Subscribe to SPAC Research for full access.
May 2, 2022
Welcome to the SPAC Research weekly newsletter.

New Feature: Yield to Outside Dates
We're proud to announce a new feature on our yield to maturity page: estimates and yield calculations out to each SPAC's outside liquidation date or outside merger date. You can see a handy visualization below of the SPAC yield curve at the top with a full enumeration for all SPACs of a given status. We're estimating out to the outside liquidation date for pre-deal SPACs and the outside merger date for live deal SPACs. In each case, we incorporate interest earnings, taxes, working capital withdrawals, and sponsor contributions, if any.
Look for these new fields to be included in our API response soon. For a free demo of our API, please contact us.

With challenging market conditions, it's not easy to guess which SPACs might give up without exhausting their extension options or which ones will decide to shoot for a free extension without making any contribution to trust. We'll be back next week with a look at recent extension data and what we can expect from sponsors seeking extra time going forward.


News From the Past Week

Deal News

  • Arogo Capital Acquisition Corp. (AOGO) announced a deal to acquire EON Reality Inc., a metaverse company working in both AR and VR. The deal reflects an enterprise value of $655mm and is expected to close in 2H 2022.

  • XPAC Acquisition Corp. (XPAX) announced a deal to acquire SuperBac, a biotech company in Brazil. The deal reflects an enterprise value of approximately $380mm and is expected to close in 2H 2022.

  • Isleworth Healthcare Acquisition Corp. (ISLE) announced a deal to acquire Cytovia Holdings, Inc., a biopharmaceutical company fighting cancer through stem cell engineering and multispecific antibodies. The deal reflects an enterprise value of $367mm and includes a $20mm PIPE.

  • Data Knights Acquisition Corp. (DKDCA) announced a deal to acquire OneMedNet, a curator of regulatory-grade imaging. The deal reflects an enterprise value of $317mm and is expected to close 2H 2022.

  • Ignyte Acquisition Corp. (IGNY) announced a deal to acquire Peak Bio Co., Ltd., a clinical-stage biopharmaceutical company focused on developing therapeutics to treat oncology and inflammatory diseases. The deal reflects an enterprise value of $205mm and includes a $25mm PIPE with investors including existing Peak Bio stockholders and Palo Alto investors. The transaction is expected to close in Q3 2022.

  • Mallard Acquisition Corp. (MACU) liquidated its trust account on Friday 4/29/2022. The per-share redemption price was approximately $10.10 with MACU’s warrants expiring worthless.

  • Archimedes Tech SPAC Partners Co. (formerly ATSPT) closed its acquisition of SoundHound on Wednesday 4/27/2022. Redemption statistics were not provided. Ordinary shares and warrants are now trading on the NASDAQ as “SOUN” and “SOUNW.”

  • TradeUP Global Corporation (formerly TUGC) closed its acquisition of SAITECH on Friday 4/29/2022 with 53.9% of public shares remaining. Ordinary shares and warrants are expected to trade as “SAI” and “SAITW” beginning Monday 5/2/2022.

  • Spring Valley Acquisition Corp. (SVSV) shareholders approved the company’s acquisition of NuScale Power at a meeting Thursday 4/28/2022 with 62.6% of public shares remaining. The transaction is expected to close on Tuesday 5/3/2022.

New S-1's
Name Ticker Size ($mm) Underwriter Trust Funding Coverage
Bellevue Life Sciences Acquisition BLAC 60 Chardan 101.0% W
Hudson Acquisition I HUDA 60 Chardan 101.0% R

IPOs
Name Ticker Raised ($mm) Sector Cash in Trust Coverage
Chenghe Acquisition Co. CHEA 100 Financial 103.0% 1/2
Aimfinity Investment I AIMA 81 General 102.0% SU+W
ClimateRock CLRC 75 Energy 101.5% 1/2


Registrations Withdrawn
Name Ticker Size ($mm) Underwriter Trust Funding Coverage
Queen’s Gambit II QWNB 300 Barclays 100.0% 1/4
Space Acquisition I OUTR 300 CF 100.0% 1/3
ICG Hypersonic Acq ICGA 250 Barclays 100.0% 1/3
Victory Acquisition Corp. VACI 250 CS 100.0% 1/3
Graf Acq Corp. II GTOO 225 Oppenheimer 100.0% 1/5
Hony Capital HCAA 200 Citi 100.0% 1/2
Siddhi Acquisition Corp. SDHI 200 CS 100.0% 1/3
EF Hutton Acquisition Corp. EFHT 125 WF 101.0% 1/2

Charter Extensions

  • BCAC extended its charter through 11/2/2022 with a $0.033 monthly contribution to trust and 88% of public shares remaining.
  • BHSE extended its charter through 11/3/2022 with a $0.02 monthly contribution to trust and 43.2% of public shares remaining.

Upcoming Meetings and Deadlines

  • 5/3/2022 AGBA Extension approval meeting (liquidation date 5/16/2022)
  • 5/3/2022 LNFA Extension approval meeting (liquidation date 5/23/2022)
  • 5/5/2022 ACEV Tempo Automation Inc approval meeting
  • 5/5/2022 BREZ Extension approval meeting (liquidation date 5/25/2022)
  • 5/6/2022 ZNTE Eve approval meeting
  • 5/7/2022 MAQC Liquidation deadline (pending $0.10 optional deposit extension)
  • 5/9/2022 ARTA Prenetics approval meeting
  • 5/10/2022 OTRA Comera Life Sciences approval meeting (liquidation date 5/19/2022)
  • 5/11/2022 DKDCA Liquidation deadline (pending $0.10 optional deposit extension)
  • 5/12/2022 BWAC Extension approval meeting (liquidation date 5/17/2022)

Links
  • SEC Commissioner Caroline Crenshaw made remarks about SPACs and public listing alternatives at a virtual roundtable last week.
  • Bloomberg reported that Cantor Fitzgerald lost four senior executives focused on SPACs and event-driven sales and trading.
  • The Wall Street Journal reported that Tailwind Acquisition Corp. (TWND) is among companies that have expressed an interest in acquiring Bed Bath & Beyond’s BuyBuy Baby.
  • GlobeNewswire reported that Chinese hydrogen fuel cell energy solution provider Shenzhen State Fuel Cell Corporation is considering going public via a US SPAC.
Disclosures: Site administrators may maintain positions in various SPAC securities and may trade in or out of those securities at any time without notice. Information from spacresearch.com is provided for informational purposes only and should not be relied upon as the basis for any investment decision. Nothing on spacresearch.com is a recommendation or solicitation to buy or sell any investment.
Copyright © 2022 SPAC Research, All rights reserved. SPAC Research is the source of all data unless otherwise noted.

Did we miss something important? Please contact us.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.