The SPAC Week in Review

The Stats:

The Deals from Last Week (3):

1) Iron Spark I Inc. (ISAA) & Hypebeast (no warrants)

• Valuation: $352.7M EV

• PIPE: $13.3M including investments from Tom Brady, Naomi Osaka, Kevin Durant, Rich Kleiman, Tony Hawk, Joe Gebbia, Jonah Hill, Adam Levine, and Electric Feel Ventures

• Press Release

• Investor Presentation

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

• Valuation: $1.09B EV

• PIPE: $250M including “$60M from R. Brad Martin, NFC Investments, LLC, and the other Riverview Acquisition Corp. founders, $25M from Westrock Coffee founders, and $78M each from HF Capital, the Haslam family investment office, and funds managed by Southeastern Asset Management.”

• Press Release

• Investor Presentation

3) Pacifico Acquisition Corp. (PAFO) & Caravelle Group (rights +130%)

• Valuation: $527M EV

• PIPE: Anticipated $60M PIPE

• Press Release

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News from Last Week:

• Dune SPAC Sues TradeZero for ‘Outright Falsehoods’ About Merger (Bloomberg Law)

• AI-based content firm Instoried raises $200 mn from GEM, seeks to go public (Business Standard)

• Spac dealmakers sweeten terms to stem investor flight (FT)

• Data-Center Operator Cyxtera Exploring a Sale Among Strategic Options (Bloomberg)

• Trump-Tied Social Media SPAC Slides After Key Executives Quit (Bloomberg)

• Citi to Pause New SPAC Issuance as SEC Signals Crackdown (Bloomberg)

• Hertz to buy up to 65,000 electric vehicles from Polestar [merging with Gores Guggenheim, Inc (GGPI)] (Reuters)

• FinAccel [terminated merger with VPC Impact Acquisition Holdings II (VPCB) on 3/14/22] Spends $200 Million for Indonesia Digital Banking Push (Bloomberg)

Updates from Last Week:

Terminations

• MDH Acquisition Corp. (MDH) and Olive Ventures Holdings, Inc. mutually agree to terminate merger

Merger Votes/ Completions

• Helix Acquisition Corp. (HLXA) announced the closing of the merger with MoonLake Immunotherapeutics and began trading as MLTX

• Poema Global Holdings Corp. (PPGH) completed its merger with Gogoro and will begin trading under the new ticker: GGR today

  • 29.5M shares were redeemed or an estimated ~86% of the public SPAC shares

• Merger Vote Set: 

  • Spring Valley Acquisition Corp. (SV) & NuScale Power (4/28)

  • Archimedes Tech Spac Partners Co (ATSPT) & SoundHound (4/26)

  • Artisan Acquisition Corp. (ARTA) & Prenetics (5/9)

Extensions

• Nocturne Acquisition Corp. (MBTC) extended the deadline from 4/5/22 to 7/5/22 by adding $0.10 per share to trust

• Ventoux CCM Acquisition Corp. (VTAQ) extends the deadline from 3/30/22 to 6/30/22 by adding $0.10 per share to trust

• Vickers Vantage Corp. I (VCKA) extended its deadline by 3 months, from 4/11/22 to 7/11/22, by making an additional contribution to the trust account

Other Deal Updates

• Zanite Acquisition Corp. (ZNTE) adds an additional $10M investment to the PIPE for its merger with Eve, bringing the total PIPE proceeds to $357.3M

• Spring Valley Acquisition Corp. (SV) & NuScale Power announce an additional $15M PIPE investment from Nucor increasing total PIPE proceeds to $236M

  • NuScale also announces Japan Bank for International Cooperation has invested $110M in NuScale via a purchase of equity from existing investor, Fluor. Fluor continues to be the majority owner in NuScale

• Scilex [merging with Vickers Vantage Corp I (VCKA)] announces it has entered into a Non-Binding term sheet for $5B committed equity financing facility with B. Riley Principal Capital to be effective upon closing of the merger

• Virgin Group Acquisition Corp. II (VGII) and Grove announce a $27.5M subscription agreement and a $22.5M backstop between Grove and Corvina, an affiliate of VGII’s sponsor

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

S-1 filings:

• Quanergy Systems (QNGY)

• Allego (ALLG)

*When applicable

S-4 Activity:

S-4 filings:

• EJF Acquisition Corp. (EJFA) & Pagaya Technologies

• Thunder Bridge Capital Partners IV, Inc. (THCP) & Coincheck (Confidential filing)

• Delwinds Insurance Acquisition Corp (DWIN) & FOXO Technologies

• Brookline Capital Acquisition Corp. (BCAC) & Apexigen

Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

Thanks for reading,

SPAC Track

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