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The SPAC Week in Review
A newsletter recapping the past week's SPAC activity (April 4, 2022)
The Stats:
The Deals from Last Week (2):
1) Artemis Strategic Investment Corp (ARTE) & Novibet
Valuation: $696M EV
PIPE: No PIPE
2) 10X Capital Venture Acquisition Corp. II (VCXA) & PrimeBlock (Prime Blockchain)
Valuation: $1.32B EV
Additional Financing: “$300 million committed equity financing facility from Cantor Fitzgerald affiliate”
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News:
SEC targets SPACs with rules on inflated business forecasts, merger disclosures (CNBC)
Chelsea: Four contenders given April 11 deadline to submit bids (Sky Sports)
Bankers for Spac deals cut fees as redemptions rise (FT)
OnlyFans wants to go public (Axios)
SPACs Trip Up on Accounting Requirements, Reporting Deadlines (Bloomberg Tax)
Updates from Last Week:
Terminations
SCVX Corp. (SCVX) which previously announced a non-binding LOI with a “Company in the ESG space" terminated the LOI, and “is currently exploring alternative options for consummating a business combination”.
Additionally, as the company was previously delisted from the NYSE, the company has no plan to relist its securities on NYSE or another exchange
Merger Votes/ Completions
Queen’s Gambit Growth Capital (GMBT) completed its merger with Swvl and started trading as SWVL
The transaction raised ~$165M in gross proceeds
Shareholders redeemed 29.2M shares or an estimated ~85% of the public SPAC shares
Poema Global (PPGH) shareholders approve the merger with Gogoro, with the transaction raising at least $335M in gross proceeds
Closing is expected on 4/4 with ticker change to GGR on 4/5
Forge Global (FRGE) releases redemption details from its merger with Motive Capital Corp:
40.6M shares were redeemed or ~98% of the public SPAC shares
Helix Acquisition Corp (HLXA) shareholders approved the merger with MoonLake Immunotherapeutics
8M shares were redeemed or an estimated ~70% of the public SPAC shares
FirstMark Horizon Acquisition Corp. (FMAC) completes its merger with Starry and changed ticker to STRY
$176M in gross proceeds was raised from the transaction
Merger Vote Set:
TradeUP Global Corp (TUGC) & SAITECH Limited (4/22/22)
Extensions
Tuscan Holdings II Corp. (THCA) shareholders approve the extension of its deadline from 3/31/22 to 6/30/22
Shareholders redeemed appx 6.7M shares
Sponsor added $0.10 per share to trust
Model Performance Acquisition Corp. (MPAC) extends its deadline from 4/12/22 to 7/12/22 by adding $0.10 per share to trust
Ace Global Business Acquisition Limited (ACBA) deposited $0.099 per share to extend the deadline from 4/9/22 to 7/8/22
American Acquisition Opportunity Inc (AMAO) shareholders approved the extension of the deadline from 3/22/22 to 9/22/22
~8.9M shares were redeemed removing $90.3M from trust
In addition, FPA agreements were added in the amount of 1.12M shares at a purchase price of $10.35 per share
Other Deal Updates
Gores Guggenheim, Inc. (GGPI) amended the merger and PIPE subscription agreements to, among other things, reflect the assingment of much of the PIPE subscriptions of the sponsor and another initial PIPE investor to other investors
An additional $27.2M was raised for the PIPE at an average price of $9.57 per share from investors that include “certain affiliates and employees of Sponsor”
Queen’s Gambit Growth Capital (GMBT) and Swvl enter into a committed equity agreement of up to $525M (less proceeds from SPAC trust upon merger closing) from B. Riley Principal Capital to backstop redemptions
In addition, three PIPE investors have purchased $5.3M in exchangeable notes of Swvl (exchangable at $9.50 per share), “effectively pre-funding their subscription commitment”, reducing the total PIPE proceeds from $55M to $49.7M
RedBall Acquisition Corp. (RBAC) and SeatGeek amend their merger agreement to change the agreement end date from 4/13 to 6/27
Magnum Opus Acquisition Limited (OPA) and Forbes extend termination date to 5/31/22
Spring Valley Acquisition Corp. (SV) & NuScale Power announce an additional $10M PIPE investment from SailingStone Capital increasing total PIPE proceeds to $221M
Gesher I Acquisition Corp. (GIAC) enters into an amended FPA agreement with M&G Investment Management Limited for $40M at $10 per unit and agrees to not to redeem
In addition M&G is providing a backstop commitment of $10M in exchange for 500k warrants and up to 1M shares
FirstMark Horizon Acquisition Corp. (FMAC) amend agreement to, among other things, waive the minimum cash condition, reduce PIPE from $10/share to $7.50/share
In addition, Tiger Global has subscribed for an additional $10M at $7.50/share
De-SPAC S-1 Activity (including PIPE resale registrations*):
S-1 filings:
Sky Harbour (SKYH)
*When applicable
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,