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Liquidation Central
More SPACs opt to liquidate and De-SPAC volatility continues with the low float theme in this edition of the SPAC Week in Review, a newsletter recapping the previous week's SPAC activity.
Good Afternoon,
Last week there were 5 deals announced. Throughout 2022, there have only been 6 weeks with 5+ deals announced — while there were 20 weeks with 5+ deals announced over the same time period in 2021.
3 SPACs liquidated with another 2 announcing liquidation in the coming weeks. In addition, 7 would-be SPACs withdrew or abandoned their registration statements, including the 3rd SPAC from Richard Branson and Virgin Group, the 4th SPAC from Vinod Khosla and Khosla Ventures, and Benny Landa’s SPAC: Gefen Landa.
Some Weekly Price Action: Lottery.com drops 75% in 1 week off some not-so-good news and Getty Images soars 190% off of low float champagne dreams after the SPAC that took it public experienced heavy redemptions — to the tune of ~99% of its trust.
Let’s begin.
Random De-SPACs above 10:
Over $10: Utz Brands [$UTZ] — $17.31 (completed its merger in Aug 2020)
Not far from 10 cents: Clarus Therapeutics [$CRXT] — $0.29 (completed its merger in Sep 2021)
The Stats
SPAC Market Snapshot
Activity last Week: 5 Mergers Announced, 2 Mergers Completed, 0 IPOs
Total SPACs Searching: 577
Announced Deals: 113
Total Active SPACs: 693
Weekly Gainers & Losers*
Monthly Gainers & Losers*
*prices as of close on July 29th
SPAC Track Pro:
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News & De-SPAC Updates
Tony DiMatteo has resigned as CEO of Lottery dot com [$LTRY]. This comes 1 week after the company disclosed it overstated its available unrestricted cash balance & that in the prior year it improperly recognized revenue. Its CRO resigned last week as well.
Ginkgo Bioworks [$DNA] announced it will acquire Zymergen [$ZY] in an all-stock deal that values the company at ~$300M. Zymergen's April 2021 IPO raised $500M at a market cap of around $3B
Ginkgo also announced it will acquire Bayer’s 175,000-square-foot West Sacramento Biologics Research & Development site, team, “and internal discovery and lead optimization platform” for $83M “in shares of its Class A common stock and/or cash”
Faraday Future’s [$FFIE] future on shaky ground as EV production delayed again (TC)
Electric Last Mile [OTC: $ELMSQ] Board, Backers Hit With SPAC Merger Challenge (BB Tax)
Saudi investor becomes largest shareholder in Otonomo [$OTMO] (Globes)
De-SPAC Layoffs:
The Deals
Frazier Lifesciences [$FLAC] & NewAmsterdam Pharma at a $326M Pro-forma enterprise value (PR)(IP)
DUET [$DUET] & AnyTech365 at a $200M Pro-forma enterprise value (PR)
Lionheart III [$LION] & SecurityMatters at a $200M pre-money equity value (PR)(IP)
Athena Consumer [$ACAQ] & Next.e.GO Mobile at a $913M Pro-forma enterprise value (PR)(IP)
DHC [$DHCA] & GloriFi at a $1.7B Pro-forma enterprise value (PR)
Investor Presentation: “Given the Summer Holiday Season, GloriFi intends to Post its Full Investor Presentation After Labor Day.”
SPAC Updates
Merger Votes / Completions
Completed:
Approved:
CHW [$CHWA] & Wag Labs, with 12.2M or 97.8% of the public SPAC shares redeemed, and closing expected “as soon as practicable after closing conditions are satisfied or waived” (PR)
Redemption Results:
FaZe Clan [$FAZE] & B. Riley Principal 150: 15.9M shares or an estimated ~92% of the public SPAC shares (SF)
Obagi Skincare + Milk Makeup [$WALD] & Waldencast: 30M or an estimated ~87% of the public SPAC shares (SF)
OPAL Fuels [$OPAL] & ArcLight Clean Transition II: 27.4M or an estimated ~88% of the public SPAC shares (SF)
Getty Images [$GETY] & CC Neuberger II: 82.3M or an estimated ~99.3% of the public SPAC shares (SF)
Vote Date Set:
Liquidations
The largest SPAC ever has been liquidated: Pershing Square Tontine Holdings (PSTH) raised $4B in its July 2020 IPO and now, 2 years later, the SPAC has officially been laid to rest: PSTH was liquidated and delisted on July 26th
Gobi (GOBI), though no report from the SPAC, has been delisted from the Nasdaq. GOBI had successfully convened a shareholder meeting to vote on advancing its deadline from July 2023 to July 2022, in order for the SPAC to liquidate early
Global Synergy (GSAQ) liquidated and has been delisted from Nasdaq
Liquidation Announcement: RedBall [$RBAC], effective as of August 17th with a $10.02 liquidation price (PR)
Liquidation Announcement: SCVX [OTC: $SCVX], effective as of August 11th with a $10.03 liquidation price (PR)
Terminations
Abri SPAC I [$ASPA] terminated its merger with Apifiny Group (PR)
Deal Updates
Outside Date Extended: InterPrivate III [$IPVF] and Aspiration amended the merger agreement to, among other things, extend the outside date from July 22nd to December 31st
Valuation Cut: Ventoux CCM [$VTAQ] and Presto announced they reduced Presto’s valuation to $525M pre-money and also announced a $60M equity investment from Cleveland Avenue
SPAC Facelift: Tribe Capital Growth Corp (ATVC) changes its name to Iris Acquisition Corp and its ticker to [$IRAA] appx. 2 months after Tribe Capital bowed out of the SPAC game, withdrawing as a member of the SPAC's sponsor and leaving Arrow Capital as the sole member. Arjun Sethi, Founder of the venture capital firm, Tribe Capital, formally resigned as Chairman & CEO, while Richard Peretz, the former CFO of UPS, remains on the board along with a couple of the other Arrow Capital designees. (SF)
More PIPE: Iron Spark I [$ISAA] adds $2M to the PIPE for its merger with Hypebeast (SF)
No More PIPE: Mountain Crest III [$MCAE] and SME Investment Group terminated SME’s $250M PIPE commitment in connection with MCAE’s merger with ETAO International (SF)
Extensions
Approved: East Resources [$ERES] from July 27th to Jan 27th, 2023 with 24.8M shares redeemed or an estimated ~72% of the public SPAC shares. The sponsor deposited $0.033 per share to extend to Aug 22nd (SF)
Approved: International Media [$IMAQ] from July 28th to Jan 8th, 2023 with 20.9M shares redeemed or an estimated ~91% of the public SPAC shares (SF)
OCA Acquisition Corp. [$OCAX] deposited $0.05 per share to extend its deadline from July 20th to Jan 20th, 2023 (SF)
LMF Acquisition Opportunities [$LMAO] elects to extend its deadline from July 29th to Oct 29th by depositing $0.10 per public share into trust (PR)
FoxWayne Enterprises [$FOXW] deposited $0.0125 per share into trust to extend from July 22nd to Oct 22nd. 4.4M shares were redeemed or an estimated ~76% of the public SPAC shares (PR)
Maquia Capital’s [$MAQC] sponsor intends to deposit $0.10 per share before Aug 7th to extend its deadline from Aug 7th to Nov 7th (PR)
Health Sciences 2’s [$HSAQ] vote to extend its deadline from Aug 6th to Nov 6th, as of July 22nd, resulted in requests for redemption in the amount of 9.2M shares or an estimated ~58% of the public SPAC shares (SF)
Other SPAC Updates
Wag!, announced it will reserve up to 300,000 shares of common stock at the close of its merger with CHW [$CHWA] for its Community Shares Program, “charitable giving for the community of pet caregivers and for domestic pet nonprofit organizations to be arranged through and administered by Robinhood and DonateStock” (PR)
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Key Filings
SPAC S-4s
Future Health ESG [$FHLT] & Excelera
East Stone [$ESSC] & NTWN
*Latest S-4 filings can be found by SPAC Track Pro subscribers in the “Deal Details” view under the column “S-4 Link”
De-SPAC/ Post-Merger S-1s
FaZe Holdings [$FAZE]
*including PIPE resale registrations where applicable — latest post-merger S-1 filings can be found by SPAC Track Pro subscribers in the “De-SPAC" view under the column “Post-Close S-1”
Upcoming Dates:
Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar with proxy links here.
Thanks for reading,
The team at SPAC Track (spactrack.io)