News From the Past Week
Deal News
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Research Alliance Corp. I (RACA) announced a deal to acquire POINT Biopharma Inc., a late-stage biopharmaceutical company bringing precision radiopharmaceutical therapies to patients with cancer. The deal reflects an enterprise value of $639mm and includes a $165mm PIPE led by RA Capital Management. The transaction is expected to close by mid-2021.
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LGL Systems Acquisition Corp. (DFNS) announced a deal to acquire IronNet Cybersecurity, Inc, a company focusing on cybersecurity through collective defense. The deal reflects an enterprise value of $927mm and includes a $125mm PIPE led by Emles Advisors, Weiss Asset Management, and The Phoenix Insurance Company. The transaction is expected to close in Q3 2021.
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Greenrose Acquisition Corp. (GNRS) announced a deal to acquire a platform of four cannabis companies (consisting of Shango Holdings Inc., Futureworks LLC, Theraplant, LLC, and True Harvest, LLC). The deal reflects an enterprise value of $296mm and GNRS intends to raise a $150mm PIPE. The transaction is expected to close in Q2 or Q3 2021.
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FinTech Acquisition Corp. V (FTCV) announced a deal to acquire eToro, an Israeli social trading and multi-asset brokerage company that focuses on providing financial and copy trading services. The deal reflects an enterprise value of $9.6bn and includes a $650mm PIPE led by ION Investment Group, Softbank Vision Fund 2 and Third Point LLC. The transaction is expected to close in Q3 2021.
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Supernova Partners Acquisition Company, Inc. (SPNV) announced a deal to acquire Offerpad, a tech-enabled real estate solutions platform. The deal reflects an enterprise value of $2.4bn and includes a $250mm PIPE. The transaction is expected to close in early Q3 2021.
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Industrial Tech Acquisitions, Inc. (ITAC) announced a deal to acquire Arbe Robotics Ltd., a provider of next-generation 4D Imaging Radar solutions. The deal reflects an enterprise value of $572mm and includes a $100mm PIPE led by M&G Investment Management, Varana Capital, and Texas Ventures. The transaction is expected to close in late Q2 or early Q3 2021.
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SC Health Corporation (SCPE) announced a deal to acquire Rockley Photonics, Ltd., a global supplier of integrated silicon photonic chips and modules across multiple markets. The deal reflects an enterprise value of $1.2bn and includes a $150mm PIPE led by Senvest Management LLC and UBS O’Connor. The transaction is expected to close in Q2 2021.
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Roth CH Acquisition I Co. (ROCH) closed its acquisition of PureCycle on Wednesday 3/17/2021 with less than 1% of public shares exercising redemption rights. Ordinary shares and warrants are now trading on the NASDAQ as “PCT” and “PCTTW.”
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Longevity Acquisition Corporation (LOAC) closed its acquisition of 4D Pharma on Friday 3/19/2021 with 300 public shares exercising redemption rights. Ordinary shares will begin trading on the NASDAQ on Monday 3/22/2021 as “LBPS.” The new warrants will not initially be listed.
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CIIG Merger Corp. (CIIC) shareholders approved the company’s acquisition of Arrival at a meeting Friday 3/19/2021 with 21,483 public shares exercising redemption rights. Closing is expected on Wednesday 3/24/2021 with ordinary shares and warrants expected to begin trading on NASDAQ as “ARVL” and “ARVLW” on Thursday 3/25/2021.
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Newborn Acquisition Corp. (NBAC) shareholders approved the company’s acquisition of Nuvve at a meeting Tuesday 3/16/2021. Redemption statistics were not provided. Closing is expected to occur early this week.
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Bloomberg reported that Thoma Bravo Advantage (TBA) is in talks to acquire mobile marketing company IronSource.
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Reuters reported that Union Acquisition Corp. II (LATN) is in talks to acquire Colombian softgel maker Procaps.
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Bloomberg reported that Horizon Acquisition Corporation (HZAC) is in talks to acquire Vivid Seats, a digital ticketing marketplace that competes with StubHub.
New S-1's
IPOs
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KKR Acquisition Holdings I Corp. (KAHC) raised $1.2bn for an acquisition in consumer or retail. Units contain one-fourth warrant coverage.
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Reinvent Technology Partners Y (RTPY) raised $978mm for an acquisition in technology. Units contain one-eighth warrant coverage.
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Fortress Value Acquisition Corp. IV (FVIV) raised $600mm without an intended sector focus. Units contain one-eighth warrant coverage.
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Longview Acquisition Corp. II (LGV) raised $500mm for an acquisition in healthcare. Units contain one-fifth warrant coverage.
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Revolution Healthcare Acquisition Corp. (REVH) raised $500mm for an acquisition in technology, health care and life sciences, including patient-centric, data-driven, cloud-based platforms. Units contain one-fifth warrant coverage.
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Accelerate Acquisition Corp. (AAQC) raised $400mm for an acquisition in industrial, transportation & mobility, consumer and retail in North America. Units contain one-third warrant coverage.
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Tech and Energy Transition Corporation (TETC) raised $385mm for an acquisition of a company that uses or facilitates disruptive, differentiated technology to build, enable, service or manage businesses or infrastructure undergoing transformation. Units contain one-third warrant coverage.
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Waldencast Acquisition Corp. (WALD) raised $345mm in an upsized IPO for an acquisition in health, beauty and wellness. Units contain one-third warrant coverage.
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BYTE Acquisition Corp. (BYTS) raised $300mm for an acquisition in Israeli technology, including cybersecurity, automotive technology, fintech, enterprise software, cloud computing, semiconductors, medical technology, artificial intelligence (“AI”) and robotics and that offer a differentiated technology platform and products. Units contain one-half warrant coverage.
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Forum Merger IV Corporation (FMIV) raised $300mm without a specific sector focus. Units contain one-fourth warrant coverage.
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GX Acquisition Corp. II (GXII) raised $300mm without a specific sector focus. Units contain one-third warrant coverage.
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Plum Acquisition Corp. I (PLMI) raised $300mm without a specific sector focus. Units contain one-fifth warrant coverage.
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Athena Technology Acquisition Corp. (ATHN) raised $250mm for an acquisition in technology, direct to consumer and fintech. Units contain one-third warrant coverage.
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Glenfarne Merger Corp. (GGMC) raised $250mm for an acquisition in infrastructure or infrastructure services in the Americas, including but not limited to energy, power, transportation & logistics, transmission, water systems, real estate services and telecommunications. Units contain one-third warrant coverage.
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Golden Arrow Merger Corp. (GAMC) raised $250mm for an acquisition in healthcare or healthcare-related infrastructure industries in the United States and other developed countries. Units contain one-third warrant coverage.
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Levere Holdings Corp. (LVRA) raised $250mm for an acquisition in autonomous driving, connected vehicles, mobility services and electric vehicles in Europe, Middle East, and Africa. Units contain one-third warrant coverage.
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AF Acquisition Corp. (AFAQ) raised $200mm for an acquisition in the food and beverage, health and wellness, beauty, pet, and personal care sectors in the United States. Units contain one-third warrant coverage.
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Build Acquisition Corp. (BGSX) raised $200mm for an acquisition in SaaS, ISS, and fintech in North America. Units contain one-third warrant coverage.
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FAST Acquisition Corp. II (FZT) raised $200mm for an acquisition in the restaurant, hospitality, and related sectors in North America. Units contain one-fourth warrant coverage.
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LDH Growth Corp I (LDHA) raised $200mm for an acquisition of a high-quality growth technology-enabled company participating in the digital future of Latin American and Hispanic markets. Units contain one-fifth warrant coverage.
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Kadem Sustainable Impact Corporation (KSI) raised $175mm for an acquisition in the electric vehicle, energy storage and distribution, and enabling mobility technologies ecosystem. Units contain one-half warrant coverage.
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Research Alliance Corp. II (RACB) raised $130mm for an acquisition in biotechnology. RACB trades as common stock with no warrant coverage.
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European Biotech Acquisition Corp. (EBAC) raised $120mm for an acquisition in the life sciences industry in Europe. Units contain one-third warrant coverage.
Upcoming Meetings and Deadlines
- 3/24/2021 ENPC Shareholder meeting to split stock
- 3/25/2021 RPLA Finance of America approval meeting
- 3/25/2021 BFT Paysafe approval meeting
- 3/31/2021 CGRO Innoviz Technologies approval meeting
- 4/1/2021 NPA AST SpaceMobile approval meeting
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