SPAC Underwriters are Thankful

The Nightcap newsletter: SPAC Track’s nightly recap of the action in the SPAC world. (November 24, 2021)

Discover and track all of the SPACs at spactrack.net.

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The Stats:

The Deals:

1) Benessere Capital Acquisition Corp. (BENE: warrants +68.75%) & Ecombustible

Merger Partner Description:

Founded in 2010 by Miami-based entrepreneur and investor Jorge Arevalo, eCombustible Energy offers a long-term fuel supply solution that is designed to provide the world's most fossil fuel-dependent industries with a fuel that is carbon-free, cost-competitive, and requires little to no modification to existing customer equipment. The efficacy of its hydrogen-based fuel, eCombustible, has been validated through testing and independent assessments by third-party engineering firms and experts.

  • Valuation: $805M equity value pre-combination with an earnout of up to 59M additional shares for existing shareholders

  • Press Release

  • No Investor Presentation filed yet

News:

3D Printing Firm Essentium in Talks to Go Public Through Atlantic Coastal SPAC (Bloomberg—paywalled)

Essentium Inc., a provider of industrial 3D printing solutions, is in talks to go public through a merger with blank-check firm Atlantic Coastal Acquisition Corp. (ACAH), according to people with knowledge of the matter.

A transaction is set to value the combined company at more than $900 million, said the people, requesting anonymity because the talks aren’t public. Atlantic Coastal is poised to raise additional funding via a private investment in public equity, or PIPE, priced at $10 per share, one of the people said. Terms could change and a deal isn’t yet finalized -- though if an agreement is reached, it could be announced in coming weeks, the people said. 

A representative for New York-based Atlantic Coastal declined to comment. Representatives for Essentium, based in Pflugerville, Texas, didn’t immediately respond to requests for comment. 

Essentium is backed by investors including BASF Group’s BASF Venture Capital and middle-market capital provider Genesis Park. Led by Chief Executive Officer Blake Teipel, the company touts its ability to disrupt traditional manufacturing processes through its so-called additive manufacturing efforts. Essentium this month named Jonathan Baliff, the former president and CFO of Genesis Park Acquisition Corp., a SPAC that merged with Redwire Corp., as interim CFO.

Bitcoin Miner Griid Is In Talks To Go Public Via Merger With Adit EdTech SPAC (Bloomberg—paywalled)

Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter.

A transaction with the blank-check firm, Adit EdTech Acquisition Corp. (ADEX), would value the combined entity at more than $3 billion, one of the people said. Terms aren’t finalized and talks could still fall apart.

Spokespeople for Adit EdTech and Cincinnati-based Griid declined to comment.

Griid, which says its procures cheap, carbon-free energy to manage, build and operate a portfolio of U.S.-based Bitcoin mining facilities, announced this week that it secured a $525 million facility from Blockchain.com. The mining firm, run by founder and Chief Executive Officer Trey Kelly, said the four-year facility will help it add capacity and scale. 

Merger Votes/ Completions:

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Tracking De-SPAC S-1s (including PIPE resale registrations):

S-1 filings:

Quick News:

IPOs to begin trading tomorrow:

C’mon! Don’t be a turkey!

New S-1s (9):

  • $250M, 1/2 Warrant

  • Focus: Tech, Media

  • $250M, 1/2 Warrant

  • Focus: Deep Tech and Deep Science in Europe and the UK

  • Management:Sir Shankar Balasubramanian (Principal inventor of the human genome sequencing tech core to Illumina’s platforms)

  • Directors:Jeremy Darroch (Executive Chairman of Sky Group and Former CEO of Sky)

  • $150M, 1/2 Warrant

  • Focus: Direct-to-consumer, Media and Tech

  • Directors:Jason White (Former CMO of MTV and Former CMO of Curaleaf)

  • $200M, 1/3 Warrant

  • Focus: Media, tech, ad tech, data, and mobility

  • Directors:Alan Masarek (Former CEO of Vonage and Director of Markforged)

5) LatAmGrowth SPAC (LATG)

  • $130M, 1/2 Warrant

  • Focus: Latin America or Hispanic-owned businesses in the US

  • $175M, 1/2 Warrant

  • Focus: Mobility-related tech

  • $220M, 1/2 Warrant, 1 R (1/16th of a share)

  • Focus: Environmental sustainability

  • $200M, 1/2 Warrant

  • Focus: Fintech, Proptech (financial software in mortgage and real estate)

  • Directors: Sig Anderman (Co-founder & Former CEO of Ellie Mae)David Winfield (MLB Hall of Famer)

  • $60M, 1/2 Warrant, 1 R (1/10th of a share)

Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions, Earnings, and Expected Ticker Changes

See the full calendar here.

Thank you all for reading and will see you again for a short day on Friday!

Thanks,

SPAC Track

Note: Share prices only included if 5%+ moves and for all De-SPAC PIPE entries
DISCLAIMER: The information provided in this newsletter is for your convenience only and is not intended to be treated as financial, investment, tax, or other advice.