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July 26, 2021
Welcome to the SPAC Research weekly newsletter.

New Profile Pages
We're proud to announce the launch of our new SPAC profile pages! They have the same depth of information as before but with a much cleaner presentation. Make sure to check out our new cap table view, pictured below.

League Table and DeSPAC Advisor Filters
We've also added filters to our league tables and deSPAC advisor tables this week. Wondering which bank ran the most healthcare SPAC IPOs recently? Or which firm has advised on the most SPAC deals in the financial sector this year? Use the dropdowns for easy navigation.

News From the Past Week

Deal News

  • Dragoneer Growth Opportunities Corp. II (DGNS) announced a deal to acquire Cvent, a meetings, events, and hospitality technology provider. The deal reflects an enterprise value of $5.3bn and includes a $475mm PIPE with investors including Fidelity, Hedosophia and Oaktree Capital Management. The transaction is expected to close in Q4 2021.

  • Power & Digital Infrastructure Acquisition Corp. (XPDI) announced a deal to acquire Core Scientific Holding Co., a provider of customizable infrastructure and software solutions to large scale customers for blockchain hosting and digital asset mining. The deal reflects an enterprise value of $4.3bn and is expected to close in Q4 2021.

  • Investindustrial Acquisition Corp. (IIAC) announced a deal to acquire Ermenegildo Zegna Group, an owner of global luxury brands. The deal reflects an enterprise value of $3.2bn and includes a $250mm PIPE with investors including members of Zegna’s board of directors and the group’s executives. The transaction is expected to close in Q4 2021.

  • Bridgetown 2 Holdings Ltd (BTNB) announced a deal to acquire PropertyGuru Pte. Ltd., a Southeast Asian property technology company. The deal reflects an enterprise value of $1.4bn and includes a $100mm PIPE anchored by Baillie Gifford, Naya and REA Group. The transaction is expected to close in Q4 2021 or Q1 2022.

  • Omnichannel Acquisition Corp. (OCA) announced a deal to acquire Kin Insurance, Inc. a technology-based home insurance company. The deal reflects an enterprise value of $1bn and includes an $80mm PIPE led by HSCM Bermuda and Senator Investment Group. The transaction is expected to close in Q4 2021.

  • ECP Environmental Growth Opportunities Corp. (ENNV) announced a deal to acquire Fast Radius, Inc., a cloud manufacturing and digital supply chain company. The deal reflects an enterprise value of $995mm and includes a $100mm PIPE with investors including Goldman Sachs Asset Management, L.P., UPS and Palantir. The transaction is expected to close in Q4 2021.

  • Capstar Special Purpose Acquisition Corp. (CPSR) announced a deal to acquire Gelesis, Inc., a biotherapeutics company advancing biomimetic superabsorbent hydrogels to treat excess weight and metabolic disorders. The deal reflects an enterprise value of $964mm and includes a $100mm PIPE with investors including PIMCO private funds, Pritzker Vlock Family Office and China Medical Systems Holdings Limited. The transaction is expected to close in Q4 2021.

  • MDH Acquisition Corp. (MDH) announced a deal to acquire Olive.com, a digital vehicle protection plan platform, and PayLink Direct, its payment services division. The deal reflects an enterprise value of $960mm and includes a $15mm PIPE. No closing timeline was given.

  • Velocity Acquisition Corp. (VELO) announced a deal to acquire BBQ Holding, LLC, a specialty e-commerce platform for higher-end BBQ grills, grilling accessories and outdoor living products for homeowners and professional builders. The deal reflects an enterprise value of $839mm. The transaction is expected to close in Q4 2021.

  • Pershing Square Tontine Holdings, Ltd. (PSTH) terminated its deal with Universal Music Group due to issues raised by the SEC. PSTH assigned the share purchase agreement to Pershing Square Holdings and withdrew its tender offer for shares and warrants. PSTH indicated it will pursue a more conventional SPAC merger for its initial business combination.

  • DPCM Capital, Inc. (XPOA) terminated its deal with Jam City, citing current market conditions. XPOA intends to continue to pursue a business combination.

  • Andina Acquisition Corp. III (formerly ANDA) closed its acquisition of Stryve Foods on Tuesday 7/20/2021 with 57.5% of public shareholders exercising redemption rights. Ordinary shares and warrants are now trading on the NASDAQ as “SNAX” and “SNAXW.”

  • FG New America Acquisition Corp. (formerly FGNA) closed its acquisition of Opportunity Financial Tuesday 7/20/2021 with 62.3% of public shareholders exercising redemption rights. Ordinary shares and warrants are now trading on the NYSE as “OPFI” and “OPFI/W.”

  • Ascendant Digital Acquisition Corp. (formerly ACND) closed its acquisition of MarketWise (Beacon Street Group) on Wednesday 7/21/2021 with 93.6% of shareholders exercising redemption rights. Ordinary shares and warrants are now trading on the NASDAQ as “MKTW” and “MKTWW.”

  • Property Solutions Acquisition Corp. (formerly PSAC) closed its acquisition of Faraday Future on Wednesday 7/21/2021 with less than 1% of public shareholders exercising redemption rights. Ordinary shares and warrants are now trading on the NASDAQ as “FFIE” and “FFIEW.”

  • Revolution Acceleration Acquisition Corp (formerly RAAC) closed its acquisition of Berkshire Grey on Wednesday 7/21/2021. Redemption statistics were not provided. Ordinary shares and warrants are now trading on the NASDAQ as “BGRY” and “BGRYW.”

  • Tuscan Holdings Corp. (formerly THCB) closed its acquisition of Microvast on Friday 7/23/2021. Redemption statistics were not provided. Ordinary shares and warrants are now trading on the NASDAQ as “MVST” and “MVSTW.”

  • 10X Capital Venture Acquisition Corp (formerly VCVC) closed its acquisition of Ree Automotive on Thursday 7/22/2021. Redemption statistics were not provided. Ordinary shares and warrants are now trading on the NASDAQ as “REE” and “REEAW.”

  • CM Life Sciences, Inc. (formerly CMLF) closed its acquisition of Sema4 on Thursday 7/22/2021. Redemption statistics were not provided. Ordinary shares and warrants are now trading on the NASDAQ as “SMFR” and “SMFRW.”

  • Gores Holdings VI, Inc. (formerly GHVI) closed its acquisition of Matterport on Thursday 7/22/2021 with less than 1% of public shares exercising redemption rights. Ordinary shares and warrants are now trading on the NASDAQ as “MTTR” and “MTTRW.”

  • Churchill Capital Corp IV (formerly CCIV) closed its acquisition of Lucid Motors on Friday 7/23/2021. Redemption statistics were not provided. Ordinary shares and warrants will trade on the NASDAQ as “LCID” and “LCIDW” beginning Monday 7/26/2021.

  • The Information reported that Vice Media’s plan to merge with 7GC & Co. Holdings Inc. (VII) has stalled.

  • Bloomberg reported that Supernova Partners Acquisition Company II, Ltd. (SNII) is in talks with Buyers Edge platform, a unified cloud platform for foodservice.

New S-1's
  • Argus Capital Corp. (ARGU) $300mm
  • Kensington Capital Acquisition Corp. V (KCGI) $260mm
  • BioPlus Acquisition Corp. (BIOS) $220mm
  • Athena Consumer Acquisition Corp. (ACAQ) $200mm
  • Seaport Calibre Materials Acquisition Corp. (SCMA) $150mm
  • Aesther Healthcare Acquisition Corp. $100mm
  • Aetherium Acquisition Corp. (VIED) $100mm
  • Alpine Acquisition Corporation (REVE) $100mm
  • Cactus Acquisition Corp. 1 Ltd (CCTS) $100mm
  • Jade Mountain Acquisition Corp. (JMAC) $100mm
  • Oxbridge Acquisition Corp. (OXAC) $100mm
  • Pacifico Acquisition Corp. (PAFO) $50mm
  • Apollo Acquisition Corp. (APOA) $40mm
IPOs

  • TortoiseEcofin Acquisition Corp. III (TRTL) raised $300mm for an acquisition in broad energy transition or sustainability. Units contain one-fourth warrant coverage.

  • Portage Fintech Acquisition Corporation (PFTA) raised $240mm in an upsized IPO for an acquisition in fintech or the financial services ecosystem, including key verticals such as wealth and asset management, consumer and SME finance, insurance, payments, information services and fintech infrastructure. Units contain one-third warrant coverage.

  • Belong Acquisition Corp. (BLNG) raised $150mm for an acquisition in high-growth technology and tech-enabled sectors such as e-commerce, software, and digital media. Units contain one-half warrant coverage.

  • Clover Leaf Capital Corp. (CLOE) raised $138mm for an acquisition in cannabis. Units contain one right.

  • Chavant Capital Acquisition Corp. (CLAY) raised $80mm in a downsized IPO for an acquisition in the advanced manufacturing and advanced materials technology sectors. Units contain three-fourths warrant coverage.

Upcoming Meetings and Deadlines
  • 7/27/2021 ROCC Reservoir Holdings approval meeting
  • 7/27/2021 CAP Doma approval meeting
  • 7/28/2021 GRCY Liquidation deadline
  • 7/28/2021 SVAC Cyxtera approval meeting (outside date 7/31/2021)
  • 7/28/2021 NEBC Rover approval meeting
  • 7/29/2021 RTPZ Hippo approval meeting
  • 7/29/2021 DGNR CCC Information Services approval meeting (outside date 8/5/2021)
  • 7/30/2021 TWND Qomplx approval meeting (previously adjourned)
  • 8/3/2021 GRSV Ardagh Metal Packaging approval meeting
  • 8/5/2021 PDAC Li-Cycle approval meeting (outside date 8/16/2021)
  • 8/5/2021 RTP Joby Aviation approval meeting
  • 8/6/2021 SCPE Rockley Photonics approval meeting (liquidation deadline 8/16/2021)
  • 8/7/2021 VMAC Liquidation deadline
Links
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