• ListingTrack
  • Posts
  • The Nightcap: SPACs are Getting LIT for Summer & The eVTOL Saga Continues!

The Nightcap: SPACs are Getting LIT for Summer & The eVTOL Saga Continues!

Nightly recap of the day's SPAC highlights (June 10th, 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) Spartacus Acquisition Corporation (TMTS: $10.08) & NextNav

NextNav provides next generation GPS. NextNav Pinnacle uses highly accurate vertical positioning to transform location services so they reflect the 3D world around us. Our revolutionary TerraPoiNT system keeps critical infrastructure resilient with reliable Position, Navigation and Timing services in the absence of GPS. With carrier-grade dependability and a rapidly expanding nationwide service footprint, NextNav is driving a whole new ecosystem for geolocation applications and services.

  • Valuation: $897M Pro-forma EV

  • PIPE: $205M from investors including Koch Strategic Platforms, a subsidiary of the Koch Investments Group, and funds managed by Fortress Investment Group

  • NextNav Investor Presentation

2) Venus Acquisition Corporation (VENA: $9.95) & VIYI Algorithm

After-hours deal:

3) Broadstone Acquisition Corp. (BSN: $9.92) & Vertical Aerospace

Vertical Aerospace's mission is to make air travel personal, on demand and carbon free. The company has an unrivalled top-tier partner ecosystem and is backed by American Airlines, Avolon, Rolls-Royce and Honeywell among others. Vertical's partnerships de-risk execution and its pathway to certification, allow for a lean cost structure, and enable production at scale. With projected speeds over 200mph, near silent when in flight, zero emissions and low cost per passenger mile, the VA-X4 is expected to open up urban air mobility to a whole new range of passengers and transform how we travel.

  • Valuation: $1.8B Pro-forma EV

  • PIPE: $89M from investors including Microsoft's M12, American Airlines, Avolon, Honeywell, and Rolls-Royce.

  • Vertical Aerospace Investor Presentation has not been filed as of this writing

Deal News Reports:

1) Zanite Acquisition Corp. (ZNTE: $10.10) is in talks to merge with Eve Urban Air Mobility, the electric vehicle takeoff and landing (eVTOL) unit of Embraer.

Brazil’s Embraer SA surged as much as 15% Thursday after confirming that it’s in talks to merge Eve Urban Air Mobility, its electric vehicle takeoff and landing unit, with Zanite Acquisition Corp.

The talks with the special purpose acquisition company are ongoing and could end without an agreement, Embraer said Thursday in an emailed statement, confirming an earlier Bloomberg report. The deal is slated to value the combined entity at about $2 billion, according to people with knowledge of the matter, although terms could change.

Shares of Embraer surged 12% to 19.38 reais at 11:25 a.m. in Sao Paulo, and earlier climbed as high as 19.94 reais.

Zanite is led by co-Chief Executive Officers Kenn Ricci, co-owner of Directional Aviation Capital, which controls private-jet flight provider Flexjet, and Steve Rosen, co-founder of private equity firm Resilience Capital Partners. The Cleveland-based SPAC raised $230 million in a November initial public offering.

Ricci, the founder of several private-jet companies, bought Flexjet from transportation firm Bombardier Inc. in 2013. The company sells partial ownerships in its fleet of business aircraft, enabling members to fly privately without having to buy planes outright, and competes against NetJets, owned by Berkshire Hathaway Inc.

Eve Urban Air Mobility makes eVTOLs, which have been dubbed flying taxis. Led by CEO Andre Stein, the company this week struck a partnership with Helisul Aviation, a Brazilian helicopter operator, that involves an order of as many as 50 eVTOLs, with deliveries slated to begin in 2026.

….

Last week, Eve said it struck a partnership with Halo Aviation Ltd., a helicopter travel provider in the U.S. and U.K., which features an order for 200 of Eve’s eVTOL aircraft with delivery commencing in 2026. Halo is part of Ricci’s Directional Aviation.

2) 890 Fifth Avenue Partners (ENFA: $9.80) is close to a merger deal with BuzzFeed.

BuzzFeed is in discussions to raise about $200 million in convertible bonds to supplement cash it will raise by merging with a special purpose acquisition company, say people familiar with the situation. The financing will help BuzzFeed fund the acquisition of digital lifestyle publisher Complex Networks, which is being negotiated at an equity value of around $300 million.

BuzzFeed’s discussions with the SPAC known as 890 Fifth Avenue Partners are getting close to a resolution with an announcement possible in the next few weeks, the people said. The negotiations with Complex are still underway and a deal is far from certain, said one of the people.

IPOs to Begin Trading Tomorrow*:

1) Logistics Innovation Technologies Corp. (LITT.U)

  • $300M, 1/3 warrant

  • Focus: Logistics Tech

2) ) Lakeshore Acquisition I Corp. (LAAA.U)

  • $50M, 3/4 warrant

3)  Jaws Hurricane Acquisition Corp (HCNE.U)

  • $275M, 1/4 warrant

  • Focus: Consumer Tech

  • Management: Barry Sternlicht (Chairman and CEO of Starwood Capital)

*Priced at the time of this writing

New S-1 Filings:

None today.

Quick Merger Partner News Corner:

  • Stable Road Acquisition Corp (SRAC: $13.15, +8%): Momentus reaches national security agreement with federal agencies which included the divestment of all the two Russian co-founders’ shares

  • Galileo Acquisition Corp (GLEO: $10.02, +0.1%): Shapeways announces Q1 revenue of $8.8M (+11% YoY)

  • Artius Acquisition (AACQ: $10.01, +0.1%): Origin Materials announces Ford partnership

  • Greenrose Acquisition Corp (GNRS: $10.01) To delist from Nasdaq to OTC effective 6/21 due to U.S. cannabis Company merger

  • dMY Technology Group, Inc. III’s (DMYI: $10.55, -0.5%): IonQ, adds integration with Google Cirq

  • New Beginnings Acquisition Corp. (NBA: $10.01, -0.5%): Airspan Networks Q1 revenue of $45.9M (+67% YoY)

  • NewHold Investment Corp (NHIC: $10.10, +0.5% ): Evolv announces Q1 revenue of $3.9M (total 2020 revenue was $4.8M)

SPACs Leaving the Nest:

1) VG Acquisition Corp (VGAC: $11.15) shareholders approve merger with 23andMe. Merger completion is expected on June 16th with VGAC starting to trade as ME on June 17th.

2) Churchill Capital Corp II (CCX: $11.61) shareholders approve merger with Skillsoft and Global Knowledge. The merger is expected to close on June 11th with the combined company named Skillsoft Corp. CCX is expected to start trading as SKIL on June 14th.

3) HighCape Capital Acquisition Corp. (CAPA: $10.68) completes merger with Quantum-Si. CAPA will trade as QSI starting tomorrow, June 11th

4) Thunder Bridge Acquisition II, Ltd. (THBR: $10.87) completes merger with indie Semiconductor. THBR will trade as INDI starting tomorrow, June 11th

Upcoming Dates:

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

Friday, June 11th

  • ArcLight Clean Transition Corp (ACTC: $18.73) Shareholder Meeting to Approve Business Combination with Proterra

If you found this newsletter useful and you aren’t a subscriber yet, subscribe for free here:

Thanks for reading,

SPAC Track