The Nightcap: Special SPAC Delivery

Nightly recap of the day's SPAC highlights (June 14th, 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.

E-commerce retail/ supply chain SPAC plays seem to be having a moment as of late…

  • Boxed, e-commerce grocery platform, announced a merger with Seven Oaks Acquisition Corp. (SVOK: $9.87) today.

  • Thrasio, an acquirer of private-label businesses on Amazon, is in talks to merge with Michael Churchill’s 5th SPAC, Churchill Capital Corp V (CCV: $10.26).

  • Yucaipa Acquisition Corporation (YAC: $9.94) announced a merger with SIGNA Sports United, a German sports e-commerce platform on Friday.

  • Logistics Innovation Technologies Corp. (LITT.U: $10.00), a logistics technology-focused SPAC priced its IPO and began trading on Friday.

The Stats:

The Deals:

1) Seven Oaks Acquisition Corp. (SVOK: $9.87) & Boxed

  • Merger Partner Description:

Boxed is an e-commerce platform selling bulk, high-repeat consumables to consumers and businesses. Founded in 2013, the Company makes shopping for bulk consumables easy and convenient without the requirement of a “big-box” store membership. Boxed leverages its proprietary end-to-end e-commerce platform to provide B2C and B2B customers with a simple basket-building shopping experience, yielding high average order values. Boxed also enables other companies to leverage its AI and robotics-driven e-commerce technology through a unique SaaS offering.

  • Valuation: $640M Pro-forma EV

  • PIPE: $32.5M including a $20M investment by Palantir (with a commercial relationship for software licensing totaling $20M over 5 years)

  • Additional Financing: $87.5M 5-year convertible note

  • Boxed Investor Presentation

Deal News Reports:

1) GS Acquisition Holdings II (GSAH: $10.06) is in advanced talks to merge with Mirion Technologies, according to Bloomberg.

GS Acquisition Holdings Corp. II, a special purpose acquisition company launched about a year ago, could reach an agreement to acquire Mirion Technologies Inc. as soon as this week, the people said. The deal could value the company at about $2.5 billion, the people said, asking not to be identified discussing confidential information.

Negotiations are ongoing, and talks with the SPAC could still drag on longer or fall apart, the people said. Representatives for Charterhouse and Goldman Sachs declined to comment.

Shares of the blank-check company rose as much as 4.7% Monday before falling 0.7% to $10.20 at 1:40 p.m. in New York trading.

Mirion provides devices and services for customers who work with nuclear energy -- monitoring and measuring radiation and contamination, providing alarms and managing waste, according to its website. Sector applications include nuclear power, health care, homeland security and the military.

Charterhouse hired Lazard Ltd. to revive an attempt to sell Mirion earlier this year and attracted interest from blank-check firms as well as buyout funds and companies, people with knowledge of the matter have said.

After initially gauging interest from potential buyers in 2019, Charterhouse decided to keep the asset for longer to expand the business further, according to one of the people. Since then, it’s made a number of acquisitions to expand Mirion’s footprint in the medical sector.

Notable News:

Grab Holdings Inc. Chief Executive Officer Anthony Tan said he’s confident the merger of the ride-hailing and food-delivery giant and a U.S. blank-check company will be completed by year-end, following a delay caused by a review of its financials.

The Singapore-based startup last week postponed the expected completion of the deal with Altimeter Growth Corp. (AGC: $11.55) -- set to be one of the largest-ever mergers with a special purpose acquisition company -- to the fourth quarter as it works on an audit of the past three years. When announcing the pact in April, Grab said in an investor presentation its completion target was July.

“We decided to be proactive,” Tan said in an interview with Bloomberg Television. “We wanted to set the bar in transparent financial reporting. It may have taken a little longer than we expected.”

New S-1 Filings:

1) Integral Acquisition Corp 1 (INTE)

2) Investcorp Acquisition Corp. (IVCA)

IPOs to Begin Trading Tomorrow*:

1) G Squared Ascend II, Inc. (GSQB.U)

  • $125M, 1/3 warrant

  • Focus: Software-as-a-Service, Online Marketplaces, Mobility 2.0/Logistics, Fintech/Insurtech, New Age Media, and/or Sustainability

  • Management:

    • Larry Aschebrook (Founder & Managing Partner of G Squared)

  • Directors:

    • Thomas Evans (Former CEO of Bankrate and Director of Angie’s Home Services and Shutterstock)

    • Heather Hasson (Co-founder and Co-CEO of FIGS)

  • Advisors:

    • Kenneth Hahn (CFO of Coursera)

*Priced at the time of this writing

Upcoming Dates:

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

Tuesday, June 15th

  • Fortress Value Acquisition Corp. II (FAII: $9.95) Shareholder Meeting to Approve Business Combination with ATI Physical Therapy

Wednesday, June 16th

  • Crescent Acquisition Corp (CRSA: $10.02) Shareholder Meeting to Approve Business Combination with LiveVox

Thursday, June 17th

  • Hudson Executive Investment (HEC: $9.86) Shareholder Meeting to Approve Business Combination with Talkspace

  • Acies Acquisition Corp. (ACAC: $10.00) Shareholder Meeting to Approve Business Combination with Playstudios

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