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The SPAC Week in Review
A newsletter recapping the previous week's SPAC activity (July 11, 2022)
The Stats:
The Deals from the Previous Week (3):
1) Health Sciences Acquisitions Corporation 2 (HSAQ) & Orchestra BioMed
Valuation: $158.2M Pro-forma Enterprise Value
2) HPX Corp. (HPX) & Ambipar Emergency Response (a subsidiary of Ambipar)
Valuation: $581M Pro-forma enterprise value
3) Kingswood Acquisition Corp. (KWAC) & Wentworth Management Services (to form Binah Capital Group)
Valuation: $208M Pro-forma enterprise value
SPAC Track Pro:
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News from the Previous Week:
Tanzanian entrepreneur Dewji plans $2-4 billion grains production investment via SPAC (Reuters)
Electric truck startup Xos (XOS) lays off 8% of its workers less than a year after its $2 billion SPAC deal (Business Insider)
Crypto Mining Giant [Core Scientific (CORZ)] Dumped Most of Its Bitcoin Holdings in June (Bloomberg)
eToro laying off 100 employees, officially announces termination of SPAC (CTech)
Gottesman SPAC Dissolution Gets Shareholder Suit to Fold Too (Bloomberg Law)
AST SpaceMobile (ASTS) Announces Agreement to Sell Its Investment in NanoAvionics — The sale is expected to generate approximately $28 million net cash proceeds and close in the third quarter of 2022
How the man behind the Apple Store presided over a Spac catastrophe (FT)
Updates from the Previous Week:
Terminations / Liquidations
FinTech Acquisition Corp V (FTCV) and eToro terminated their merger agreement
Gobi Acquisition Corp. (GOBI) opting to liquidate: GOBI set 7/22 as the date for its shareholder meeting to vote on amending its charter to move up its deadline to 7/22/22 from its existing deadline of 7/1/23, so that the SPAC can liquidate a year early
Merger Votes/ Completions
Merger vote set:
—> Duddell Street Acquisition Corp. (DSAC) & FiscalNote (7/27)
—> Founder SPAC (FOUN) & Rubicon Technologies (8/2)
—> Brookline Capital Acquisition Corp. (BCAC) & Apexigen (7/27)
—> Waldencast Acquisition Corp. (WALD) & Obagi & Milk Makeup (7/25)
—> Global SPAC Partners Co. (GLSPT) & Gorilla Technology Group (7/13)
Social Capital Suvretta Holdings Corp. III (DNAC) adjourned its shareholder meeting to vote on its merger with ProKidney to today, 7/11, in order "to permit SCS and ProKidney additional time to satisfy conditions to closing of the Business Combination with respect to approval by The Nasdaq Capital Market"
Extensions
Vickers Vantage Corp. I (VCKA) shareholders approved the deadline extension from 7/11 to 8/11 with the ability to extend on a monthly basis for up to five times
—> ~4.1M shares were redeemed, leaving $99.8M remaining in trust
E.Merge Technology Acquisition Corp. (ETAC) shareholders approved the deadline extension from 8/4 to 11/4
—> 27.2M shares were redeemed, leaving an estimated ~$328M remaining in trust
KludeIn I Acquisition Corp. (INKA) shareholders approved the deadline extension from 7/11/22 to 1/11/23 with ability to extend on a monthly basis for up to five times
—> 6.8M shares were redeemed, leaving ~$104M remaining in trust
Ace Global Business Acquisition Limited (ACBA)’s sponsor has deposited $0.099 per public share to extend its deadline from 7/9 to 10/8
Nocturne Acquisition Corp. (MBTC) announced that it deposited $0.10 per public share into the trust to extend its deadline by three months from 7/5 to 10/5
Other Deal/ SPAC Updates
American Acquisition Opportunity Inc. (AMAO) files its investor presentation for its merger with Royalty Management Corporation
Broadscale Acquisition Corp. (SCLE) & Voltus filed an investor presentation with updated financial projections
Catalyst Partners Acquisition Corp. (CPAR), a SPAC sponsored by General Catalyst, entered into an agreement with Goldman Sachs in which Goldman waived all rights to its deferred fee of $12M for underwriting the offering
Vickers Vantage Corp. I (VCKA)’s merger partner, Scilex Holding Company (a subsidiary of Sorrento Therapeutics) has entered a term sheet to acquire Ancora Medical Inc., “a privately held medical technology company with anchoring catheter and needle combo technology that was approved by the FDA in February 2020”
ACE Convergence Acquisition Corp (ACEV), in connection with its merger agreement with Tempo Automation, amended its PIPE subscription agreements
BOA Acquisition Corp. (BOAS) and Selina amended their merger agreement, to among other things, reduce the min. cash condition from $70M to $55M and extend the outside date from 8/26 to 10/25
De-SPAC Updates
Enjoy Technology (ENJY), which previously announced it filed Chapter 11 bankruptcy, will be delisted from Nasdaq as of today, 7/11, and will begin trading on the OTC as ENJYQ
GTY Technology Holdings Inc. (GTYH) completed its take-private transaction in which GI Partners acquired GTYH for $6.30 per share in cash
De-SPAC S-1 Filings (including PIPE resale registrations*):
Filings:
Forafric (AFRI)
Effective:
Swvl (SWVL)
*When applicable
S-4 Filings:
InterPrivate II Acquisition Corp. (IPVA) & Getaround
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,