The Nightcap

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

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,

SPAC Track