co-Founder and former Executive Chairman of Reddit, as a Director. Ohanian has been featured frequently in the media this year for his commentary on the retail trading boom that has been prompted in part by a surge in Reddit activity on capital markets-focused subreddits like r/WallStreetBets. Companies like GameStop and AMC have seen their stock prices skyrocket in large part due to these Reddit-fueled movements or "meme stock" frenzies.

The composition of this SPAC team is particularly interesting as Kathy Vrabeck, a former senior leader at Electronic Arts and Activision, also sits on the Board of Directors. Fils-Aimé and Vrabeck were among the several GameStop Directors that left their posts during the shakeup prompted by the GameStop meme bonanza earlier this year.

Merger Votes/ Completions:

  • Northern Genesis Acquisition Corp. II (NGAB) completes its merger with Embark. Ticker change from NGAB to EMBK set for tomorrow.

If you find this newsletter useful, feel free to share it with a friend and suggest they subscribe:

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

S-1s that went effective today:

  • Roivant Sciences (ROIV: $7.90 -6.95%)

  • Surrozen (SRZN: $7.95 +2.58%)

S-1 filings:

S-1/A filings:

424B3 filings (S-1 likely to go effective tomorrow):

Quick News:

  • Velocity Acquisition Corp. (VELO) and BBQGuys mutually agreed to terminate their merger agreement, “as a result of current supply chain factors that are affecting the results of the BBQGuys business and timing of closing the transaction”

  • Virtuoso Acquisition Corp. (VOSO) and Wejo announce additional financing in connection with the merger: additional PIPE investment of $3.5M (bringing the total to $128.5M) and an affiliate of Wejo entered into an FPA for up to $75M

IPOs to begin trading tomorrow*:

1) LAMF Global Ventures Corp. I Announces Pricing of Upsized $220 Million Initial Public Offering (LGVC-U)

*Priced as of this writing

New S-1s (1):

  • $200M, 1/2 Warrant

  • Focus: Gaming, digital media, creator economy, entertainment and technology industries

  • Management:Reggie Fils-Aimé (Former President & COO of Nintendo of America)

  • Directors:Alexis Ohanian (Co-founder & Former Executive Chairman of Reddit) Kathy Vrabeck (Chief Strategy Officer of The Beachbody Company and Former Director of GameStop)Nancy Tellem (Director of Metro-Goldwyn-Mayer and Rocket Companies)

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.