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The Precap from SPAC Track
The Precap newsletter: SPAC Track’s morning recap of the action in the SPAC world for premium subscribers. (March 23, 2022)
Good morning,
The below newsletter covering each day’s SPAC activity is sent out to SPAC Track Pro subscribers every trading day before the market opens.
Sign up for SPAC Track Pro and get 15% off of the first month or the first year of the annual subscription with the coupon: ‘15PRECAP2022’. View all of the data points available for SPAC Track Pro users here: spactrack.io/pro
If you only want to subscribe to the premium daily newsletter (sent each morning before the market opens), you can do so here.
The Stats:
Pre-Market Movers:
FMAC -18%, HTPA -2%, GGPI -1.3%, TWNT +3%
Yesterday’s Movers and Volume Leaders:
#SPACVolume Leaders (3/22/22)
$GGPI 2.4M
$GMBT 2.4M
$DWAC 2.3M
$THCP 1.5M (Deal with Coincheck, warrants +30%)
$PDOT 1.3M
$HTPA 1.3M
$CFVI 1.2M
$IPOF 1.2M
$PSTH 1.0M
$KVSC 0.9M— SPAC Track (spactrack.io) (@SPACtrack)
2:48 AM • Mar 23, 2022
The Deals (2):
1) Primavera Capital Acquisition Corp. (PV) & Lanvin Group
Merger Partner Description:
Lanvin Group, formerly known as Fosun Fashion Group, is the leading global luxury fashion group headquartered in Shanghai, China, managing iconic brands worldwide including Lanvin, Sergio Rossi, Wolford, St. John Knits, and Caruso. Harnessing the power of its unique strategic alliance of industry-leading partners in the luxury fashion sector, Lanvin Group strives to expand the global footprint of its portfolio brands and achieve sustainable growth through strategic investment and extensive operational know-how, combined with an intimate understanding and unparalleled access to the fastest-growing luxury fashion markets in the world.
Valuation: $1.5B EV
PIPE & FPA: $50M fully committed PIPE and forward purchase agreements of $130M “from investors including Fosun International Limited, ITOCHU Corporation, Stella International Limited, Baozun Hong Kong Investment Limited, Golden A&A, Aspex Master Fund and Sky Venture Partners L.P.”
Additional Notes: “A bonus pool of 3.6 million PubCo shares will be made available exclusively to PCAC non-redeeming public shareholders. Bonus shares forfeited by redeeming PCAC shareholders will be distributed to non-redeeming PCAC shareholders on a pro rata basis.”
2) Mount Rainier Acquisition Corp. (RNER) & HUB Cyber Security
Merger Partner Description:
HUB Cyber Security (Israel) Limited ("HUB") was established in 2017 by veterans of the 8200 and 81 elite intelligence units of the Israeli Defense Forces. The company specializes in unique Cyber Security solutions protecting sensitive commercial and government information. The company debuted an advanced encrypted computing solution aimed at preventing hostile intrusions at the hardware level while introducing a novel set of data theft prevention solutions. HUB operates in over 30 countries and provides innovative cybersecurity computing appliances as well as a wide range of cybersecurity services worldwide.
Valuation: $1.28B EV
PIPE: $50M “anchored by Israeli and American institutional and existing investors”
“Proceeds from the PIPE are expected to satisfy the minimum cash closing condition and will be used as working capital to support continued growth and to fund acquisitions.”
News:
Fresh off dramatic majority shareholder exit, Firefly could be headed for a SPAC (TechCrunch)
Updates:
Spartan Acquisition Corp. III / Allego (ALLG) filed redemption numbers: 54M shares were redeemed or an estimated ~98% of the public SPAC shares
Tailwind Two Acquisition Corp. (TWNT) announces shareholder approval of the merger with Terran Orbital.
Expected to close on 3/25 with ticker change to LLAP following the closing
TWNT is also permitting shareholders to withdraw their redemption requests until 3PM EST on March 24
TradeUP Global Corp (TUGC) extends outside date to 5/31 for its merger with SAITECH
New SPACs (S-1s):
No new S-1s
Registration Withdrawals
Firemark Global Capital, Inc. (FMG)
If you find this newsletter useful, feel free to share it with a friend (the free version of the newsletter) and suggest they subscribe:
De-SPAC S-1s (including PIPE resale registrations*):
No activity
S-4 Activity:
S-4/A:
TradeUP Global Corp (TUGC) & SAITECH Limited (5th amendment)
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Notes:
New Data Points and Filters have been added to the Pro Screener as of 3/16. A list of all the data points available on the Pro Screener with download eligibility can be found here: spactrack.io/screener-instructions
Thanks for reading,