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SoftBank makes another appearance, a TPG + EVBox update, and another 9 merger vote meetings next week
The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (August 6, 2021)
Good evening!
Thanks for reading the Nightcap by SPAC Track. You can always discover and track all of the SPACs at spactrack.net.
The Stats:
#SPAC Volume Leaders (8/6)
$SRNG 13.2M
$RVAC-U 9.8M (New IPO, $9.95)
$CMLT 5.0M (Definitive Agreement with EQRx, -0.3%)
$PSTH 1.8M
$ROCG-U 1.7M (New IPO, $10.03)
$RTP 1.5M (Merger Approved, -7.2%)
$DGNS 1.3M
$XPDI 1.3M
$SRAC 1.2M
$SNPR 1.2M— SPAC Track (spactrack.io) (@SPACtrack)
3:31 AM • Aug 7, 2021
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The Deals:
1) CM Life Sciences III (CMLT: $9.98) & EQRx
EQRx to Accelerate Growth with $1.8 Billion Raise through Proposed Combination with CM Life Sciences III (Press Release)
Merger Partner Description:
EQRx is a new type of pharmaceutical company committed to developing and delivering innovative medicines to patients at radically lower prices. Launched in January 2020, EQRx is purpose-built, at scale with a growing catalog of medicines in development in high-cost drug categories and emerging partnerships with leading payers and providers. Leveraging cutting-edge science and technology and strategic partnerships with stakeholders from across the healthcare system, EQRx aims to provide innovative, patent-protected medicines more efficiently and cost-effectively than ever before.
Valuation: $3.54B EV
PIPE: $1.2B fully committed PIPE + FPA, led by SB Northstar LP, a fund managed by SB Management Limited, a 100% subsidiary of SoftBank Group Corp. and including funds advised by Casdin Capital and Corvex Management
Also includes: Fidelity Management & Research Company LLC, Franklin Templeton, Invus, Rock Springs Capital, Bain Capital Life Sciences, BVF Partners L.P., Boxer Capital, LLC, Avidity Partners, Andreessen Horowitz (a16z), Verily, Mubadala Investment Company and its asset management subsidiary, Mubadala Capital
Deal News:
Tidjane Thiam's SPAC in merger talks with Credijusto, CIAL Dun & Bradstreet - Initially reported by FT (Reuters)
Former Credit Suisse CEO Tidjane Thiam's blank-check company Freedom Acquisition I Corp (FACT: $9.70) is in merger talks with Mexican fintech group Credijusto and Latin American corporate data provider CIAL Dun & Bradstreet, the Financial Times reported here on Friday.
The combined Credijusto-CIAL entity could be valued at around $1.5 billion and will be listed in New York later this year, the report said, citing people familiar with the matter.
Top cannabis site Leafly in talks to go public via blank-check merger - sources (Reuters)
Top cannabis-focused website Leafly is in talks to merge with blank-check company Merida Merger Corp I (MCMJ: $9.97) in a deal that would value the combined company at more than $530 million, three people familiar with the matter told Reuters.
The blank-check firm is owned by Merida Capital Holdings, one of the biggest backers of Leafly, whose site visits have seen a meteoric rise thanks to easing regulations in the United States and rising weed use.
A deal could be announced as soon as next week, the source said, cautioning that talks could still fall apart.
Following the merger, Merida will take at least one seat on the combined company's board, while Leafly's team will continue to be led by Chief Executive Yoko Miyashita, the sources said, declining to be named as talks were still confidential.
Leafly and Merida did not immediately respond to a comment.
The company plans use the proceeds from the deal partly to invest more into its east coast business, the sources said.
Founded in 2010, Leafly was owned by cannabis-focused private equity group Privateer Holdings between 2012 and 2019.
The company offers consumers ways to find weed stores to buy the cannabis strains they want, runs a pickup and delivery service and posts reviews on different cannabis products.
Quick News Corner:
IPOs to Begin Trading Tomorrow*:
None? Must be Friday then!
New S-1s:
$200M, 1/2 warrant
Focus: Energy Sector (renewable energy or related clean technology)
Management: Russell Stidolph (Former Chairman of Eos Energy Storage)
$300M, 1/3 warrant
Focus: Food Service
Special Advisor: Brett Biggs (CFO of Walmart)
Upcoming Dates:
Next Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
Monday, August 9
Merger Meeting: BCTG Acquisition Corp. (BCTG: $10.09) & Tango Therapeutics
Hims & Hers (HIMS: $8.15) Redemption of Public Warrants
Tuesday, August 10
Merger Meeting: Consonance-HFW Acquisition Corp. (CHFW: $9.65) & Surrozen
Unit Split: Chavant Capital Acquisition Corp. (CLAY-U: $10.00)
Wednesday, August 11
Merger Meetings:Stable Road Acquisition Corp. (SRAC: $9.51) & MomentusGreenVision Acquisition Corp. (GRNV: $9.83) & HelbizNew Beginnings Acquisition Corp. (NBA: $10.03) & Airspan Networks
Thursday, August 12
Merger Meetings:CF Finance Acquisition Corp. III (CFAC: $10.08) & AEyeBlue Water Acquisition Corp. (BLUW: $10.20) & Clarus TherapeuticsSoftware Acquisition Group Inc. II (SAII: $9.98) & Otonomo
Friday, August 13
Merger Meeting: NavSight Holdings, Inc. (NSH: $9.98) & Spire
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