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Morning Update (sent Monday, October 31st)

SPAC Market Snapshot (weekly update)

Activity last Week:

• 3 Mergers Announced

• 6 Mergers Completed

• 0 IPOs

• 0 Terminations

• 1 Liquidation Announced

• 12 Filed Prelim. Proxies seeking accelerated liquidation 

Current Stats:

• Total SPACs Searching: 505

• Announced Deals: 135

• Total Active SPACs: 652

Liquidation Stats: 

• 28 total liquidating or seeking accelerated liquidation:

  • 3 with set liquidation dates

  • 16 filed prelim. proxies to vote on accelerated liquidation

  • 9 filed definitive proxies to vote on accelerated liquidation

• Liquidated Year-to-Date: 38

• That makes for a total of 68 SPACs that have liquidated year-to-date or are currently seeking liquidation. Thus out of the 692 Active SPACs at the start of 2022, 9.8% have been or will be liquidated.

SPAC Gainers & Losers (prev. session)

De-SPAC Gainers & Losers (prev. session)

News & De-SPAC Updates

• Michael Klein to merge advisory firm with Credit Suisse investment bank (FT)

• Activist Starboard takes a stake in Vertiv [$VRT: 2020 De-SPAC], and an opportunity to boost margins is in sight (CNBC Opinion)

• Ensysce Biosciences [$ENSC: 2021 De-SPAC] completed a 1-for-20 reverse stock split. The stock closed Friday's session at $3.88 or down 98% split-adjusted from the SPAC IPO

• ICE takes $1.1 billion write-down for stake in crypto platform Bakkt [$BKKT: 2021 De-SPAC] (YF)

• After Pulling Its SPAC Deal [with SCVX, now liquidated], Startup Bright Machines Raises $100 Million On Factory-Reshoring Trend (Forbes)

The Deals

1) Spree 1 Ltd [$SHAP] & zTrip

• Valuation: $251M pre-money equity value

• Press Release

2) Phoenix Biotech [$PBAX] & Intrinsic Medicine

• Valuation: $136M pre-money equity value

• Press Release

SPAC Updates

Liquidations / Terminations

• Benessere [$BENE] set to liquidate today

• Benessere Capital [$BENE] provides an update on its previously announced liquidation by setting today, Oct 31 as the effective date for redemption (PR)

• Lux Health Tech [$LUXA] and Sarissa Capital Acquisition [$SRSA] liquidated

• Pivotal Investment Corporation II [$PICC] warrants were delisted from NYSE (SF)

New Accelerated Liquidation Seekers:

• VectoIQ II [$VTIQ] (SF)

• One Equity Partners Open Water [$OEPW] (SF)

• Fortistar Sustainable Solutions [$FSSI] (SF)

• Science Strategic Acquisition Corp. Alpha [$SSAA] (SF)

• Clarim [$CLRM] (SF)

Definitive Proxy Filed for Accelerated Liquidation:

• PWP Forward [$FRW] files its definitive proxy, setting Nov 28 as the meeting date to vote on accelerated liquidation with an appx. liquidation price of $10.03 (SF)

• Austerlitz I [$AUS] and II [$ASZ] file definitive proxies, setting Nov 22 as the meeting date to vote on accelerated liquidation with an appx. liquidation price of $10 (SF)

• ION 3 [$IACC] files its definitive proxy, setting Nov 17 as the meeting date to vote on accelerated liquidation with an appx. liquidation price of $10.06 (SF)

• Sandbridge X2 [$SBII] file sits definitive proxy, setting Nov 29 as the meeting date to vote on accelerated liquidation with an appx. liquidation price of $10.08 (SF)

Merger Votes / Completions

Completions:

• Provident (PAQC) and Perfect Corp [$PERF] with the combined company starting to trade as PERF today. (PR)

• Bull Horn (BHSE) & Coeptis Therapeutics [$COEP] with the combined company starting to trade as COEP today. (PR)

Vote Set:

• AGBA [$AGBA] & TAG: Nov 10 (SF)

• Vickers Vantage I [$VCKA] & Scilex: Nov 9 (SF)

• PropTech Investment Corp II [$PTIC] & Appreciate: Nov 18 (SF)

Deal Updates

• Thunder Bridge Capital Partners IV [$THCP] & Coincheck, Inc. (subsidiary of Monex Group) file Monex Group's Q1 (Monex's fiscal Q2) financial results including Coincheck results (SF)

• LightJump [$LJAQ] and Moolec Sciences file an investor presentation (SF)

• Shareholders of Mount Rainier's [$RNER] merger partner HUB Cyber Security have approved the merger with RNER and the delisting from the Tel Aviv Stock Exchange (PR)

Extensions

• CONX [$CONX] reported that shareholders have redeemed 67,451,616 shares or an estimated ~90% of the public SPAC shares in connection with its upcoming extension vote taking place on Oct 31. CONX advised the deadline to withdraw redemption requests is 3 pm EST on Oct 31. (SF)

• Vision Sensing [$VSAC] announced it has extended its deadline from Nov 3 to Feb 3, 2022 by adding $0.10 per share to trust (PR)

• International Media [$IMAQ] deposited $350,000 to extend its deadline from Nov 2 to Feb 2, 2023 (SF)

• Perception Capital II [$PCCT] shareholders approved the extension of its deadline from Nov 1 to May 1, 2023. Shareholders redeemed 20,542,108 shares or an estimated ~90% of the public SPAC shares. Following the redemption, appx. $24M remains in trust (SF)

• M3-Brigade Acquisition II Corp. [$MBAC] files a preliminary proxy to extend its deadline and includes proposals to amend the charter to allow for interest accrued on the trust post-amendment to be used to fund working capital and the 1% excise tax (SF)

• Maquia Capital [$MAQC] postpones the extension meeting from Nov 1 to Nov 3. MAQC also noted that its sponsor intends to "intends to indemnify Maquia for any excise tax liabilities resulting from the implementation of the IR Act with respect to any future redemptions that occur after December 31, 2022." (PR)

More

• Pershing Square SPARC Holdings, Ltd. files an amended S-1 (SF)

Listings

IPOs, New S-1s, Registration Withdrawals

• —

Key Filings

Extensions:

• OceanTech I [$OTEC] (DEF)

• Kairous [$KACL] (PRE)

• D and Z Media [$DNZ] (PRE)

• WinVest [$WINV] (PRE)

• Minority Equality Opportunities [$MEOA] (PRE)

• M3-Brigade Acquisition II Corp. [$MBAC] (PRE)

S-4 Filings*:

• Lionheart III [$LION] & Security Matters (F-4/A)

• Far Peak [$FPAC] & Bullish (F-4/A)

• Tiga [$TINV] & Grindr (S-4/A)

• Vickers Vantage I [$VCKA] & Scilex (EFFECT)

Post-SPAC Merger S-1 Filings**:

• Perfect Corp [$PERF] (F-1)

• Wag! Group [$PET] (S-1/A)

*Latest S-4 filings are found in the “Deal Details” view under the column “S-4 Link”**including PIPE resale registrations where applicable — latest post-merger S-1 filings are found in the “De-SPAC" view under the column “Post-Close S-1”

Key Events Calendar:

See the full calendar with proxy links here.

SPAC Track Pro:

Please note that a list of all the data points available on the Pro Screener with download eligibility can be found here: spactrack.io/data-catalog

Thanks for reading,

The team at SPAC Track (spactrack.io)

Abbreviations: DA: Definitive Agreement, MA: Merger Approved, PR: Press Release, SF: Company filing with the SEC, IP: Investor Presentation, Bloomberg: BB, Reuters: RTS, TechCrunch: TC, Business Insider: BI

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