The Nightcap from SPAC Track

Nightly recap of the day's SPAC highlights (June 9th, 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) Kensington Capital Acquisition Corp. II (KCAC: $10.00) & Wall Box Chargers

2) Khosla Ventures Acquisition Co. (KVSA: $9.91) & Valo Health

Deal News Reports:

1) Broadstone Acquisition Corp. (BSN: $9.93) is close to a merger deal with Vertical Aerospace.

A British 'flying taxi' company set up by the founder of OVO Energy is in advanced talks about a $2bn 'blank cheque' merger that will see another major British technology company heading for the US public markets.

Sky News can exclusively reveal that Vertical Aerospace, which was established by Stephen Fitzpatrick five years ago, is close to sealing a deal with Broadstone Acquisition Corp that will see it become a publicly traded company in New York.

City sources said the merger with Broadstone - which was established by the businessman Hugh Osmond last year - could be announced as soon as Thursday.

They added that the deal was likely to value Vertical Aerospace, which is targeting its first commercial flights in 2024, at close to $2bn (£1.4bn).

IPOs to Begin Trading Tomorrow*:

1) Blue Safari Group Acquisition Corp (BSGA.U)

  • $50M, no warrants, 1 right (1/10 share)

  • Focus: FinTech, InfoTech, InsurTech, and business services

*Priced at the time of this writing

New S-1 Filings:

1) Gobi Acquisition Corp. (GOBI)

  • $250M, no warrants

  • The sponsor is an affiliate of PAG, one of Asia's largest private investment management groups with approximately $40 billion of assets under management

  • Advisor: Weijian Shan (Chairman and CEO of PAG)

Notable News:

Southeast Asia's Grab, which is going public through a merger worth $40 billion with special-purpose acquisition company Altimeter Growth Corp (AGC: $11.52), said on Wednesday it expects to complete the business combination during the fourth quarter.

The company had previously said it aimed to close the deal by July.

Grab said it was in the process of finalising its financial audit for fiscal years 2018, 2019 and 2020 in accordance with U.S. Securities and Exchange Commission requirements.

It is also was working with the SEC to obtain pre-clearance of certain accounting policies and related financial disclosures.

As a result, Grab's financial information for those periods remain subject to further review and revision, it said in a statement.

Grab also said its consolidated gross merchandise value during the first quarter of 2021 was $3.6 billion, an increase of 5.2% over same period a year ago.

Embark Trucks and Locomation, both of which develop self-driving semitrailers to haul freight over long distances, have recently discussed going public, including by merging with a shell company known as a special purpose acquisition vehicle, according to two people with knowledge of the situation. The talks follow the successful public offering of prominent rival TuSimple and plans by Plus and Aurora Innovation for their own public debuts.

To drum up interest in a market that has abruptly cooled to many SPAC deals, Embark and Locomation are likely to position themselves as burning less cash than their half-dozen bigger rivals, according to people with direct knowledge of the private discussions. Developers of driverless vehicles have collectively burned through at least $24 billion of cash since 2015 with almost no revenue to show for it, according to an analysis by The Information. The vast majority of that was spent on developing self-driving passenger cars rather than on trucks.

Quick News Corner:

  • Forum Merger III Corporation (FIII: $10.02) Merger vote meeting set 6/24

  • Alussa Energy Acquisition Corp. (ALUS: $10.07) Merger vote meeting set 6/25

  • Research Alliance Corp (RACA: $10.39) Merger vote meeting set 6/29

  • Nebula Caravel Acquisition Corp. (NEBC: $10.01 +0.2%) merger partner, Rover, announced monthly record GBV in May of $45.4M, raises 2021 revenue guidance to $100-105M vs. previous $97M

  • LCP Acquisition Corp. (LCP), which was planning to target Travel, Leisure & Hospitality withdrew its IPO in a letter to SEC. This is the first SPAC IPO cancelation since September 2019, according to Renaissance Capital. LCP filed their S-1 initially in October 2020 and their last Amended S-1 on April 8th.

SPACs Leaving the Nest:

1) Katapult Completes Business Combination with FinServ Acquisition Corp (FSRV). (FSRV: $14.52) will begin trading as KPLT tomorrow, 6/10.

2) GigCapital2, Inc. (GIX: $9.38) Completes Business Combination with UpHealth Holdings and Cloudbreak Health. GIX will begin trading as UPH tomorrow, 6/10.

2) HighCape Capital Acquisition Corp. (CAPA: $10.55) shareholders approve merger with Quantum-Si. CAPA will trade as QSI upon merger completion.

3) Thunder Bridge Acquisition II (THBR: $11.10) shareholders approve merger with indie Semiconductor. THBR will trade as INDI upon merger completion.

Upcoming Dates:

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

Thursday, June 10th

  • Silver Spike Acquisition Corp (SSPK: $17.25) Shareholder Meeting to Approve Business Combination with WM Holding Company (Weedmaps)

  • VG Acquisition Corp (VGAC: $10.17) Shareholder Meeting to Approve Business Combination with 23andMe

  • Churchill Capital Corp II (CCX: $10.17) Shareholder Meeting to Approve Business Combination with Skillsoft and Global Knowledge

Friday, June 11th

  • ArcLight Clean Transition Corp (ACTC: $18.88) Shareholder Meeting to Approve Business Combination with Proterra

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SPAC Track