The Q2 results are in

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (August 16, 2021)

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Thanks for reading the Nightcap by SPAC Track. You can always discover and track all of the SPACs at spactrack.net.

The Stats:

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The Deals (2):

1) Silver Crest Acquisition Corporation (SLCR: $9.80) & Tim Horton’s China

Merger Partner Description:

Tim Hortons China is a joint venture between Restaurant Brands International Inc., owner of the coffee chain brand, and private equity firm Cartesian Capital Group. Other investors include Sequoia Capital China and Chinese internet giant Tencent Holdings Ltd.

2) M3-Brigade Acquisition II Corp. (MBAC: $9.73) & Syniverse

  • Merger Partner Description:

Syniverse powers mobile experiences for almost every person and device on earth. The world’s largest companies and nearly all mobile carriers rely on Syniverse’s global network to seamlessly bridge mobile ecosystems and securely transmit data, enabling billions of transactions, conversations and connections [daily]. Building on its 30-year history of innovation to shape the future of communications, Syniverse is focused on harnessing the potential of 5G to transform how businesses engage with customers and help carriers reimagine how far they can reach.

  • Valuation: $2.85B EV

  • PIPE: $265M PIPE, including investments from Oak Hill Advisors and Brigade Capital Management, consisting of $69.2M of common stock at $10.00 per share and $195.8M of 7.5% dividend convertible preferred stock, with a conversion price of $11.50 per share.

  • Additional Financing: Twilio will make an equity investment of $500M minimum and up to $750M

  • Press Release

  • Investor Presentation

Deal News:

Investment platform OurCrowd in negotiations for $1 billion SPAC merger (Calcalist—paywalled)

Going public via a merger with a special purpose acquisition company (SPAC) has seen numerous Israeli hi-tech companies hit Wall Street over the past year. Jerusalem-based investment platform OurCrowd looks set to follow in their footsteps, with Calcalist learning that it is in negotiations with a SPAC traded on Nasdaq to go public at a valuation of over $1 billion. OurCrowd, founded by Jon Medved in 2013, is negotiating with several SPACs but talks with one of the blank check companies are believed to be at a more advanced stage than others and it is being estimated that a deal is set to be reached during next month or October.

OurCrowd helps institutions and individuals invest in emerging companies and is considered one of the most active venture investors in Israel. Some of its portfolio companies have been acquired by leading giants such as Microsoft, Uber, Canon, Oracle, Nike, and Intel. It has also seen several of its portfolio companies go public, including Lemonade, Beyond Meat, and Innoviz. In addition, OurCrowd is also active in over 195 countries with $1.8 billion of committed funding and has investments in over 300 portfolio companies and 18 venture funds.

OurCrowd’s portfolio, which began with Israel-based startups, has also expanded to be more geographically diverse. Currently about 55% of the companies it funds are located in Israel, about one-third are in the U.S. and 10% are elsewhere.

“Things here in Israel have been firing on all cylinders,” Medved said in April in an online press briefing. “And I think the country will continue at this pace.”

The Results are In

— For the most part.

The De-SPAC Earnings Tracker is live on SPAC Track! This resource will keep track of the revenue that De-SPACs report and compare the numbers against the SPAC / target company’s projections in the investor presentation at the deal announcement.

Quickly check the revenue reported by De-SPACs, which ones raised, lowered, or withdrew revenue guidance, and more.

Quick News Corner:

  • Airspan Networks Inc. (MIMO: $10.09) completed its business combination with New Beginnings Acquisition Corp. (NBA) and began trading under the MIMO ticker today.

  • NavSight Holdings, Inc. (NSH: $9.93) completes business combination with Spire. Set to trade as SPIR starting tomorrow

  • CF Finance Acquisition Corp. III (CFAC: $8.58) completes business combination with AEye. Set to trade as LIDR on Wednesday, August 18th

  • RMG Acquisition Corporation II (RMGB: $9.49) shareholders approve the merger with ReNew Power. The merger is expected to complete on August 23rd with RMGB beginning to trade as RNW on the 24th.

New S-1s:

None today.

Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

Tues, August 17

  • Merger Meeting: Tailwind Acquisition Corp. (TWND: $9.40) & QOMPLX

  • Unit Splits: International Media Acquisition Corp. (IMAQ-U: $10.10)G3 VRM Acquisition Corp. (GGGV-U: $10.07)

Wed, August 18

  • Merger Meetings: NextGen Acquisition Corporation (NGAC: $9.37) & XosAjax I (AJAX: $9.57) & CazooKismet Acquisition One Corp (KSMT: $9.82) & NextersLIV Capital Acquisition (LIVK: $9.84) & AgileThought

Thurs, August 19

  • Unit Split: Macondray Capital Acquisition Corp. I (DRAY-U: $9.90)

Fri, August 20

  • Merger Meetings: Spring Valley Acquisition Corp. (SV: $10.04) & AeroFarmsVector Acquisition Corp (VACQ: $VACQ) & Rocket Lab

Thanks for reading,

SPAC Track