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The SPAC Week in Review
A newsletter recapping the previous week's SPAC activity (July 25, 2022)
The Stats:
The Deals from the Previous Week (1):
Larkspur Health Acquisition Corp & ZyVersa Therapeutics
Valuation: $108.92M Pro-forma Enterprise Value
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News from the Previous Week:
Frazier SPAC Is in Talks to Merge With NewAmsterdam Pharma (Bloomberg)
Turkish Mobility App Marti’s New York IPO [SPAC Deal with Galata Acquisition Corp.] Announcement Imminent (Bloomberg)
Nikola Founder’s First Fuel Cell Semi Truck Lacked a Fuel Cell (Bloomberg)
ironSource: "We struck while the iron was cold” (CTech)
Sema4 signals $623M acquisition of genetic testing provider GeneDx (Fierce Biotech)
Word of Trump Media Deal Is Said to Have Leaked Months in Advance (The New York Times)
Biote founder calls merger deal a ‘get-rich-quick-scheme’ that’s cost him millions (Dallas Morning News)
Updates from the Previous Week:
Terminations / Liquidations
Gobi Acquisition Corp. shareholders approved the amendment to move up its deadline to 7/22/22 from its existing deadline of 7/1/23 so that it can liquidate a year early
Fortune Rise Acquisition Corporation terminated its merger with VCV Digital Technology
Aesther Healthcare Acquisition and United Gear & Assembly terminated their merger
Merger Votes/ Completions
Merger vote set:
CC Neuberger Principal Holdings II (PRPB) completed its merger with Getty Images and started trading as $GETY
B. Riley Principal 150 Merger Corp. (BRPM) completed its merger with FaZe Clan and started trading as
—> 15.9M shares were redeemed, or an estimated ~92% of the public SPAC shares
ArcLight Clean Transition Corp. II (ACTD) completed its merger with OPAL Fuels and started trading as $OPAL today
ITHAX Acquisition Corp. (ITHX) completed its merger with Mondee started trading as
—>Mondee also received a notice from Nasdaq that due to high redemptions, it is out of compliance with its minimum $20M market value and the minimum number of unrestricted publicly held shares. MOND has until 7/25 to request a hearing before delisting on 7/27
—> 23.3M shares were redeemed, or an estimated ~97% of the public SPAC shares
Pagaya released redemption results from its merger with EJF Acquisition Corp. (EJFA)
—> 27.8M shares were redeemed, or an estimated ~97% of the public SPAC shares
Gorilla Technology released redemption numbers from its merger with Global SPAC Partners Co. (GLSPT)
—> 11.4M shares were redeemed, or an estimated ~89% of the public SPAC shares
Extensions
Benessere Capital Acquisition Corp. releases the redemption results in connection with its deadline extension from 7/7 to 1/7/23
—> 3.4M shares were redeemed
CleanTech Acquisition Corp. shareholders approved the deadline extension from 7/9 to 8/19 with the ability to extend on a monthly basis for up to five more times (until 1/19/23)
—> 15.5M shares were redeemed, or an estimated ~89% of the public SPAC shares, leaving an estimated ~$18M remaining in trust
Chavant Capital Acquisition Corp. shareholders approved the deadline extension from 7/22/22 to 1/22/23
—> 7M shares were redeemed, or an estimated ~85% of the public SPAC shares, leaving appx $9,575,800 in trust
Brilliant Acquisition Corporation shareholders approved the deadline extension from 7/23 to 10/23
—> 1M shares were redeemed, or an estimated 22% of the remaining public SPAC shares, leaving appx. $31.2M in trust
Clover Leaf Capital Corp. deposited $0.10 per share to extend its deadline from 7/22 to 10/22
Other Deal/ SPAC Updates
InterPrivate III Financial Partners Inc. and Aspiration amended the merger agreement to, among other things, extend the outside date from 7/22 to 12/31
Aries I Acquisition Corporation and InfiniteWorld amend the merger agreement to extend the outside date from 11/21/22 to 8/21/23 and amend InfiniteWorld’s equity value from $525M to $527M
Alpine Acquisition Corporation announces it will issue a dividend of 0.665 shares for each public share to holders that do not redeem on the day after the closing of the merger with Two Bit Circus and acquisition of two convention hotels (from affiliates of Atrium Hospitality)
East Resources Acquisition Company announced it has entered into a non-binding LOI with a vertically integrated alternative asset manager specializing in specialty insurance products, with a focus on origination, asset management, valuation and servicing
Meg Whitman, ex-CEO of HP and eBay resigned from the Board of Lead Edge Growth Opportunities , as the Senate confirmed her appointment by President Biden to be the Ambassador to Kenya
De-SPAC Updates
Tony DiMatteo has resigned as CEO of Lottery .com
—> This comes 1 week after the company disclosed it overstated its available unrestricted cash balance & that in the prior year it improperly recognized revenue. Its CRO resigned last week as well. LTRY also announced last week that its CRO resigned
biote Corp. was delisted from Nasdaq and began trading on the OTC Markets, after it received determination from Nasdaq that it is out of compliance with the minimum $20M market value and the 400 round lot holder requirement
Perella Weinberg Partners announced an exchange offer, that expires on 8/18, for its public warrants: 0.20 shares of Class A Common Stock in exchange for each Warrant
Hippo Holdings is looking to reverse split in the range of 1-for-20 to 1-for-30
Akerna Corp. , which completed its SPAC merger in 2019 and is now trading at $0.17, filed a preliminary proxy for a shareholder meeting in which it seeks to effect a reverse stock split of 1-to-20
De-SPAC S-1 Filings (including PIPE resale registrations*):
Filings:
Effective:
biote
*When applicable
S-4 Filings:
Cohn Robbins Holdings Corp. & Allwyn Entertainment (withdrew previous)
Chardan NexTech Acquisition 2 & Dragonfly Energy (withdrew previous)
Data Knights Acquisition Corp. & OneMedNet
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,