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The SPAC Week in Review
A newsletter recapping the previous week's SPAC activity (June 13, 2022)
The Stats:
The Deals from Last Week (1):
1) Mudrick Capital Acquisition Corporation II (MUDS) & Blue Nile
Valuation: $683M Pro-forma Enterprise Value
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News from Last Week:
Hippo (HIPO) board replaces CEO Wand after stock price drops 80% (Globes)
Better.com [merging with Aurora Acquisition Corp. (AURC)] Misled Investors Ahead of Stalled SPAC Deal, Former Executive Alleges (WSJ)
Akulaku [which in January was reported to be in talks with Catcha Investment Corp (CHAA)] to increase stake in Indonesian digibank to 40% (Tech in Asia)
Cazoo (CZOO) to cut 750 jobs in UK and across Europe amid recession fears (The Guardian)
Bird (BRDS) is laying off 23% of staff (TechCrunch)
Asti associate EoCell in talks for potential SPAC combination (Business Times)
Ex-Credit Suisse Boss Thiam Loses Pimco Backing for Fintech SPAC (Bloomberg)
Grove Collaborative [merging with Virgin Group Acquisition Corp. II (VGII)] slashes long-term growth expectations as revenue drops (Retail Dive)
EV [De-]SPAC Faraday Future (FFIE) Now Has the Attention of the DOJ (TechCrunch)
Updates from Last Week:
Terminations / Liquidations
Silver Spike Acquisition Corp. II (SPKB) and Eleusis mutually agreed to terminate their merger “as a result of current unfavorable market conditions”
Today: Biotech Acquisition Company (BIOT) and Blade Therapeutics mutually agreed to terminate their merger
Merger Votes/ Completions
Merger vote set: Social Capital Suvretta Holdings Corp. III (DNAC) & ProKidney (7/6)
Oaktree Acquisition Corp. II (OACB) shareholders approved the merger with Alvotech
Dynamics Special Purpose Corp. (DYNS) completes its merger with Senti Biosciences and the combined company started trading as SNTI
14.5M shares were redeemed or an estimated ~63% of the public SPAC shares. 7.96M shares were subject to non-redemption agreements
SVF Investment Corp. 3 (SVFC) completed its merger with Symbotic and the combined company started trading as SYM
Globis Acquisition Corp. (GLAQ) completed its merger with Forafric and the combined company is now trading as AFRI
9.6M shares were redeemed or an estimated ~83% of the public SPAC shares
Forafric also entered into an FPA to purchase 1.5M shares at $10.80 per share from non-redeeming shareholders 3 months after closing
Tuatara Capital Acquisition Corporation (TCAC) shareholders approved the merger with SpringBig
19.1M shares were redeemed or an estimated ~96% of the public SPAC shares (estimated ~876k public SPAC shares remaining)
TCAC also had an up to 1M bonus share pool allocated for non-redeeming shareholders
Extensions
Global Consumer Acquisition Corp. (GACQ) announces it will extend its deadline from 6/11 to 9/11 by depositing ~$1.8M into trust
Delwinds Insurance Acquisition Corp. (DWIN) shareholders approved the extension of the deadline from 6/15 to 9/15 and DWIN will add $0.035 per remaining public share for each month
9.1M shares were redeemed or an estimated ~45% of the public SPAC shares
Other Deal/ SPAC Updates
Tribe Capital Growth Corp I (ATVC) Tribe Capital Growth Corp, led by Arjun Sethi- a former partner at Social Capital, is handing the reigns of the SPAC over to their co-sponsor, Arrow Capital
Pimco, a sponsor of Freedom Acquisition I (FACT), which is led by the former CEO of Credit Suisse, Tidjane Thiam, "sold its entire interest in our sponsor to NextG Limited”
Altitude Acquisition Corp. (ALTU) announces non-redemption agreements with holders of 1.25M shares in exchange for $0.033 per share per month for the 4-month extension (funded by ALTU’s CEO, Gary Teplis)
ALTU also announced that is in talks with a "leading global travel technology business and intends to announce a definitive agreement for the transaction in the coming weeks"
Benessere Capital Acquisition Corp. (BENE) and eCombustible amend the merger agreement, to among other things, add a minimum cash condition of $25M and to extend the outside date from 5/23 to 10/7
Isleworth Healthcare Acquisition Corp. (ISLE) and Cytovia amend their merger agreement to among other things eliminate “Isleworth’s satisfaction of the Minimum Cash Amount as a conditions to closing the Business Combination”
8i Acquisition 2 Corp. (LAX) and Euda Health amend the merger agreement to, among other things, reduce Euda’s pre-money equity valuation from $550M to $140M
PMV Consumer Acquisition Corp. (PMVC) announced that, as it has not yet filed a definitive proxy yet, it will not hold the meeting on the 6/14 date that was filed in the preliminary proxy. A date will be announced with the definitive proxy filing
Digital World Acquisition Corp. (DWAC) received a document request and subpoena from the SEC seeking various documents and information regarding its merger with Trump Media & Technology Group
De-SPAC Updates
Forge (FRGE) Announces Redemption of Public Warrants with an exercise deadline of 7/11
De-SPAC S-1 Filings (including PIPE resale registrations*):
S-1 Effective:
Allego (ALLG)
LumiraDx (LMDX)
Forge Global (FRGE)
Microvast (MVST)
*When applicable
Upcoming Dates:
Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions
See the full calendar here.
Thanks for reading,