The SPAC Week in Review

The Stats:

The Deals from Last Week (7):

1) KludeIn I Acquisition Corp. (INKA) & Near

• Valuation: $754M Pro-forma EV

• Press Release

• Investor Presentation

2) Alpine Acquisition Corporation (REVE) & Two Bit Circus, Inc. and Two Convention Hotels

• Valuation: $153.1M Pro-forma EV

• Press Release

• Investor Presentation

3) Tuscan Holdings Corp. II (THCA) & Surf Air Mobility

• Valuation: $1.42B Pro-forma EV

• Press Release

4) EdtechX Holdings Acquisition Corp. II (EDTX) & zSpace

• Valuation: $195M Pro-forma EV

• Press Release

• Investor Presentation

5) PropTech Investment Corporation II (PTIC) & Appreciate

• Valuation: $416M Pro-forma EV

• Press Release

• Investor Presentation

6) Executive Network Partnering Corporation (ENPC) & Grey Rock Investment Partners oil and gas assets to Form Granite Ridge Resources

• Valuation: $1.32B Pro-forma EV

• Press Release

• Investor Presentation

7) Chardan NexTech Acquisition 2 Corp. (CNTQ) & Dragonfly Energy

• Valuation: $500M Pro-forma EV

• Press Release

• Investor Presentation

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News from Last Week:

• Singapore’s Grab (GRAB) cuts losses as region lifts pandemic restrictions (FT)

• Amid a push to bulk up in Latin America, Procaps (PROC) buys Mexican drugmaker Grupo Somar (Fierce Biotech)

• Turkish Bike-Riding App Marti to List in New York Via SPAC [Galata Acquisition Corp. (GLTA)] (Bloomberg)

• Carousell, L Catterton SPAC Merger Talks End Amid Rout (Bloomberg)

• Byju’s in talks to acquire listed US edtech firm Chegg valued at $2 billion (Economic Times)

• Trump’s deal with Truth Social [Digital World Acquisition Corp. (DWAC)] makes returning to Twitter complicated (TechCrunch)

• A rocket-builder’s [Astra (ASTR)] SPAC cash is rehabbing a defunct Navy base (Quartz)

• Big Law Is Bullish on SPACs Even as Large Banks Pull Out (Bloomberg Law)

Updates from Last Week:

Terminations / Liquidations

• Omnichannel Acquisition Corp. (OCA) announces it will liquidate and redeem all shares at appx. $10 per share on 6/1

• Cascade Acquisition Corp. (CAS) announces it will liquidate and redeem all shares at appx. $10.10 per share on 5/24

Merger Votes/ Completions

• OTR Acquisition Corp. (OTRA) completed its merger with Comera Life Sciences and began trading as CMRA

  • OTRA announced final redemption of 9,769,363 shares

• Artisan Acquisition Corp. (ARTA) completed its merger with Prenetics and the combined company began trading as PRE

• Lionheart Acquisition Corporation II (LCAP) Shareholders Approved the merger with MSP Recovery

  • Cantor Fitzgerald purchased ~1.13M shares outside of the redemption process in connection with the merger

  • the post-merger company “expects to have 2,312,257 Shares held by non-affiliates and 8,712,257 total Shares outstanding”

• Merger vote set:

  • Tuatara Capital Acquisition Corporation (TCAC) & Springbig (6/9)

  • Virgin Group Acquisition Corp. II (VGII) & Grove Collaborative (6/14)

  • Agrico Acquisition Corp. (RICO) & Kalera (6/27)

  • North Atlantic Acquisition Corporation (NAAC) postpones the shareholder meeting to approve its merger with Telesign from May 18 to June 1.

Extensions

• Aries I Acquisition Corporation (RAM) announced that it extended its deadline from 5/21 to 8/21 by depositing $1,078,125 into the trust

Other Deal Updates

• Nukkleus [merging with Brilliant Acquisition Corporation (BRLI)] entered into a stock purchase agreement with White Lion Capital Partners of up to $75M

• Global SPAC Partners Co. (GLSPT) and Gorilla Technology Group amend the merger agreement to, among other things, extend the outside date to 7/13

De-SPAC Updates

• Bowlero Corp. (BOWL) Completes Redemption of All Outstanding Warrants and Provides an Update on its Share Repurchase Program

• Babylon Holdings Limited (BBLN) Announces Commencement of Exchange Offer and Consent Solicitation Relating to Warrants

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

S-1 Filings:

• SoundHound.AI (SOUN)

S-1 Effective:

• Leafly (LFLY)

• Quanergy Systems (QNGY)

*When applicable

S-4 Activity:

S-4 filings:

• LMF Acquisition Opportunities, Inc. (LMAO) & SeaStar Medical

• Executive Network Partnering Corp. (ENPC) & Granite Ridge Resources (Grey Rock oil and gas assets)

• Digital World Acquisition Corp. (DWAC) & Trump Media & Technology Group

Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

Thanks for reading,

SPAC Track

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