The SPAC Week in Review

The Stats:

The Deals from Last Week (5):

1) Ignyte Acquisition Corp. (IGNY) & Peak Bio

• Valuation: $278M Pro-forma equity value

• PIPE: $25M including investments from Palo Alto Investors and Peak Bio’s CEO, Hoyoung Huh

• Press Release

2) Isleworth Healthcare Acquisition Corp. (ISLE) & Cytovia Therapeutics

• Valuation: $367M Pro-forma EV

• PIPE: $20M

• Press Release

3) Arogo Capital Acquisition Corp. (AOGO) & EON Reality

• Valuation: $655M Pro-forma EV

• Press Release

4) Data Knights Acquisition Corp. (DKDCA) & OneMedNet

• Valuation: $317M pro-forma EV

• Press Release

5) XPAC Acquisition Corp. (XPAX) & SuperBac

• Valuation: $500M Pro-forma EV

• Press Release

SPAC Track Pro Updates:

New Data Points, Filters, and a new table view have been added to the Pro Screener:

Votes / Actions View: A downloadable table view to quickly access upcoming vote details, trust per share details, discount /premium to trust, & other relevant data points

New Data Points: Disc/prem to trust (Votes/Action View) and Merger Partner Geography (Deal Details View)

New Filters: Warrant Coverage, Upcoming Vote (definitive merger or extension vote scheduled), Merger Partner Geography, Deadline approaching within 1-4 months

Sign up for 10% off the annual subscription with the promo code: ‘NEWSLETTER10’.

News from Last Week:

• AU10TIX founders in negotiations to sell company at over $1 billion valuation (Calcalist)

• Cantor Loses Four in SPAC, Event-Driven Sales and Trading (Bloomberg)

• Trump-Tied SPAC [Digital World Acquisition Corp. (DWAC)] Shares Roar Back With Truth Social No.1 in App Store (Bloomberg)

• Dubai’s Averda Explores IPO After Ditching SPAC Merger Talks with Better World Acquisition Corp. (BWAC) (Bloomberg)

• Chinese Hydrogen Fuel Cell Energy Solution Provider Said to Mull $1 Billion U.S. SPAC Deal

Updates from Last Week:

Terminations / Liquidations

• Mallard Acquisition Corp. (MACU) announces liquidation on 4/29/22

  • MACU will redeem all of the public SPAC shares at a redemption price of 10.10

  • Shareholders approved the extension with 8.5M shares redeemed or an estimated ~77% of the public SPAC shares. The SPAC opted to liquidate rather than extend

Merger Votes/ Completions

• SAI.TECH Global Corporation (SAI) announces closing of the merger with TradeUP Global Corporation (TUGC) and will begin trading as SAI today, 5/2

• Spring Valley Acquisition Corp. (SV) shareholders approved the merger with NuScale Power

  • The merger raised ~$380M in gross proceeds and is expected to close on 5/2 with the ticker change to SMR on 5/3

  • 8.6M shares were redeemed or an estimated ~37% of the public SPAC shares

• Zanite Acquisition Corp. (ZNTE) and Eve UAM announce the merger is expected to close on 5/9, subject to approval at the shareholder meeting on 5/6

• SoundHound AI (SOUN) completed its merger with Archimedes Tech SPAC Partners Co. (ATSPT) and will trade as SOUN starting today

Extensions

• Bull Horn Holdings Corp. (BHSE) shareholders approved the deadline extension from 5/3/22 on a monthly basis up to 11/3/22

  • ~4.3M shares were redeemed (~56% of the public SPAC shares) resulting in $32.7M remaining in trust

• Brookline Capital Acquisition Corp. shareholders approved the deadline extension from 5/2/22 on a monthly basis up to 11/2/22

  • 688k shares were redeemed (~12% of the public SPAC shares) resulting in $51.1M remaining in trust

Other Deal Updates

• Selina announces $147.5 Million Convertible Note Financing in Connection with its Planned Business Combination with BOA Acquisition Corp. (BOAS)

• Mondee and ITHAX Acquisition Corp. (ITHX) announce an additional $20M PIPE investment at $10 per share from two “leading financial investors” bringing the total PIPE proceeds to $70M

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

S-1 Effective:

• SES AI (SES)

*When applicable

S-4 Activity:

S-4 filings:

• Avista Public Acquisition Corp. II (AHPA) & OmniAb (subsidiary of Ligand)

• Riverview Acquisition Corp. (RVAC) & Westrock Coffee Company

Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

Thanks for reading,

SPAC Track

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