The Nightcap

Nightly recap of the day's SPAC highlights (March 15th, 2021)

March 15th, 2021

Good evening,

Thanks for reading “The Nightcap”, a nightly recap of all the day’s highlights in the SPAC world. In this newsletter, you will find a breakdown of the day’s deals, IPO’s, “in talks” reports, and noteworthy new SPAC S-1 filings.

Of course, you can always discover and track all of the SPACs at spactrack.net.

The SPAC Market Stats:

The Deals:

1)  Therapeutics Acquisition Corp (RACA) d/b/a Research Alliance Corp. I & POINT Biopharma, a developer of “precision radiopharmaceuticals therapies to patients with cancer”.

  • $924M Pro-forma Equity value

  • $165M PIPE

2) LGL Systems Acquisition Corp (DFNS) & IronNet, a cybersecurity firm that offers a “collective defense platform, powered by AI-based network detection and response”.

  • $927M EV

  • $125M PIPE

3) Greenrose Acquisition Corp (GNRS) & four cannabis companies Shango, The Health Center, Theraplant, and True Harvest.

  • $296M EV

  • $150M PIPE

Deal News Reports:

1) Union Acquisition Corp II (LATN) is in talks to merge with Procaps, a Colombian softgel maker, at a valuation of more than $1B, according to Reuters.

2) FinTech Acquisition Corp V (FTCV) is said to be near a merger deal with EToro, an Israeli “social trading” and investment platform, at a valuation of around $10B, according to Bloomberg.

Notable IPO’s to begin trading tomorrow:

1) Fortress Value Acquisition Corp. IV (FVIV.U)

  • $600M, 1/8 Warrant

  • Sponsor’s Previous SPAC to Announce a Deal: Fortress Value Acquisition Corp. II (FAII) announced a merger deal with ATI Physical Therapy last month. FAII closed the day at $10.03.

2) Waldencast Acquisition Corp. (WALD.U)

  • $300M, 1/3 warrant

  • Focus: Beauty, Personal Care, Wellness

  • Officers:

    • Felipe Dutra (Former CFO of Anheuser-Busch InBev)

3) Reinvent Technology Partners Y (RTPY.U)

  • $850M, 1/8 warrant

  • Focus: Tech

  • Founders:

    • Reid Hoffman (Co-founder and Former CEO of LinkedIn, Former COO of Paypal, and Partner at Greylock)

    • Mark Pincus (Chairman & Former CEO of Zynga)

  • Directors:

    • Katharina Borchert (Former CEO of Speigel Online)

  • Sponsor’s Previous SPAC to Announce a Deal: Reinvent Technology Partners Z (RTPZ) announced a merger deal with Hippo earlier this month. RTPZ closed the day at $10.70.

4) FAST Acquisition Corp. II (FZT.U)

  • $200M, 1/4 warrant

  • Focus: Restaurant, Hospitality, Consumer

  • Officers: 

    • Sandy Beall (Founder of Ruby Tuesday),

    • Kevin Reddy (Former COO of Chipotle and CEO of Noodles & Company)

  • Directors:

    • Michael Lastoria (Co-founder and CEO of &pizza)

  • Sponsor’s Previous SPAC to Announce a Deal: FAST Acquisition Corp. (FST) announces a merger deal with Fertitta Entertainment in early February. FST closed the day at $13.10.

5) Plum Acquisition Corp. I (PLMI.U)

  • $300M, 1/5 warrant

  • Focus: Software/ Tech, Health and Wellbeing

  • Officers:

    • Ursula Burns (Former CEO of Xerox, Director of Nestle, Uber, and Exxon Mobil)

    • Mike Dinsdale (Former CFO of Gusto, Former CFO of DoorDash, and Former CFO of DocuSign)

  • Directors:

    • Kevin Turner (Former COO of Microsoft, Former CEO of Sam’s Club, Former Director at Nordstrom, and Former Vice Chairman of Citadel)

    • Alok Sama (Former CFO of SoftBank Group)

Notable S-1 Filings:

1) AltC Acquisition Corp. (ALCC)

  • $1B, 1/6 warrant

  • Officers:

    • Michael Klein (Serial SPAC Sponsor: Churchill Capital and Former Chairman & Co-CEO of Citi Markets and Banking)

    • Sam Altman (Co-founder & CEO of OpenAI, Chairman of Y Combinator, and Director of Expedia Group and Reddit)

  • Sponsor’s Previous SPAC to Announce a Deal: Michael Klein’s Churchill Capital Corp IV (CCIV) announced a merger deal with Lucid Motors last month. CCIV closed the day at $28.69.

2) Cerberus Telecom Acquisition Corp. II (CTII)

  • $500M, 1/4 warrant

  • Founders & Officers:

    • Stephen Feinberg (Founder & Co-CEO of Cerberus Capital Manaagement)

    • Frank Bruno (Co-CEO of Cerberus)

    • Timothy Donahue (Former CEO of Nextel Communications, Former Executive Chairman of Sprint Nextel, and Former Director of ADT and Eastman Kodak)

  • Directors:

    • Dr. Hossein Moiin (Former Chief Technology, Innovation, and Strategy Officer for Nokia Mobile Networks)

  • Sponsor’s Previous SPAC to Announce a Deal: Cerberus Telecom Acquisition Corp. (CTAC) announced a merger deal with KORE last week. CTAC closed the day at $9.95.

3) and 4) Brigantine Acquisition Corp. (BRIG) and Mistico Acquisition Corp. (TWCM)

  • BRIG: $600M, 1/5 warrant

  • TWCM: $400M, 1/5 warrant

  • Focus: Tech

  • Officers:

    • James Greene, Jr. (Founding Partner of True Wind Capital)

  • Directors:

    • Scott Wagner (Former CEO of GoDaddy)

  • Sponsor’s Previous SPAC to Announce a Deal: Nebula Caravel Acquisition Corp. (NEBC) announced a merger deal with Rover last month. NEBC closed the day at $9.95.

5) DD3 Acquisition Corp. III (DIII)

  • $150M, 1/3 warrant

  • Focus: Businesses located in Mexico and Hispanic businesses in the U.S.

  • Sponsor’s Previous SPAC to Announce a Deal: DD3 Acquisition Corp. (DDMX) merged with Betterware De Mexico (BWMX) in March of last year. BWMX closed the day at $38.63.

6) Leo Holdings V Corp (Ticker not available yet)

  • $250M, 1/5 warrant

  • Focus: Consumer

  • Officers:

    • Edward Forst (Former CEO of Cushman & Wakefield)

    • Lyndon Lea (Founder & Managing Partner of Lion Capital)

  • Directors:

    • Lori Bush (Former CEO, Rodan + Fields)

  • Sponsor’s Previous SPAC to Announce a Deal:

7) BharCap Acquisition Corp. (Ticker not available yet)

  • $250M, 1/3 warrant

  • Focus: Financial Services, Fintech

  • Directors

    • Raj Date (Managing Partner of Fenway Summer)

    • Gene Lockhart (Founder & Managing Partner of MissionOG and Former CEO of Mastercard International)

    • Karl Mehta (Founder & CEO of EdCast and Former venture partner at Menlo Ventures)

8) Vector Acquisition Corp IV (Ticker not available yet)

  • $350M, no warrants

  • Focus: Tech

  • Officers:

    • Alex Slusky (Founder of Vector Capital)

  • Sponsor’s Previous SPAC to Announce a Deal: Vector Acquisition Corp (VACQ) announced a merger deal with Rocket Lab earlier this month. VACQ closed the day at $12.31.

9) Brand Velocity Acquisition Corp. (Ticker not available yet)

  • $200M, 1/3 warrant

  • Focus: Branded Consumer

  • Advisors:

    • Eli Manning (Former NFL Player)

    • LaDainian Tomlinson (Former NFL Player)

Upcoming Dates:

This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)

Tuesday, March 16th:

  • Roth CH Acquisition I Co (ROCH) Shareholder Meeting to Approve Business Combination with PureCycle Technologies

  • Newborn Acquisition Corp (NBAC) Shareholder Meeting to Approve Business Combination with Nuvve

Wednesday, March 17th

  • Longevity Acquisition Corp (LOAC) Shareholder Meeting to Approve Business Combination with 4D Pharma

  • Unit Splits: Mountain Crest Acquisition Corp. II (MCAD)

Thursday, March 18th

  • Unit Splits: Biotech Acquisition Company (BIOT), D and Z Media Acquisition Corp. (DNZ)

Friday, March 19th:

  • CIIG Merger Corp (CIIC) Shareholder Meeting to Approve Business Combination with Arrival

  • Unit Splits: Climate Real Impact Solutions II Acquisition Corporation (CLIM)

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Thanks for reading,

SPAC Track