The Nightcap from SPAC Track

Nightly recap of the day's SPAC highlights (May 24th, 2021)

May 24th, 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 Stats:

The Deals:

An after-hours deal:

1) Legato Merger Corp. (LEGO) & Algoma Steel.

Deal News Reports:

1) GigCapital4 Inc. (GIG) is in talks to merge with BigBear.ai.

The special purpose acquisition company is seeking to raise equity and convertible debt to support a deal that’s set to value the combined entity at more than $1.5 billion, said one of the people. Terms could change and as with all transactions that aren’t yet finalized, it’s possible talks could collapse.

Columbia, Maryland-based BigBear’s projected 2021 revenue is $150 million to $200 million, one of the people said. The company says it is a provider of artificial intelligence and machine learning, advanced analytics, data science and management to U.S. government clients including the Department of Defense and intelligence agencies.

BigBear, led by Reggie Brothers, was formed through the merger of NuWave Solutions and PCI Strategic Management, portfolio companies of private equity firm AE Industrial Partners LP, according to a February statement. AE acquired both companies last year.

New S-1 Filings:

1) Mountain Crest Acquisition Corp. IV (MCAF)

  • $50M, 1 R (1/10)

  • Sponsor’s Previous SPAC Activity: Mountain Crest Acquisition Corp (MCAC) merged with PLBY Group (PLBY; Formerly Playboy Enterprises) in February. PLBY closed the day at $42.49.

IPOs to Begin Trading Tomorrow:

1) Fifth Wall Acquisition Corp. III (FWAC)

  • $250M, no warrants

  • Focus: Real Estate, Proptech (non-residential)

  • Management:

    • Brendan Wallace (Co-founder & Managing Partner at Fifth Wall)

  • Sponsor’s Previous SPAC Activity: Fifth Wall Acquisition Corp. I (FWAA) announced a merger deal with SmartRent last month. FWAA closed the day at $10.72.

Upcoming Dates:

This Week’s Shareholder Meetings and Unit Splits (common shares and warrants to commence trading separately from underlying units)

Thursday, May 27th

  • Social Capital Hedosophia Holdings Corp. V (IPOE) Shareholder Meeting to Approve Business Combination with SoFi

Friday, May 28th

  • Northern Star Acquisition Corp. (STIC) Shareholder Meeting to Approve Business Combination with Barkbox

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SPAC Track