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  • Nightcap: Merger Monday takes a week off, but the SPAC energy should ratchet up with 7 merger vote meetings on the schedule

Nightcap: Merger Monday takes a week off, but the SPAC energy should ratchet up with 7 merger vote meetings on the schedule

Nightly recap of the day's SPAC highlights (July 26, 2021)

Good evening,

Thanks for reading the “Nightcap”, a nightly recap of the highlights in the SPAC world. You can always discover and track all of the SPACs at spactrack.net.

The Stats:

If you find that this newsletter keeps you informed of all things SPAC, please consider sharing it with a friend or colleague and suggest they subscribe!

The Deals:

None today.

Deal News:

Ad-Tech Company AdTheorent Nears $1 Billion SPAC Deal to Go Public (WSJ article behind paywall)

Advertising-technology company AdTheorent Inc. is nearing a combination with a special-purpose acquisition company to go public in a deal that would value the firm at about $1 billion, people familiar with the matter said.

AdTheorent uses machine learning and data science to optimize advertising and marketing campaigns for its customers. It says it can efficiently target consumers without using sensitive personal data.

New York City-based AdTheorent would merge with the SPAC MCAP Acquisition Corp. (MACQ: $9.67), the people said. The deal could be announced as soon as this week.

AdTheorent would join many other companies in the sector in raising money and going public as consumers spend more time online and large brands give priority to digital advertising to reach them. Innovid Inc. last month said it was merging with a SPAC, while content-recommendation firm Taboola.com Ltd. recently completed its so-called blank-check merger.

Other News:

Lordstown Motors says hedge fund may buy up to $400 million of its stock (Reuters)

Lordstown Motors Corp (RIDE: $7.29) said on Monday hedge fund YA II PN Ltd has committed to purchase up to $400 million of the company’s shares over a three-year period, coming at a crucial time when the electric-truck maker faces heightened regulatory scrutiny related to its SPAC merger and vehicle preorders.

Under the deal, YA can receive nearly 35 million Lordstown shares upon execution of the agreement, subject to the approval of Lordstown shareholders, as well as a small discount on the shares whenever purchased, according to a regulatory filing here.

Some industry observers called it a good deal for Lordstown.

“Existing shareholders are not taking $400 million worth of dilution. It’s like a standby commitment on the part of YA to buy stock when Lordstown says it needs more money,” said Erik Gordon, professor at the University of Michigan’s Ross School of Business.

“I was surprised,” Gordon said. “It’s more like the knight in shining armor than the vulture at the carcass.” He added that Monday’s commitment creates a cushion of liquidity that could help the Ohio startup attract funding from others.

And also, this:

IPOs to Begin Trading Tomorrow*:

1) Alpha Healthcare Acquisition Corp. III (ALPA.U)

  • $150M, 1/4 warrant

  • Focus: Healthcare

*Priced at the time of this writing

Quick News Corner:

  • Tuscan Holdings Corp. (THCB) completed its merger with Microvast (MVST: $8.74) and started trading as MVST.

New S-1s:

  • $275M, 1/3 warrant

  • Focus: pursue an acquisition opportunity within the technology sector, with a specific focus on the theme of Digital Transformation, which we view as the secular shift of compute and business processes migrating to the cloud

  • Management:Hassan Ahmed (Former Chairman & CEO of Affirmed Networks and Former Chairman & CEO of Sonus Networks)

  • Directors:Jack Selby (Managing Director at Thiel Capital, the family office of Peter Thiel)Steve Papa (Founder & CEO of Parallel Wireless, Chairman of Toast, Director of Desktop Metal, and Founder & Former CEO of Endeca)

  • $40M, 1R (1/10 of a share)

  • CEO: Leslie Chow

Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

Tuesday, July 27

  • Merger Meetings:Capitol Investment Corp. V (CAP: $9.62) & DomaRoth CH Acquisition II Co (ROCC: $9.13) & Reservoir Media

Wednesday, July 28

  • Merger Meetings:Nebula Caravel Acquisition Corp. (NEBC: $9.62) & RoverStarboard Value Acquisition Corp. (SVAC: $9.90) & Cyxtera Technologies

  • Unit Split: Mountain Crest Acquisition Corp. (MCAF-U: $9.95)

Thursday, July 29

  • Merger Meetings:Dragoneer Growth Opportunities Corp. (DGNR: $9.59) & CCC Intelligent SolutionsReinvent Technology Partners Z (RTPZ: $9.97) & Hippo

Friday, July 30

  • Merger Meeting: Tailwind Acquisition Corp. (TWND: $9.51) & QOMPLX (Adjourned from 7/20)

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Thanks for reading,

SPAC Track