The Nightcap from SPAC Track

Nightly recap of the day's SPAC highlights (June 7th, 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:

1) VPC Impact Acquisition Holdings III, Inc. (VPCC: $9.88) & Dave. (Investor Presentation)

  • $4B Pro-forma equity value

  • $210M PIPE led by Tiger Global Management, with participation from Wellington Management and Corbin Capital Partners

Deal News Reports:

None today.

New S-1 Filings:

1) PHP Ventures Acquisition Corp. (PPHPA)

  • $50M, 1/2 warrant, 1 R (1/10 of a share)

Notable SPAC News:

At Monday’s close, PLBY Group (PLBY: $52.09) stock had soared 421% from the price at which that deal with Mountain Crest Acquisition Corp. was struck last fall, with the bulk of those gains coming since March. It rose 13.4% on Monday, to close at $52.09. Mountain Crest and its shareholders invested in PLBY Group at $10 per share.

The Hugh Hefner-founded brand has morphed into a global consumer-products start-up, in categories including apparel and sexual wellness. PLBY Group also has a growing licensing business. It brought in close to $150 million in revenue last year and had a net loss of about $5 million. The company had a market value of nearly $1.8 billion on Monday.

PLBY Group filed on Monday to sell up to 4.6 million shares to fund future growth and acquisitions. That would bring in $240 million at Monday’s closing price, but PLBY Group stock was down about 8% in after-hours trading and attracting institutional investors to the offering at current levels could be a challenge. PLBY Group’s merger with Mountain Crest, a special purpose acquisition company, or SPAC, brought in about $100 million.

Digital advertising company Minute Media is working with Goldman Sachs Group Inc. on a plan to go public as soon as this year, according to people familiar with the matter.

Minute Media, which owns brands including Mental Floss and the Players’ Tribune website started by former baseball star Derek Jeter, is considering an initial public offering or a listing through a special purpose acquisition company, the people said, asking not to be identified because the matter is private.

The company would seek to be valued at more than $1 billion when it lists its shares, the people said. It was valued at about $500 million after raising funding last year, according to data provider PrivCo.

SPACs Leaving the Nest:

1) Juniper Industrial Holdings, Inc. (JIH: $13.19) announced the closing of the business combination with Janus International Group. JIH will trade as JBI starting tomorrow, June 8th.

2) Latch, Inc. (LTCH: $11.27) announced the closing of the business combination with TS Innovation Acquisitions Corp. (TSIA).

Upcoming Dates:

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

Tuesday, June 8th

  • ARYA Sciences Acquisition Corp III (ARYA: $10.49) Shareholder Meeting to Approve Business Combination with Nautilus Biotechnology

Wednesday, June 9th

  • HighCape Capital Acquisition Corp. (CAPA: $10.30) Shareholder Meeting to Approve Business Combination with Quantum-Si

  • Thunder Bridge Acquisition II (THBR: $10.03) Shareholder Meeting to Approve Business Combination with indie Semiconductor

Thursday, June 10th

  • Silver Spike Acquisition Corp (SSPK: $18.00) Shareholder Meeting to Approve Business Combination with WM Holding Company (Weedmaps)

  • VG Acquisition Corp (VGAC: $9.99) Shareholder Meeting to Approve Business Combination with 23andMe

  • Churchill Capital Corp II (CCX: $10.07) Shareholder Meeting to Approve Business Combination with Skillsoft and Global Knowledge

Friday, June 11th

  • ArcLight Clean Transition Corp (ACTC: $19.17) Shareholder Meeting to Approve Business Combination with Proterra

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SPAC Track