The Nightcap Newsletter from SPAC Track

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (September 30, 2021)

Discover and track all of the SPACs at spactrack.net.

The Stats:

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The Deals:

None today.

News:

Foxconn strikes deal to acquire former Lordstown Ohio plant (Reuters)

Global technology firm Foxconn will buy an assembly plant owned by U.S. electric vehicle startup Lordstown Motors Corp (RIDE: $7.98 +8.42%) for $230 million and take over production of a new pickup truck, the companies said on Thursday.

Under the in-principle agreement, the Taiwanese tech giant, also known as Hon Hai Precision Industry Co., will manufacture Lordstown Motors’ Endurance full-size pickup truck at its Lordstown facility and it will also support Foxconn’s partner and customer, start-up automaker Fisker Inc.

Young Liu, Chairman of Foxconn, said the deal would help Foxconn achieve “the goal of moving ahead our timeline to establish electric vehicle production capacity in North America.”

Foxconn, the world’s largest contract electronics maker best known for assembling Apple’s iPhone, will invest $50 million in Lordstown equity. Lordstown Motors plans to enter into a long-term lease for a portion of the existing facility for its Ohio-based employees, and Foxconn plans to offer employment to many Lordstown employees.

Lordstown CEO Daniel Ninivaggi said in an interview the new partnership with Foxconn allows Lordstown to move to a less capital intensive business model and that the deal is expected to close in about six months.

Merger Votes/ Completions:

  • dMY Technology Group, Inc. III (DMYI) completed its merger with IonQ

    • Ticker change to IONQ set for tomorrow, 9/30

    • IonQ set to receive $636M in gross proceeds

  • Kensington Capital Acquisition Corp. II (KCAC: $8.28 -15.94%) shareholders approve its merger with Wall Box Chargers

    • 8,888,682 redemptions (or ~39%) were previously reported and the min. cash condition was waived

Tracking De-SPAC S-1s (including PIPE resale registrations):

S-1s that went effective today:

  • Tango Therapeutics (TNGX: $12.93 +7.48%)

  • Volta (VLTA: $8.65 -23.04%)

  • SmartRent (SMRT: $13.02 +3.33%)

424B3 filings (meaning S-1 is likely to go effective tomorrow):

  • Spire (SPIR: $12.53 +3.30%)

S-1 filings:

IPOs to Begin Trading Tomorrow*:

1) Monterey Bio Acquisition Corporation Announces Pricing of $100 Million Initial Public Offering (MTRY-U)

2) Marblegate Acquisition Corp. Announces Pricing of $300,000,000 Initial Public Offering (GATE-U)

*priced at the time of this writing

New S-1s (2):

  • $100M, 3/4 Warrant

  • Focus: Sports tech

  • Directors:Reid Ryan (Former President of the Houston Astros)

  • $40M, 1/2 Warrant

  • Focus: Consumer goods, e-Commerce, new energy in Asia-Pacific

Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, and Expected Ticker Changes

See the full calendar here.

Thanks for reading,

SPAC Track

Note: Share prices only included if 5%+ moves and for all De-SPAC PIPE entries
DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice.