The Nightcap from SPAC Track

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (October 27, 2021)

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

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Earnings is Upon Us:

The Stats:

The Deals:

None today.

Merger Votes/ Completions:

  • Mountain Crest Acquisition Corp. II (MCAD) shareholders approved its merger with Better Therapeutics

    • Closing is expected on 10/28 with the ticker change to BTTX set for 10/29

  • Greenrose Acquisition Corp. (GNRS) shareholders approved its merger with Theraplant & True Harvest

    • 15.2M public shares were redeemed (an estimated ~88% of public shares), leaving ~$20M in the trust

    • The combined company will be named The Greenrose Holding Company and will continue to be listed as GNRS on the OTC

  • Spartacus Acquisition Corporation (TMTS) shareholders approved its merger with NextNav

  • Trident Acquisitions Corp. (TDAC) announces that shareholders elected to redeem ~21,000 shares (less than 1%) ahead of the vote for its merger with Lottery.com tomorrow.

    • Closing is expected on 10/29 with the ticker change to LTRY on 11/1

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News:

Music streamer Akazoo agrees to $38.8-million settlement over SEC fraud charges (Reuters)

The U.S. Securities and Exchange Commission (SEC) on Wednesday said it had settled charges against Akazoo S.A., a Greek firm purporting to be a music streaming business, for $38.8 million after the firm allegedly defrauded investors out of tens of millions of dollars.

Akazoo went public via a special purpose acquisition company (SPAC) in 2019. The SEC froze the firm's assets a year ago as part of an investigation into claims made by the company.

According to the SEC, Akazoo told investors it was a rapidly growing music streaming company focused on emerging markets with over 38.2 million registered users and $120 million in annual revenue, but in reality, the company had no paying users and negligible revenue.

An attorney for Akazoo, which did not admit or deny the SEC's findings, declined to comment.

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

S-1s that went effective today:

  • Archer Aviation (ACHR: $5.39 -14.85%)

  • Jasper Therapeutics (JSPR: $10.14 -10.97%)

S-1 filings:

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

Quick News:

  • Vertical Aerospace announces $200M in funding from Mudrick Capital (convertibe senior secured notes) as well as an additional $5M in PIPE investment from Kouros SA for its merger with Broadstone Acquisition Corp. (BSN), bringing total PIPE investment to $94M

IPOs to begin trading tomorrow*:

1) Seaport Calibre Materials Acquisition Corp. Announces Pricing of $130 Million Initial Public Offering (SCMA-U)

2) Anthemis Digital Acquisitions I Corp Announces Pricing of $200 Million Initial Public Offering (ADAL-U)

3) Perception Capital Corp. II Announces Pricing of $200 Million Initial Public Offering (PCCT-U)

*Priced as of this writing

New S-1s (1):

  • $200M, 1/2 Warrant

  • Focus: Consumer, financial & business services, healthcare, and tech, media and telecom (TMT)

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.