The Nightcap

Nightly recap of all the day's SPAC highlights (Mar 1st, 2021)

March 1st, 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:

1) NavSight Holdings, Inc. (NSH) & Spire Global, “a provider of space-based data and analytics through their proprietary constellation of over 100 nanosatellites”.

  • $1.23B EV

  • $245M PIPE including investments from Tiger Global Management, funds and accounts managed by BlackRock, Hedosophia, and JAWS — the family office of Barry Sternlicht

2) Vector Acquisition Corp (VACQ) & Rocket Lab, a satellite launch company.

  • $4.08B EV

  • $467M PIPE including investments from Vector Capital, BlackRock, and Neuberger Berman

3) Tailwind Acquisition Corp. (TWND) & QOMPLX, a cyber security-focused risk analytics company.

  • $1.17B EV

  • $180M PIPE including investments from Cannae Holdings and Hedosophia

Deal News Reports:

Bloomberg reported tonight that Tailwind Acquisition Corp. (TWND) is set to merge with QOMPLX… and the SPAC followed up shortly after with the definitive agreement announcement (#3 above).

Notable IPO’s to begin trading tomorrow:

1) and 2) Northern Star Investment Corp. III (NSTC.U) and IV (NSTD.U)

  • Both are $350M, 1/6 warrant

  • Focus: Direct-to-Consumer, e-commerce

  • Chairperson & CEO: Joanna Coles (Former Editor-in-Chief of Cosmopolitan and Director of Snapchat & Sonos)

  • President & COO: Jonathan Ledecky (Serial sponsor with 3 completed SPAC mergers and Co-owner of the New York Islanders)

  • Directors (NSTD.U only):

    • Emily White (Former COO of Snapchat and Director of Lululemon Athletica

    • Kirsten Green (Founder & Managing Partner of Forerunner Ventures and Director of Nordstrom)

  • Sponsor’s Previous SPACs to Announce a Deal:

    • Northern Star Investment Corp I (STIC) announced a merger deal in December with BarkBox. STIC closed the day at $12.80.

    • Northern Star Investment Corp II (NSTB) announced a merger deal on February 22nd with Apex Clearing. NSTB closed the day at $10.16.

3) TCW Special Purpose Acquisition Corp. (TSPQ.U)

  • $450M, 1/3 warrant

  • Advisors:

    • Brad Buss (Former CFO of SolarCity, Director of QuantumScape and Advance Auto Parts)

    • Thomas Tippl (Vice Chairman and Former COO of Activision Blizzard)

4) Supernova Partners Acquisition Co II, Ltd. (SNII.U)

  • $300M, 1/4 warrant

  • Focus: Tech (Enterprise)

  • Co-Chairs:

    • Spencer Rascoff (Co-founder and Former CEO of Zillow, Co-founder of Hotwire and Director of Palantir)

    • Alexander Klabin (Co-founder of Senator Investment Group, Executive Chairman of Sotheby’s Financial Services)

5) NightDragon Acquisition Corp. (NDAC.U)

  • $300M, 1/5 warrant

  • Focus: Cybersecurity, Safety, Security and Privacy (CSSP)

  • Chairman: Dave DeWalt (Former Chairman & CEO of FireEye and Former CEO of McAfee)

  • Vice Chairman: Mark Garrett (Former CFO of Adobe , Director of Cisco and Snowflake)

6) Advanced Merger Partners, Inc. (AMPI.U)

  • $250M, 1/6 warrant

  • Directors:

    • Bruce Zimmerman (CIO of Dalio Family Office and Former CEO & CIO of UTIMCO)

    • Ann Daly (Former COO of DreamWorks)

    • Alejandro Santo Domingo (Director of Anheuser-Busch Inbev)

7) Haymaker Acquisition Corp. III (HYAC.U)

  • $300M, 1/4 warrant

  • Focus: Consumer

  • CEO & Executive Chairman: Steven Heyer (Former CEO of Starwood Hotels & Resorts and Former COO of The Coca-Cola Company)

  • Sponsor’s Previous SPAC to Announce a Deal: Haymaker Acquisition Corp. II (HYAC) merged with ARKO Holdings (ARKO) in December of last year. ARKO closed the day at $9.47.

Expected to Price:

1) Khosla Ventures Acquisition Co (KVSA.U)

  • Expected: $300M, no warrants

  • Founder: Vinod Khosla (Founder of Khosla Ventures)

  • Focus: Companies with highly differentiated proprietary technology

  • Directors:

    • Jagdeep Singh (Founder, Chairman, & CEO of QuantumScape)

    • Mario Schlosser (Founder and CEO of Oscar Insurance)

2) Atlantic Coastal Acquisition Corp. (ACAH.U)

  • Expected: $300M, 1/2 warrant

  • Focus: Next-Generation Mobility

  • Chairman and CEO: Shahraab Ahmad (Founder and CIO of Decca Capital)

  • Director: Bryan Dove (Former CEO of Skyscanner)

3) Live Oak Mobility Acquisition Corp (LOKM.U)

  • Expected: $200M, 1/5 warrant

  • Focus: Mobility and Motion Technology

  • Sponsor’s Previous SPAC to Announce a Deal: Live Oak Acquisition Corp. (LOAK) merged with Danimer Scientific (DNMR) last December. LOAK closed the day at $40.19.

Notable S-1 Filings:

1) HCM Acquisition Corp (HCMA)

  • $250M, 1/2 warrant

  • Focus: Fintech

  • Chairman & CEO: Shawn Matthews (Former CEO of Cantor Fitzgerald

  • President & CFO: James Bond (Former COO of Cantor Fitzgerald)

2) BrightSpark Capitol Corp. (Ticker not yet available)

  • $200M, 1/4 warrant

  • Focus: Digital forward consumer (including health, wellness, and beauty)

  • Co-Chair & Co-CEO: Helena Foulkes (Former CEO & Director of HBC, Former President of CVS Pharmacy & EVP of CVS Health, Director at the Home Depot)

  • Co-Chair & Co-CEO: Marla Beck (Co-founder & CEO of Bluemercury)

  • Director: Mark Ein (Founder & Owner of MDE Sports and Serial SPAC sponsor: Capitol)

3) and 4) Corner Growth Acquisition Corp. 2 & 3 (Tickers not yet available)

  • Corner Growth 2:

    • $175M, 1/4 warrant

  • Corner Growth 3:

    • $450M, 1/4 warrant

  • Focus: Tech

  • Co-Chairman: John Cadeddu (General Partner & Managing Director of Corner Ventures)

  • Directors:

    • Alexandre Balkanski (CEO of Picarro and Fomer General Partner of Benchmark Capital)

    • Jason Park (CFO of DraftKings)

5) Revolution Healthcare Acquisition Corp. (REVH)

  • $500M, 1/5 warrant

  • Focus: Healthcare, Healthcare Tech, Life Sciences

  • Sponsors: General Catalyst and ARCH

  • Directors:

    • Jeff Leiden (Executive Chairman & Former CEO of Vertex Pharmaceuticals and Former COO of Abbott Laboratories)

    • Robert Nelsen (Co-founder & Managing Director of ARCH)

    • Jennifer Schneider (Former President & Chief Medical Officer of Livongo Health)

    • Hemant Taneja (Managing Director of General Catalyst)

Upcoming Dates:

Next Week’s Shareholder Meetings:

Friday, 3/5:

  • CF Finance Acquisition Corp II (CFII) Shareholder Meeting to Approve Business Combination with View

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

Wednesday, 3/3

  • Adit EdTech Acquisition Corp. (ADEX)

Thank you for reading.

Thanks,

SPAC Track