The SPAC Week in Review

The Stats:

The Deals from Last Week (4):

1) Goldenbridge Acquisition Limited (GBRG) Auto Services Group (SunCar)

• Valuation: $858M Pro-forma Enterprise Value

• Press Release

2) Aesther Healthcare Acquisition Corp. (AEHA) & United Gear & Assembly

• Press Release

3) Legato Merger Corp. II (LGTO) & Southland Holdings

• Valuation: $810M Pro-forma Enterprise Value

• Press Release

• Investor Presentation

4) Crescent Cove Acquisition Corp. (COVA) & ECARX

• Valuation: $3.5B Pro-forma Enterprise Value

• Press Release

• Investor Presentation

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News from Last Week:

• EV Startup Electric Last Mile (ELMS) Warns It May Run Out of Cash in June (Bloomberg)

• Swvl (SWVL) lays off a third of its workers to pursue profitability (Quartz)

• eToro targeting $1 billion funding round after SPAC stalls (Calcalist)

• Parent of Social Platform Uplive Is Discussing Deal With E.Merge SPAC [E.Merge Technology Acquisition Corp. (ETAC)] (Bloomberg)

• Trump’s commerce secretary Ross plots £700m merger with UK’s Atom Bank [Ross Acquisition Corp II (ROSS)] (Sky News)

Updates from Last Week:

Terminations / Liquidations

• Trepont Acquisition Corp I (TACA) announced it will liquidate effective of 6/10. The redemption price per share is $10.10

• Cascade Acquisition Corp. (CAS) provided an update that the liquidation/ redemption of all outstanding shares will take place on 6/8 with the redemption price of $10.10 per share

Merger Votes/ Completions

• Apollo Strategic Growth Capital (APSG) completed its merger with American Express Global Business Travel and the combined company started trading as GBTG

  • 77,514,764 shares were redeemed or an estimated ~95% of the public SPAC shares

• Haymaker Acquisition Corp. III (HYAC) completed its merger with Biote and started trading as BTMD

• Lionheart Acquisition Corporation III (LCAP) completes its merger with MSP Recovery and started trading as MSPR

• Merger vote set:

  • Gores Guggenheim, Inc. (GGPI) & Polestar (6/22)

  • EJF Acquisition Corp. (EJFA) & Pagaya Technologies (6/17)

Extensions

• OceanTech Acquisitions I Corp. (OTEC) extended its deadline by 6 months from 6/2 to 12/2 by adding $0.15 per public share into the trust

• Kingswood Acquisition Corp. (KWAC) extended its deadline to 11/24 by depositing $60,969 into the trust

• Tiga Acquisition Corp. (TINV) extended its deadline to 11/27 by depositing funds from private placement warrant sale to the sponsor into trust

Other Deal Updates

• Edoc Acquisition Corp. (ADOC) and Calidi Biotherapeutics amend the merger agreement to, among other things, reduce the merger consideration to Calidi from $400M to $380M

• Gores Holdings VIII, Inc. (GIIX) and Footprint amend the merger agreement to among other things, reduce the PIPE size to account for the Class C Financing raised by Footprint

De-SPAC Updates

• Vivid Seats (SEAT) announces warrant exchange offer and $40M share repurchase program

  • Warrant holders have the opportunity to receive 0.240 shares of Class A Common Stock in exchange for each warrant

De-SPAC S-1 Filings (including PIPE resale registrations*):

S-1 Filings:

• Prenetics (PRE)

S-1 Effective:

• BigBear.AI (BBAI)

• Alpha Tau Medical (DRTS)

*When applicable

S-4 Activity:

S-4 filings:

• Bull Horn Holdings Corp. (BHSE) & Coeptis Therapeutics

• Cohn Robbins Holdings Corp. (CRHC) & Allwyn Entertainment

Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

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SPAC Track

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