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An inspiration to all of the SPACs facing high redemptions

A newsletter recapping the past week's SPAC activity (Feb 20, 2022)

High redemption De-SPAC low float “squeezes” have returned in a big way, apparently.

Starting with Inspirato (ISPO) on Thursday with seemingly all other low float (due to very high redemptions) De-SPACs following suit:

…and the wild trading continued on Friday:

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The Stats:

The Deals from the Past Week (3):

1) Software Acquisition Group Inc. III (SWAG) & Nogin

Merger Partner Description:

Nogin delivers Commerce as a Service to leading brands in the fashion, CPG, beauty, health, and wellness industries. The Company's Intelligent Commerce product is a full-stack eCommerce platform that includes R&D, sales optimization, and machine learning, along with artificial intelligence-driven marketing and fulfillment. Known for helping global brands keep pace with big retail and drive predictable profitability, Nogin partners with clients to take the eCommerce operation, team, and data from the ground up—typically in less than 90 days.

2) Northern Lights Acquisition Corp. (NLIT) & Safe Harbor Financial

Merger Partner Description:

Safe Harbor is one of the first financial services providers to offer reliable access to banking solutions for cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its partners, serves the regulated cannabis industry and implements the highest standard of accountability, transparency, monitoring, reporting, and risk mitigation measures while meeting BSA obligations in line with FinCEN guidance on CRBs. Over the past seven years, Safe Harbor has processed over $11 billion in transactions with operations spanning 20 states with regulated cannabis markets.

3) SPK Acquisition Corp. (SPK) & Varian Biopharmaceuticals

Merger Partner Description:

Varian Biopharmaceuticals, Inc. is private precision oncology company developing novel therapeutics for the treatment of cancer. Varian Bio is developing what has the potential to be a best-in-class high-potency, specific atypical protein kinase C iota (“aPKCi”) inhibitor for the treatment of various tumor types in multiple formulations. Recent scientific publications have characterized aPKCi as an oncogene whose activity may play a fundamental role in the regulation of cancer-associated transcription factors including GLI-1 and K-RAS. Varian Bio’s lead drug candidate, VAR-101, is being developed in a topical formulation for the treatment of basal cell carcinoma. VAR-102, an oral formulation, is being developed for the treatment of a wide variety of solid tumors where studies have shown potent aPKCi inhibition would be impactful, including non-small cell lung cancer (NSCLC), pancreatic cancer and colorectal cancer.

News:

  • Trump’s social media app will reportedly go live on Presidents’ Day

  • Chamath Palihapitiya has resigned from his Chair position and as a member of the Board of Virgin Galactic Holdings, Inc. (SPCE)

  • Circle Valued at $9B in New Transaction Terms Agreed with Concord Acquisition Corp

    • Concord Acquisition Corp (CND) & Circle terminated the existing business combination agreement and entered into a new agreement that values Circle at an enterprise value of $9B. This is 2x the original valuation of $4.5B from back in July 2021

  • Warburg [Warburg Pincus Capital Corp I-A (WPCA) & Warburg Pincus Capital Corp I-B (WPCB)] and Barry Sternlicht Partnering on Jumbo, 3-Way SPAC Deal

Merger Votes/ Completions & More Updates:

  • Healthcare Capital Corp. (HCCC) shareholders approved the merger with Alpha Tau Medical

  • Astrea Acquisition Corp. (ASAX), HotelPlanner and Reservations.com Mutually Agree to Terminate Business Combination Agreement

Merger Votes Set:

  • MedTech Acquisition Corporation (MTAC) & Memic Innovative Surgery (3/9)

  • Highland Transcend Partners I Corp. (HTPA) & Packable (3/29)

  • Helix Acquisition Corp. (HLXA) & MoonLake Immunotherapeutics (3/31)

  • Bridgetown 2 Holdings Limited (BTNB) & PropertyGuru (3/15)

  • FirstMark Horizon Acquisition Corp. (FMAC) & Starry (3/16)

  • Tailwind Two Acquisition Corp. (TWNT) & Terran Orbital (3/22)

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

S-1 filings:

Effective:

  • QualTek (QTEK)

  • GreenLight Biosciences (GRNA)

  • The Oncology Institute (TOI)

*When applicable

S-4 Activity:

S-4 filings:

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.