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The Nightcap: Six for Six (SPAC IPOs Trading Higher Than or at $10)

Nightly recap of the day's SPAC highlights (June 18th, 2021)

Good evening,

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

The Weekly Stats:

The Stats:

The Deals:

1) Leo Holdings III Corp. (LIII: $9.87) & Local Bounti

  • Merger Partner Description:

Local Bounti is a premier controlled environment agriculture (CEA) company redefining conversion efficiency and environmental, social and governance (ESG) standards for indoor agriculture. The company operates an advanced indoor growing facility in Hamilton, Montana, within a few hours’ drive of its retail and food service partners. Reaching retail shelves in record time post-harvest, Local Bounti produce is superior in taste and quality compared to traditional field-grown greens. The company’s USDA Harmonized Good Agricultural Practices (GAP Plus+) and non-genetically modified organisms (GMO) produce is sustainably grown using proprietary technology 365 days a year, free of pesticides and herbicides, and using 90 percent less land and water than conventional outdoor farming methods.

  • Valuation: $757M Pro-forma EV

  • PIPE: $125M fully committed PIPE anchored by existing investors and new investors, including Fidelity Management & Research Company LLC, BNP Paribas Asset Management Ecosystem Restoration Fund and Cargill.

  • Additional Financing: Cargill is separately expecting to provide a $200M debt facility to accelerate Local Bounti’s expansion plans

  • Local Bounti Investor Presentation (starts p. 159)

Quick News Corner:

New S-1 Filings:

1) Portage Fintech Acquisition Corporation (PFTA)

  • $200M, 1/3 warrant

  • Focus: FinTech

  • Joint Book-running Managers: Goldman Sachs, BTIG, Scotiabank, and SoFi

  • Directors:

    • Paul Desmarais III (Chairman of Wealthsimple Financial Corp.)

    • Steve Freiberg (Vice Chairman of SoFi, Director of MasterCard, Former Co-Chairman & CEO of Citigroup’s Global Consumer Group, and Former CEO of E*Trade)

    • Stuart Charles Harvey, Jr. (Former Chairman of Paysafe Group)

    • Tom Hutton (Chairman & Former Interim CEO of SoFi)

Upcoming Dates:

Next Week’s Shareholder Meetings and Unit Splits:

Tuesday, June 22nd

  • FinTech Acquisition Corp. IV (FTIV: $12.00) Shareholder Meeting to Approve Business Combination with Perella Weinberg Partners

  • Thoma Bravo Advantage (TBA: $9.97) Shareholder Meeting to Approve Business Combination with ironSource

Wednesday, June 23rd

  • FTAC Olympus Acquisition (FTOC: $9.90) Shareholder Meeting to Approve Business Combination with Payoneer

  • Artius Acquisition (AACQ: $9.86) Shareholder Meeting to Approve Business Combination with Origin Materials

Thursday, June 24th

  • Forum Merger III Corporation (FIII: $9.98) Shareholder Meeting to Approve Business Combination with Electric Last Mile

  • Forest Road Acquisition Corp. (FRX: $9.99) Shareholder Meeting to Approve Business Combination with Beachbody and Myx Fitness

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SPAC Track