March 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:
The Deals:
Sunday Deal — Thoma Bravo Advantage (TBA) & IronSource, an Israeli software company that provides a platform for app developers to monetize and grow their business.
$10.33B EV
$1.3B PIPE including investments from Tiger Global Management, Counterpoint Global (Morgan Stanley), Nuveen, Hedosophia, Wellington Management, and The Baupost Group.
Monday:
1) Malacca Straits Acquisition (MLAC) & Asia Vision Network, the holding company of Vision+, the streaming TV unit of PT MNC Vision Networks.
$573M EV
No PIPE and no minimum cash condition
Deal News Reports:
None today.
Notable IPO’s to begin trading tomorrow:
1) Lead Edge Growth Opportunities, Ltd (LEGA.U)
$300M, 1/4 warrant
Focus: Software, Internet, Tech
Officers:
Mitchell Green (Founder & GP of Lead Edge)
Directors:
Meg Whitman (Former CEO of HP, Former CEO of eBay, Former CEO of Quibi, and Director of Procter & Gamble)
2) Supernova Partners Acquisition Co III, Ltd. (STRE.U)
$250M, 1/5 warrant
Focus: Tech (Internet, Consumer, Media)
Officers:
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)
Sponsor’s Previous SPAC Activity: Supernova Partners Acquisition Company (SPNV) announced a merger deal with Offerpad last week. SPNV closed the day at $10.34.
3) Gores Guggenheim, Inc. (GGPI.U)
$750M, 1/5 warrant
Focus: Consumer products and services
Officers:
Alec Gores (Founder, Chairman, & CEO of The Gores Group)
Andrew Rosenfield (President of Guggenheim Partners)
Directors:
Nancy Tellem (Director of Metro-Goldwyn-Mayer and Former President of the CBS Network Television Entertainment Group)
Sponsor’s Previous SPAC Activity: Gores most recent SPAC merger deal was Gores Holdings VI & Matterport, which was announced on February 8th. GHVI closed the day at $15.78.
4) NextGen Acquisition Corp. II (NGCA.U)
$350M, 1/5 warrant
Focus: Industrial, Tech, and Healthcare
Co-Chairman: George Mattson (Director of Delta Air Lines, Air France-KLM, and Virgin Galactic Holdings)
Sponsor’s Previous SPAC Activity: NextGen Acquisition Corporation (NGAC) announced a merger deal with Xos last month. NGAC closed the day at $10.27.
Notable S-1 Filings:
1) Category Leader Partner Corp 1 (CATL)
$200M, 1/2 warrant
Focus: B2B software
Directors:
Richard Lowenthal (Founder, Director, & Former CEO of ChargePoint)
Strategic Advisors:
Taher Elgamal (CTO of Security at Salesforce and “recognized as the Father of SSL encryption”)
Susan Siegel (Former Chief Innovation Officer at GE, Former CEO of GE Ventures, and Director of Illumina)
2) Jeneration Acquisition Corp (JACA)
$300M, 1/4 warrant
Focus: Tech in Asia (focus in China), including in mobility, online services, software, e-commerce, AI, robotics and clean energy
Officers:
Jason Tan (Partner & Chief Investment Officer of Jeneration Capital, and Former Director of JD.com & Grab)
Directors:
Eric Levin (CFO of Warner Music Group Corp)
Cheng Lu (CEO of TuSimple)
3) Good Commerce Acquisition Corp (Ticker not available yet)
$200M, 1/3 warrant
Focus: Consumer roll-up — “combining exceptional brands and leadership teams in the apparel & accessories, outdoor, health and wellness, home and other consumer-related industries”
Officers:
Art Peck (Former CEO of Gap, Inc.)
4) Industrial Tech Acquisitions II, Inc. (ITAQ)
$150M, 1/2 warrant
Focus: Industrial Tech including software, mobile and IoT applications, digital and energy transformation, cloud communications and high bandwidth services, including LTE, remote sensing and 5G communications
Sponsor’s Previous SPAC Activity: Industrial Tech Acquisitions, Inc. (ITAC) announced a merger deal with Arbe Robotics last week. ITAC closed the day at $10.00.
5) Lazard Fintech Acquisition Corp. I (LFTA)
$250M, 1/5 warrant
Focus: Fintech
6) Lazard Healthcare Acquisition Corp. I (LHCA)
$250M, 1/5 warrant
Focus: Healthcare Tech
SPACs Leaving the Nest:
Newborn Acquisition Corp (NBAC) and Nuvve announced the completion of the business combination. NBAC will begin trading as NVVE starting tomorrow, 3/23.
Longevity Acquisition Corporation (LOAC) and 4d pharma announced the completion of the business combination. LOAC began trading as LBPS today.
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Wednesday, March 24th:
Unit Splits: Adara Acquisition Corp. (ADRA), BlueRiver Acquisition Corp. (BLUA)
Thursday, March 25th:
Foley Trasimene Acquisition Corp. II (BFT) Shareholder Meeting to Approve Business Combination with Paysafe
Replay Acquisition Corp (RPLA) Shareholder Meeting to Approve Business Combination with Finance of America Equity Capital
Unit Splits: African Gold Acquisition Corp (AGAC), Thimble Point Acquisition Corp. (THMA)
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Thanks for reading,
