The SPAC Week in Review

A newsletter recapping the previous week's SPAC activity (June 21, 2022)

The Stats:

The Deals from Last Week (5):

  • JATT Acquisition Corp. (JATT) & Zura Bio

  • Digital Health Acquisition Corporation (DHAC) and VSee Lab, Inc. & iDoc Telehealth Solutions, Inc.

  • Future Health ESG Corp. (FHLT) & Excelera

  • LightJump Acquisition Corp. (LJAQ) & Moolec Science

  • Moringa Acquisition Corp (MACA) & Holisto)

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News from Last Week:

Updates from Last Week:

Terminations / Liquidations

  • Sports Ventures Acquisition Corp. (AKIC) and DNEG Mutually Agreed to their merger agreement “due to unfavorable market conditions”

  • GO Acquisition Corp (GOAC) announces it will liquidate on 8/7/22 returning $10 per public share

Merger Votes/ Completions

  • Today’s update: Gores Guggenheim, Inc. (GGPI) and Polestar announced that preliminary redemptions reflect a maximum of 25%, which could decrease if preliminary redemption requests are withdrawn, ahead of its merger vote scheduled for tomorrow — the SPAC was accepting withdrawals of redemption requests as of earlier this morning

    • The merger is expected to close on Thurs, 6/23, with the ticker change to PSNY on 6/24

    • At 25% redemptions, the transaction is expected to raise $850M

  • Tuatara Capital Acquisition Corporation (TCAC) completed its merger with springbig and has started trading as SBIG

  • Virgin Group Acquisition Corp. II (VGII) completed its merger with Grove Collaborative and the combined company has started trading under the new ticker, GROV

  • Oaktree Acquisition Corp. II (OACB) completed its merger with Alvotech with the combined company has started trading as ALVO

  • Merger vote set: Northern Lights Acquisition Corp. (NLIT) & Safe Harbor Financial (6/24)

Extensions

  • Ventoux CCM Acquisition Corp. (VTAQ) shareholders approved the deadline extension from 6/30 to 9/30

    • ~16M shares were redeemed or an estimated ~92% of the public SPAC shares, leaving $12.8M in trust

  • Corner Growth Acquisition Corp. 2 (TRON) shareholders approved the deadline extension from 6/21 to 7/21 and on a monthly basis for an additional 8 months, through 3/21/23

    • ~11.09M shares were redeemed or 60% of the public SPAC shares, leaving $74.1M in trust

  • Dune Acquisition Corporation (DUNE) shareholders approved the deadline extension from 6/22 to 12/22 of next year.

    • ~16.4M shares were redeemed or an estimated ~95% of the public SPAC shares, leaving $8.4M in trust

  • Altitude Acquisition Corp. (ALTU) shareholders approved the deadline extension from 6/11 to 10/11

    • ~24.9M shares were redeemed or an estimated ~83% of the public SPAC shares, leaving $50.6M in trust

  • Ackrell SPAC Partners I Co. (ACKIT), which has its extension vote scheduled for 6/21 to extend its deadline on a monthly basis from 6/23 to 9/23, announced that the sponsor will deposit “an amount equal to the lesser of $0.043 per share and $200,000” per each monthly extension

  • Global Consumer Acquisition Corp. (GACQ) deposited $0.10 per share into trust to extend its deadline from 6/11 to 9/11

  • KINS Technology Group Inc. (KINZ) shareholders approved the deadline extension from 6/17 to 12/16

Other Deal/ SPAC Updates

  • Freedom Acquisition I (FACT) announced it has into a non-binding LOI with Human Longevity

  • G Squared Ascend I Inc. (GSQD) and Transfix amended the merger agreement to, among other things, extend the outside date to 11/3, and entered into an amend convertible note purchase agreement of up to $50M

  • 26 Capital Acquisition Corp. (ADER) announced that it has postponed the vote for its merger with Okada Manila with the new date “announced as soon as practical”. The S-4 will be amended to account for the May 31st incident, in which “Mr. Kazuo Okada, a former director of the Company, illegally and violently entered and occupied OKADA Manila premises.”

  • Mountain Crest Acquisition Corp. III (MCAE) and Etao amend the merger agreement to, among other things, reduce Etao’s valuation from $2.5B to $1B and to extend the outside date from 5/31 to 12/31

  • Barclays resigned from advising EJF Acquisition Corp. (EJFA) & Pagaya ahead of their merger

  • Roth CH Acquisition IV Co. (ROCG) entered into a non-binding LOI “with a target company”

  • Northern Lights Acquisition Corp. (NLIT) and Safe Harbor Financial announced that they have entered into a redemption backstop agreement for up to $50M with Midtown East Management

  • Pershing Square SPARC Holdings, Ltd. filed an amended S-1 for its “SPARC”

  • East Stone Acquisition Corp (ESSC) added $200M to the PIPE for its merger with NTWN

  • Waldencast Acquisition Corp (WALD) added $8M to the PIPE for its merger with Obagi and Milk Makeup

De-SPAC S-1 Filings (including PIPE resale registrations*):

S-1 Effective:

  • Gogoro (GGR)

  • Starry Group (STRY)

  • Anghami (ANGH)

*When applicable

S-4 Activity:

S-4 filings:

Upcoming Dates:

Upcoming Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

See the full calendar here.

Thanks for reading,

SPAC Track

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