The Nightcap

Nightly recap of all the day's SPAC highlights (Feb 22nd, 2021)

February 22nd, 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:

Volume Leaders:

Top Gainers and Losers:

The Deals:

Merger Monday did not disappoint this week… 7 deals!

1) Starboard Value Acquisition Corp. (SVAC) & Cyxtera Technologies, a data center company providing “retail colocation and interconnection services”.

  • $3.4B EV

  • $250M PIPE

  • SVAC closed the day at $10.58 (-5.1%)

2) Fortress Value Acquisition Corp. II (FAII) & ATI Physical Therapy, “the largest single-branded outpatient physical therapy provider in the US”.

  • $2.5B EV

  • $300M PIPE including investment from funds affiliated with Fortress Investment Group

  • FAII closed the day at $10.47 (-13.4%)

3) NextGen Acquisition Corporation (NGAC) & Xos, an electric truck maker.

  • $1.45B EV

  • $220M PIPE

  • NGAC closed the day at $13.89 (+5.4%)

4) Northern Star Investment Corp. II (NSTB) & Apex Clearing, a digital clearing & custody platform.

  • $4.66B Pro-forma equity value

  • $450M PIPE

  • NSTB closed the day at $10.72 (-2.1%)

5) Trident Acquisitions Corp (TDAC) & AutoLotto (Lottery.com), an online lottery game platform.

  • $526M EV

  • TDAC closed the day at $14.85 (-5%)

6) Rodgers Silicon Valley Acquisition Corp. (RSVA) & Enovix, a manufacturer of “3D Silicon” Lithium-ion batteries.

  • $1.128B EV

  • $175 million PIPE at $14.00 per share

  • RSVA closed the day at $20.80 (+32%)

7) Churchill Capital Corp IV (CCIV) & Lucid Motors, a luxury electric vehicle maker.

  • $2.5B PIPE at $15.00 per share, including investments from the Public Investment Fund (PIF) as well as funds and accounts managed by BlackRock

    • CCIV is claiming the largest SPAC PIPE ever. The previous claim to the record was the $2B PIPE raised by Foley Trasimene Acquisition Corp. II (BFT) for its merger deal with Paysafe that was announced last December.

  • $24B Pro-forma Equity value using the PIPE share price of $15.00

  • CCIV closed the day up 8.3%, however the announcement was made after hours, and the price sharply decreased in after hours trading.

Deal News Reports:

No reports today.

Notable IPO’s:

1) Slam Corp. (SLAM.U) — will trade tomorrow

  • $500M, 1/4 warrant

  • Focus: Sports; Media; Entertainment; Health and Wellness; Consumer Tech

  • CEO: Alex Rodriguez (MLB All-Star/World Series Champion and Founder of A-Rod Corp)

  • Directors:

    • Jagdeep Singh (Co-founder, Chairman & CEO of QuantumScape

      • QuantumScape (QS) completed its merger with Kensington Acquisition Corp (KCAC) in November of last year. QS hit an All Time High of $132.73 in December. QS closed the day at $64.76 or an 548% return from the SPAC’s IPO last June.

    • Reggie Hudlin (Film Producer: Django Unchained and Marshall, Black Panther comic book series writer, and Former President of BET)

    • Desiree Gruber (CEO of Full Picture and Co-founder of the Project Runway television series)

2) FTAC Athena Acquisition Corp. (FTAA.U) — will trade tomorrow

  • $220M, 1/4 warrant

  • Focus: Tech, Fintech

  • Chairman: Betsy Cohen (Founder & Former CEO of Bancorp and serial SPAC sponsor)

  • The most recent of Betsy Cohen’s SPACs to announce a merger deal was FTAC Olympus Acqusition (FTOC). FTOC announced the deal with Payoneer on February 3rd. FTOC closed the day at $12.59.

4) Arctos NorthStar Acquisition Corp. (ANAC.U) — will trade tomorrow

  • $275M, 1/4 warrant

  • Focus: Sports, Media, and Entertainment

  • Chairman: David “Doc” O’Connor (Former CEO of The Madison Square Garden Company)

  • CEO: Theo Epstein (Former General Manager of the Boston Red Sox and Former President of Baseball Operations for the Chicago Cubs)

  • Directors:

    • Xavier Gutierrez (CEO of the Arizona Coyotes Hockey Club)

    • Jared Smith (Former President & Global Chairman of Ticketmaster Entertainment)

5) CM Life Sciences II Inc. (CMII.U) — will trade tomorrow

  • $240M, 1/5 warrant

  • Focus: Life Sciences: “life sciences tools, synthetic biology and diagnostics.”

  • Chairman: Keith Meister (Founder of Corvex Management, Former CEO of Icahn Enterprises, Director of MGM Resorts International, and Former Director of Yum! Brands & Motorola)

  • CM Life Sciences (CMLF) announced a merger deal with Sema4 on February 10th. CMLF closed the day at $21.49.

Notable S-1 Filings:

1) Tio Tech A (TIOA)

  • $300M, 1/3 warrant

  • Focus: Tech in Europe

  • Chairman: Dominik Richter (Founder & CEO of HelloFresh)

  • Investment Advisors:

    • Victor Jacobsson (Co-founder of Klarna)

    • Thomas Griesel (Co-founder of HelloFresh)

2) and 3) New Providence Acquisition Corp. II (NPAB) and New Providence Acquisition Corp. III (NPAC)

  • Focus: Consumer

  • CEO: Gary Smith (Former COO of Red Bull)

  • NPAB

    • $200M, 1/3 warrant

    • Director: Timothy Gannon (Co-Founder of Outback Steakhouse and co-founder of OSI Restaurant Partners: the operator of Outback, Carrabba’s, Bonefish Grill, and Fleming’s Prime Steakhouse)

  • NPAC

    • $300M, 1/3 warrant

  • New Providence Acquisition Corp. (NPA) announced a merger deal with AST and Science in December of last year. NPA closed the day at $17.52.

4) Gores Guggenheim, Inc. (GGPI)

  • $750M, 1/5 warrant

  • Focus: Consumer products and services

  • Chairman: Alec Gores (Founder, Chairman, & CEO of The Gores Group)

  • President & Director: Andrew Rosenfield (President of Guggenheim Partners)

  • Director: Nancy Tellem (Director of Metro-Goldwyn-Mayer and Former President of the CBS Network Television Entertainment Group)

  • Sponsor is an affiliate of… guess who? The Gores Group and Guggenheim.

  • Gores now has 3 active SPACs, 2 of which are searching for a merger partner, and 5 more that have filed their S-1 registration. This means that after the 5 upcoming SPACs have IPO’d, Gores could potentially have a record 7 SPACs searching for a merger partner.

  • Gores most recent SPAC merger deal was Gores Holdings VI & Matterport, which was announced on February 8th. GHVI closed the day at $21.95.

5) PWP Forward Acquisition Corp. I (FRW)

  • $200M, 1/5 warrant

  • Focus: “Women-Forward Companies: businesses that are founded by, led by or enrich the lives of women”

  • Chairman: Joseph Perella (Founding Partner of Perella Weinberg Partners)

  • Director: Courtney Leimkuhler (Former CFO of Marsh)

6) ESM Acquisition Corporation (ESM)

  • $300M, 1/3 warrant

  • Focus: Energy transition (“companies, projects or technologies which benefit from the global transition towards a low carbon economy”)

  • CEO: Sir Michael (“Mick”) Davis (Former CEO of Xstrata, Former CFO of Billiton, and Former Executive Director of Eskom)

7) Waldencast Acquisition Corp. (WALD)

  • $250M, 1/3 warrant

  • Focus: Beauty, Personal Care and Wellness

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

Upcoming Dates:

This Week’s Shareholder Meetings:

Thursday, 2/25:

  • Switchback Energy Acquisition Corporation (SBE) Shareholder Meeting to Approve Business Combination with ChargePoint

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

Friday, 2/26:

  • Sports Ventures Acquisition Corp. (AKIC)

Thank you for reading.

Thanks,

SPAC Track