The SPAC Week in Review

A newsletter recapping the previous week's SPAC activity (May 16, 2022)

The Stats:

The Deals from Last Week (4):

1) InterPrivate II Acquisition Corp. (IPVA) & Getaround

2) Kensington Capital Acquisition Corp. IV (KCAC) & Amprius Technologies

3) Tiga Acquisition Corp. (TINV) & Grindr

4) Lakeshore Acquisition I Corp. (LAAA) & ProSomnus

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News from Last Week:

Updates from Last Week:

Terminations / Liquidations

  • No activity

Merger Votes/ Completions

  • OTR Acquisition Corp. (OTRA) shareholders approved the merger with Comera Life Sciences

    • 10.3M shares were redeemed or an estimated ~97% of the public SPAC shares. Holders of 395k shares have since reversed their redemption election bringing the redemption figure to 9,994,363 shares

    • OTRA has extended the deadline for redemption withdrawal to 5/17 at 4pm EST. The merger is expected to close on 5/18

  • Zanite Acquisition Corp (ZNTE) completed its merger with Eve and the company started trading under the new ticker, EVEX

    • ~21M shares were redeemed or an estimated ~91% of the public SPAC shares

  • Artisan Acquisition Corp. (ARTA) shareholders approved the merger with Prenetics

    • The merger is expected to be completed on 5/18 with the ticker change to PRE following the closing

  • Merger vote set:

    • Dynamics Special Purpose Corp. (DYNS) & Senti Bio (6/7)

    • Globis Acquisition Corp. (GLAQ) & Forafric (6/7)

    • RedBall Acquisition Corp. (RBAC) & SeatGeek (6/1/22)

    • Oaktree Acquisition Corp. II (OACB) & Alvotech (6/7/22)

    • SVF Investment Corp. 3 (SVFC) & Symbotic (6/3/22)

    • Biotech Acquisition Company (BIOT) & Blade Therapeutics (6/1/22)

Extensions

  • Better World Acquisition Corp. (BWAC) shareholders approved the deadline extension from May 17 to August 17 with ~5.6M shares redeemed or an estimated ~45% of the public SPAC shares

  • Maquia Capital Acquisition Corporation (MAQC) announces it extended its deadline from 5/7/22 to 8/7/22 by depositing $0.10 per public SPAC share into the trust

  • Breeze Holdings Acquisition Corp. (BREZ) shareholders approved the deadline extension from 5/25/22 to 9/26/22

    • ~6.7M shares were redeemed leaving $49.3M in the trust

Other Deal Updates

  • Duddell Street Acquisition Corp. (DSAC) and FiscalNote announced an upsized credit facility and bonus pool for non-redeeming shareholders

  • Biotech Acquisition Company (BIOT) and Blade Therapeutics announce the company has entered into a common stock purchase agreement with an affiliate of Cantor Fitzgerald, of up to $75M at Blade’s option

  • AGBA Acquisition Limited (AGBA) and TAG Holdings amended the merger agreement to, among other things, extend the outside date from 4/30/22 to 10/31/22

  • Far Peak Acquisition Corporation (FPAC) and Bullish amend the merger agreement to extend the outside date to 7/8/22

  • Kingswood Acquisition Corp. (KWAC) enters into a non-binding Letter of Intent with Wentworth Management Services, “a platform of RIAs/broker dealers which employ differentiated advisor business models with a shared support services backbone, providing optionality to their advisors and investors”

    • KWAC expects to announce additional details regarding the proposed business combination when a definitive agreement is executed, which is expected later in Q2'2022 and with a closing anticipated in Q3'2022.

  • Mount Rainier Acquisition Corp.’s (RNER) merger partner, HUB Cyber Security, announces a $5M PIPE at $1.76 per share, or a ~100% premium to the trading price (TASE: Tel Aviv Stock Exchange: HUB) as of the PR issuance, and 4.5M in warrant coverage. The TASE gave approval for the PIPE to proceed on May 10

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

S-1 Filings:

S-1 Effective:

  • Cepton Technologies (CPTN)

  • Core Scientific (CORZ)

  • Satellogic (SATL)

  • Energy Vault (NRGV)

*When applicable

S-4 Activity:

S-4 filings:

Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

Thanks for reading,

SPAC Track

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. SPAC Track and its parent, CommonFi, do not make any guarantees, representations, or warranties as to, and shall have no liability for, the timeliness, truthfulness, sequence, quality, completeness, or accuracy of any of the information or data provided in this newsletter or on the SPAC Track website.