The Nightcap

Nightly recap of all the day's SPAC highlights (Feb 16th, 2021)

February 16th, 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:

Top Losers:

The Deals:

1) Sandbridge Acquisition Corporation (SBG) & Owlet Baby Care, a maker of connected baby health monitors.

  • $1.07B EV

  • $130M PIPE

  • SBG closed the day at $10.37 (-2.08%)

2) Peridot Acquisition Corp. (PDAC) & Li-Cycle, North America’s largest lithium-ion battery resource recycling company.

  • $1.67B Pro-forma equity value

  • $315M PIPE

  • PDAC closed the day at $13.80  (-0.36%)

Deal News Reports:

1) Churchill Capital Corp. (CCIV) is nearing a merger with Lucid Motors, a luxury electric vehicle company at a valuation of around $12B, according to Reuters.

  • The article notes that the PIPE could potentially be $1.5B or more and the deal could be announced within the month.

  • CCIV closed the day at $52.70  (+31.8%)

2) Alpha Healthcare Acquisition Corp (AHAC) has agreed to a deal with Humacyte, a developer of “universally implantable bioengineered human tissues and organs” at a potential $1.1B valuation, according to Reuters.

Notable IPOs:

1) New Vista Acquisition Corp (NVSA.U) — will trade tomorrow

  • $240M, 1/3 warrant

  • Focus: Space, Defense and Communications, Advanced Air Mobility and Logistics

  • Chairman and CEO:

    • Dennis Muilenburg (Former CEO of Boeing)

  • Directors:

    • Marion Blakey (Former CEO of Rolls-Royce North America and Former Administrator of the FAA)

    • Christopher Lofgren (Chairman of the Board for the US Chamber of Commerce)

    • Gen. Stephen W. Wilson, Ret. (Retired 4-star US Air Force General and Former Vice Chief of Staff of the Air Force)

  • Advisors:

    • Lieut. Gen. Herbert Raymond McMaster (Retired US Army Lieutenant General and Former US National Security Advisor to President Trump)

    • Gen. Maryanne Miller, Ret. (Retired 4-star US Air Force General)

    • Dr. John Tracy (Former CTO of Boeing)

2) FS Development Corp. II (FSII) — will trade tomorrow

  • $175M, no warrants

  • Focus: Biotech and Life Science infrastructure

  • The sponsor is Foresite Capital

  • President, CEO, and Director:

    • Dr. Jim Tananbaum (Founder and CEO of Foresite Capital)

  • The sponsor’s first SPAC, FS Development Corp, announced its merger with Gemini Therapeutics (GMTX). GMTX closed the day at $12.68.

Notable New SPAC S-1 filings:

1) Aldel Financial Inc (ADF)

  • $200M, 1/2 warrant

  • Focus: Companies exiting the restructuring process / transient current ownership

  • Chairman and CEO:

    • Robert Kauffman (Co-founder of Fortress Investment Group)

  • Director:

    • Charlie Nearburg (Race car driver and founder of Nearburg Producing Company)

    • Kyle Cerminara (Co-founder of Fundamental Global and President of FG New America Acquisition Corp - FGNA)

Upcoming Dates:

This Week’s Shareholder Meetings:

Wednesday, 2/17:

  • Crescent Acquisition Corp (CRSA) Shareholder Meeting to Extend Deadline for Business Combination

  • Newborn Acquisition Corp (NBAC) Shareholder Meeting to Extend Deadline for Business Combination

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):

Tuesday, 2/16:

  • CF Acquisition Corp. IV (CFIV)

Friday, 2/19

  • Dune Acquisition Corp (DUNE)

Thank you for reading.

Thanks,

SPAC Track