March 10th, 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:
None today.
Deal News Reports:
1) Jaws Spitfire Acquisition Corporation (SPFR) is in talks to merge with Velo3D, “a maker of 3D metal printers”, at a more than $1B valuation, according to Bloomberg.
2) LGL Systems Acquisition Corp (DFNS) is in talks to merge with IronNet, a cybersecurity firm that offers a “collective defense platform, powered by AI-based network detection and response”, at a valuation of about $1.2B, according to Bloomberg.
3) 890 5th Avenue Partners (ENFA) is in talks to merge with Buzzfeed, according to Bloomberg.
Notable IPO’s to begin trading tomorrow:
1) Pine Technology Acquisition Corp. (PTOC.U)
$300M, 1/3 warrant
Focus: InsurTech
Directors:
J. Eric Smith (Former CEO of Swiss Re Americas)
Bradley Tusk (Founder & CEO of Tusk Holdings)
2) L Catterton Asia Acquisition Corp (LCAA.U)
$250M, 1/3 warrant
Focus: Consumer Tech in Asia
Officers:
Chinta Bhagat (Co-head and CEO of L Catterton Asia)
Scott Chen (Co-head and CIO of L Catterton Asia)
Directors:
John Sculley (Former CEO of Apple and Former CEO of Pepsi-Cola)
Sponsor’s Previous SPAC to Announce a Deal: Aspirational Consumer Lifestyle Corp. (ASPL) announced a merger deal with Wheels Up in early February. ASPL closed the day at $10.66.
3) Silver Spike Acquisition Corp II (SPKB.U)
$250M, 1/4 warrant
Focus: Cannabis
Sponsor’s Previous SPAC to Announce a Deal: Silver Spike Acquisition Corp (SSPK) announced a merger deal with WM Holding Company (Weedmaps) in December. SSPK closed the day at $18.87.
Notable S-1 Filings:
1) CIIG Merger Corp. II (CIIG)
$300M, 1/5 Warrant
Focus: TMT and Sustainability
Officers:
Peter Cuneo (Former CEO of Marvel Entertainment and Former CEO of Remington Products)
Sponsor’s Previous SPAC to Announce a Deal: CIIG Merger Corp (CIIC) announced a merger deal with Arrival in November. CIIC closed the day at $21.61.
2) HighCape Capital Acquisition Corp. II (HCCR)
$200M, 1/4 warrant
Focus: Life Sciences
Officers:
Kevin Rakin (Partner of High Cape Capital)
Sponsor’s Previous SPAC to Announce a Deal: HighCape Capital Acquisition Corp. (CAPA) announced a merger deal with Quantum-Si last month. CAPA closed the day at $13.24.
3) Cain Acquisition Corp (CAIN)
$250M, 1/3 warrant
Focus: Experiential Hospitality, Location-based Entertainment, and Real Estate
Officers:
Jonathan Goldstein (Founder & CEO of Cain International)
Upcoming Dates:
This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)
Thursday, 3/11:
Interprivate Acquisition Corp (IPV) Shareholder Meeting to Approve Business Combination with Aeva
Friday, 3/12:
New Providence Acquisition Corp (NPA) Shareholder Meeting to Extend Deadline for Business Combination
Unit Split: Monument Circle Acquisition Corp. (MON), Ignyte Acquisition Corp. (IGNY)
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Thanks for reading,
