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The SPAC Week in Review
A newsletter recapping the previous week's SPAC activity (June 6, 2022)
The Stats:
The Deals from Last Week (3):
1) Gesher I Acquisition Corp. (GIAC) & Freightos
Valuation: $436M Pro-forma Enterprise Value
2) Americas Technology Acquisition Corp. (ATA) & Rally
Valuation: $208M Pro-forma Enterprise Value
3) Mana Capital Acquisition Corp. (MAAQ) & Cardio Diagnostics
Valuation: $175M Pro-forma Equity Value
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News from Last Week:
Traveloka Nears $200 Million Funding After SPAC Talks (Bloomberg)
Djarum-backed Blibli plans to raise over $500m in imminent Indonesia IPO (DealStreetAsia)
Insurtech Policygenius cuts 25% of staff, less than 3 months after raising $125M (TechCrunch)
Binance is 'reviewing all possible options' for Forbes investment after scrapped SPAC (The Block)
Crypto SPAC deals take a long time under SEC review (Axios)
U.S. Senator Warren plans bill to crack down on blank check deals (Reuters)
Swvl (SWVL) lays off a third of its workers to pursue profitability (Quartz)
EV Startup Electric Last Mile (ELMS) Warns It May Run Out of Cash in June (Bloomberg)
Updates from Last Week:
Terminations / Liquidations
Magnum Opus Acquisition Limited (OPA) announced the termination of its merger agreement with Forbes, after the outside date of 5/31 passed
RedBall Acquisition Corp. (RBAC) and SeatGeek announced they have mutually agreed to terminate their merger agreement due to “unfavorable market conditions”
Merger Votes/ Completions
Merger vote set: 26 Capital Acquisition Corp (ADER) & Okada Manila (6/28)
SVF Investment Corp. 3 (SVFC) shareholders approved the merger with Symbotic
27.5M shares were redeemed or an estimated ~86% of the public SPAC shares
Biote (BTMD) released redemption figures from its merger with Haymaker Acquisition Corp III (HYAC)
30.5M shares were redeemed or an estimated ~96% of the public SPAC shares
Apollo Strategic Growth Capital (APSG) completed its merger with American Express Global Business Travel and the combined company started trading as GBTG
77.5M shares were redeemed or an estimated ~95% of the public SPAC shares
Biotech Acquisition Company (BIOT) and Blade Therapeutics postponed the shareholder meeting to approve the merger to “a to-be-determined later date” after postponing from the original date of 6/1 to 6/3
North Atlantic Acquisition Corporation (NAAC) postponed its shareholder meeting (for a 2nd time) to vote on its merger with TeleSign and no new date has been set
Extensions
Corner Growth Acquisition Corp. 2 (TRON) files for an extension noting that it has entered into a non-binding LOI with “a differentiated food tech platform”
Concord Acquisition Corp (CND) announced it will extend its deadline from 6/10 to 12/10 by adding $0.10 per public share into trust
EdtechX Holdings Acquisition Corp. II (EDTX) shareholders approved the extension of its deadline from 6/15 to 12/15
~9.2M shares were redeemed or an estimated ~79% of the public SPAC shares
Altitude Acquisition Corp. (ALTU) announced that it plans to adjourn its shareholder meeting to extend its deadline from the original date of 6/7 to 6/10
Blue Safari Group Acquisition Corp. (BSGA) deposited $0.10 into the trust per public share to extend its deadline from 6/14 to 9/14
Other Deal/ SPAC Updates
Oaktree Acquisition Corp. II (OACB) announced that, assuming satisfaction of closing conditions, the merger with Alvotech will close on 6/15 with the NYSE delisting and relisting on Nasdaq under the new ticker, ALVO, on 6/16
8i Acquisition 2 Corp. (LAX) amended the merger agreement “to extend the time for LAX to complete its financial, operational and legal due diligence review of EUDA Health from May 31, 2022 to June 15, 2022”
Group Nine Acquisition Corp. (GNAC) files an 8-K noting that the sponsor has sold “Class A interests of the Sponsor held by Seller, which economically corresponds to 4,025,000 shares of Class B common stock” to 890 5th Avenue Partners (the team behind the SPAC that brought BuzzFeed public via SPAC merger in December of 2021)
Blue Safari Group Acquisition Corp. (BSGA) & Bitdeer amend the merger agreement to, among other things, extend the outside date from 5/31 to 9/1
De-SPAC Updates
Altus Power, Inc. (AMPS) announced it has entered into privately negotiated warrant exchange agreements with multiple holders of public warrants to purchase shares of its Class A common stock
De-SPAC S-1 Filings (including PIPE resale registrations*):
S-1 Filings:
SAI.TECH Global (SAI)
Eve (EVEX)
Prenetics (PRE)
S-1 Effective:
Rigetti Computing (RGTI)
PropertyGuru (PGRU)
*When applicable
S-4 Activity:
S-4 filings:
Mana Capital Acquisition Corp. (MAAQ) & Cardio Diagnostics
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,