New York investment fund Blackstone’s Paysafe in merger talks with Foley’s SPAC
Paysafe Group Inc., the London-based online payment firm backed by the world’s largest alternative asset investment fund Blackstone having had $571 billion worth of assets under its management to date alongside CVC Capital Partners, had been in an advanced stage merger talk with a blank-check SPAC founded by an old-school investor Bill Foley, a Bloomberg news report published late on Friday had unveiled.
Growth-focused SPAC Live Oak Acquisition II files for a $200 million IPO
Live Oak Acquisition II, the second SPAC formed by Live Oak Merchant Partners targeting a high-growth business, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The Memphis, TN-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of one warrant, exercisable at $11.50. Atalaya Capital Management intends to purchase up to $15 million worth of units in the offering. At $10 per unit, Live Oak Acquisition II would command a market value of $250 million.
More Auto Companies Looking to Get SPAC’ed
The auto industry is partnering with investment banks to reap the big money benefits of a new acronym: SPAC. The big question is: What are they?
Fisker, Nikola, Canoo and Lordstown have all gone through the process which is, essentially, a reverse merger. Each of the four have or will end up with valuations exceeding $1 billion after the deal is done, securing hundreds of millions of dollars in additional development cash in the process.
2020 BIO Investor Forum Digital: Why biotechs have been choosing SPACs in 2020
This year has been a record year for Biotech initial public offerings (IPOs), with total deal value already up by 58% compared with all of 2019.
However, most recently there has been an unexpected surge in Special Purpose Acquisition Companies (SPACs) mergers and acquisitions (M&As) as a way of entering the public market during the Covid-19 pandemic compared with traditional IPOs.
Tech entrepreneurs’ SPAC Reinvent Technology Partners Z files for a $200 million IPO
Reinvent Technology Partners Z, the second blank check company formed by Reinvent Capital targeting the tech sector, filed on Monday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. At the proposed deal size, Reinvent Technology Partners Z would command a market value of $250 million.
Technology-focused SPAC Benessere Capital Acquisition files for a $100 million IPO
Benessere Capital Acquisition, a blank check company targeting middle market technology businesses in the Americas, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
The Miami, FL-based company plans to raise $100 million by offering 10 million units at a price of $10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Benessere Capital Acquisition will command a market value of $128 million.
Ride the Trend of Bioplastics With This Upcoming SPAC Merger
Ride the Trend of Bioplastics With This Upcoming SPAC Merger.
Hundreds of billions of pounds of plastic ends up in the world’s landfills and oceans every year, and most of it will stay there for thousands and thousands of years.
Eliminating that scourge will take more than reducing, reusing, and recycling.
7 Hot SPAC IPOs to Buy Before Election Day
Despite the recent stock market volatility, SPAC IPOs show no signs of slowing down. Here is a look at seven upcoming SPAC IPOs that investors can buy in the coming weeks and months:
– XL Fleet
– Onyx Enterprises
– United Wholesale Mortgage
NYSE wins back listing crown from Nasdaq after luring Spacs
The New York Stock Exchange is on track to steal back the crown for US stock market listings from its rival Nasdaq this year after tapping into the booming market for blank cheque companies.
Companies have raised $66bn through listings on NYSE this year compared with $61bn on Nasdaq, according to Dealogic, with nearly two-thirds of the proceeds raised on NYSE coming from Spacs.
Lidar maker Aeva to go public via merger
Aeva Inc., a Silicon Valley firm developing a lidar sensor for self-driving cars to perceive their surroundings, said Monday it has agreed to go public through a merger with spac InterPrivate Acquisition Corp.
The merger with InterPrivate, which values Aeva at more than $2.1 billion, will give it a cash injection of more than $300 million to develop sensors for phones, tablets and other consumer devices.
ChargePoint To Go Public In Another Signal Of Surge In EV Popularity
Investors are paying attention to ChargePoint, Inc. One of the world’s first and largest electric vehicle (EV) charging networks, it has revealed that it will go public by merging with Switchback Energy Acquisition Corp. The deal will value the company at $2.4 billion.
Approximately $493 million in net proceeds will advance ChargePoint, Inc.’s commercial, fleet, and residential businesses. The deal is expected to close near the end of the year, and the company will be named ChargePoint Holdings Inc. No New York Stock Exchange trading symbol has yet been identified.
SoftBank’s $100 Billion Vision Fund Loses COO, Four Partners
SoftBank is grappling with an ongoing spate of resignations this year. Carolina Brochado gave her notice a month after she was promoted to partner. Vision Fund employees have described the company culture as one that rewards aggression and recklessness, Bloomberg Businessweek reported in December.
The SoftBank Vision Fund exits come as it continues to make bets on startups including fitness tracker Whoop and restaurant-technology maker Ordermark.
Sports and entertainment SPAC Bull Horn Holdings prices $75 million IPO at $10
Lordstown Motors (NASDAQ:RIDE), housed in a former General Motors (NYSE:GM) assembly plant, has begun trading with a market capitalization of $460 million. RIDE stock opened Oct. 29 at about $14.50 per share.
The company plans on targeting leading sports, entertainment, and brand companies that have potential for brand and commercial growth.
Lordstown Motors: Can GM’s Old Plant Beat It?
Lordstown Motors (NASDAQ:RIDE), housed in a former General Motors (NYSE:GM) assembly plant, has begun trading with a market capitalization of $460 million. RIDE stock opened Oct. 29 at about $14.50 per share.
It’s all part of a frenzy of electric-car financing, as investors continue to reject the old gas-powered giants and search for someone who might compete with Tesla (NASDAQ:TSLA). Nikola (NASDAQ:NKLA) went public earlier and is now part-owned by GM. A company called Fisker is also trying to go public through a SPAC.
EV Maker Fisker To Make NYSE Trading Debut Today After SPAC Merger
Electric vehicle maker Fisker Inc announced Thursday it has completed a reverse merger with the blank check company Spartan Energy Acquisition Corp.
Both companies will merge in a business combination to create a new entity whose Class A common stock will list on the New York Stock Exchange under the symbol “FSR.” Through the reverse merger, Fisker has gained access to $1 billion in cash inflows.
Hims & Hers announces 91% year-over-year growth ahead of its SPAC merger
Digital pharmacy Hims & Hers has reported 91% year-over-year growth during the third quarter of this year.
This comes just weeks after the company announced a merger agreement with Oaktree Capital Management-sponsored special purpose acquisition company (SPAC) Oaktree Acquisition. The public can expect the reverse merger to close at the end of the fourth quarter of 2020.
SPACs and EVs
So far this year, a dozen U.S. companies that make electric vehicles (EVs), batteries and autonomous driving technology have announced SPAC deals that could bring in more than US$6.5 billion.
Meanwhile, U.S. VC investment in mobility tech—a category that includes EV, ride-hailing and light detection and ranging companies—has totalled US$10.5 billion across 150 deals so far this year, according to Morningstar PitchBook data.
Consumer-focused SPAC Omnichannel Acquisition files for a $350 million IPO
Omnichannel Acquisition SPAC plans to raise $350 million by offering 35 million units at a price of $10.
Each unit will consist of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Omnichannel Acquisition will command a market value of $438 million.
Genius Sports Merging with SPAC dMY Technology in $1.5 Billion Deal
Sports betting data provider Genius Sports said today it will merge with special purpose acquisition company (SPAC) dMY Technology Group, Inc. II (NYSE:DMYD). It’s a transaction that values the analytics firm at $1.5 billion and will pave the way for it to go public.
“DMY Technology Group II went public in August, raising $240 million from its IPO and listing its shares on the New York Stock Exchange,” reports the Wall Street Journal. “As part of the deal with Genius Sports, a group of other institutional and industry investors will take an additional $330 million stake in the company.”
7 Momentum Strategies to Profit From SPAC IPOs
What is a SPAC then? It stands for Special Purpose Acquisition Company. Basically, it is a company that has no operations that raises money via an IPO (Initial Public Offering). The management team of the SPAC will then seek out an acquisition.
There are several reasons for the popularity for this kind of offering. One is the novel coronavirus pandemic. When the traditional IPO market dried up, Wall Street looked to SPACs to fill the void.
Investing in a SPAC Requires Understanding of Liquidity, Regulatory Issues
Special purpose acquisition companies (SPACs) have seen a surge in 2020. There have been several high-profile private companies, such as DraftKings and Nikola, going public by completing business combinations with SPACs and high-profile investment firms, such as Bill Ackman’s Pershing Square (for the second time) and Jeff Smith’s Starboard Value, sponsoring SPACs of their own.
Genius Sports going public in $1.5 Billion deal with SPAC DMY TECH II
Sports data technology company Genius Sports Group Ltd. is going public in a $1.5 billion deal with blank check firm dMY Technology Acquisition II, people familiar with the matter said. It is believed to be the first sport-related SPAC deal involving a U.K. company.
DMY Tech II has about $276 million held in escrow from its IPO earlier this year and will raise more than $300 million from institutional and industry investors in a PIPE offering of $10 a share.
Lordstown Motors spikes 19% after SPAC merger kicks off public trading
Electric truck manufacturer Lordstown Motors rallied as much as 19% in its Monday trading debut before paring some gains.
Shares leaped as high as $21.75 before cutting gains roughly in half. The stock, which trades with the ticker RIDE, changed hands 7.8% higher at $19.63 as of 3:10 p.m. ET.
The company is the latest vehicle startup to enter the public market through a reverse merger with a SPAC.
4 SPAC Mergers: What The KBLM, ACAM, PANA And SMMC Deals Mean For Investors
Last week saw continued momentum in special purpose acquisition company (SPAC) mergers, as KBL Merger (NASDAQ: KBLM), Acamar Partners Acquisition Corp. (NASDAQ: ACAM), Panacea Acquisition Corp. (NYSE: PANA) and South Mountain Merger Corp. (NASDAQ: SMMC) each announced business combination agreements.
How SPAC Mergers Work: SPACs are shell companies that raise capital in an initial public offering (IPO) in order to acquire an existing company and take it public, thereby helping the existing company circumvent the regulations involved in the IPO process.
Payments Processor Paya Strikes SPAC Deal to Continue Acquisitions Spree
Paya ($PAYA), a popular payment processor service, started trading on the Nasdaq Monday following a merger with special acquisition vehicle FinTech Acquisition Corp III, which is backed by private equity firm GTCR. The stock opened at $12.49 and was up slightly in midday trading.
The company reported processing $30 billion worth of transactions per year for more than 100,000 customers, with municipalities, nonprofits, and businesses making up the lion’s share.
So far it has three successful deals under its belt, including acquisitions of Stewardship Technology in 2018, First Billing Services in 2019, and The Payment Group this September.
Ex-Kirkland Chair Hammes’ SPAC Looks to Raise $200M for Legal Tech Acquisition
Former Kirkland & Ellis chair Jeffrey Hammes, is joining the SPAC parade. Hammes is working with Adam Gerchen, the co-founder and former CEO of litigation funder Gerchen Keller, to raise $200 million for a SPAC that aims to acquire a legal tech business.
Their new company, L&F Acquisition Corp., has enlisted several of the top SPAC attorneys in the game, Kirkland’s Christian Nagler and Skadden, Arps, Slate, Meagher & Flom’s Gregg Noel. Together, the two firms have been involved in 73 SPAC deals thus far in 2020.
Birth of a SPAC: Ex-GM executive hunting next-gen mobility target
Former General Motors (NYSE: GM) executive Barry Engle and his team at Qell Acquisition Corp. raised $380 million in less than a month to invest in a next-generation mobility company. Despite a record number of special purpose acquisition companies (SPACs) being formed this year, he still sees plenty of opportunity.
“The number of companies out there for whom this might be a really good alternative is infinitely larger,” Engle told FreightWaves in an interview. “Very few companies looking for capital are not considering a SPAC. So there’s a lot of companies out there to talk with.”
Billtrust To Go Public Via SPAC At $1.3B Valuation
B2B order-to-cash solutions provider Billtrust and special purpose acquisition company (SPAC) South Mountain Merger Corporation announced on Monday (Oct. 19) that they have entered into a “definitive business combination agreement.”
The combined firm will continue as a publicly listed group, with a roughly $1.3 billion implied estimated enterprise value at closing based on present assumptions, according to the announcement.
Enerkon Solar International Plans to establish a SPAC to Acquire Companies
Enerkon Solar International (ENKS OTC) Plans to establish a SPAC (Special Acquisition Company) to Acquire Companies which may be strategic for the future.
The Company Chairman, Mr. Benjamin Ballout , Stated That ” We are planning to establish a SPAC to Acquire Quality Strategic Investments in Companies useful to our future plans and expansion”
The Chairman Further stated that the company plans to commercialize existing patents already developed or acquired during the coming months and 2021 at which point they will be book as balance items since currently the company does not hold patents at any value until they are commercialized for Monetization and can be valued properly.
Subversive REIT: A New High-Flying Cannabis SPAC That Pays Monthly
Subversive REIT: A New High-Flying Cannabis SPAC That Pays Monthly
Subversive is a Special Purpose Acquisition Company, or SPAC, that was created with the intent to aggregate commercial real estate assets in the cannabis space.
Rechard Acosta, CEO of Subversive Real Estate Acquisition REIT LP (SBVRF), stated that the company is “on track to consummate the qualifying transaction in early November” and shares are now traded on the Neo exchange in Canada (SVX-U.NE) and accessible for US investors on the OTC listing under (OTC: SBVRF).
SPAC Deal Will Make 25-Year-Old Luminar Founder a Billionaire
Austin Russell, the 25-year-old founder and chief executive officer of Luminar Technologies Inc., is set to become one of the youngest self-made billionaires. Russell will hold 104.7 million shares of Luminar after it goes public.
Russell isn’t the only young entrepreneur to hit billionaire status through a special purpose acquisition company, or SPAC, merger this year. Thomas Healy, who was 28 when his Texas-based truck electrification startup Hyliion Inc. went public this month, also accomplished the feat.
U.S. IPO Week Ahead: McAfee Returns To The Public Market In A 3-IPO Week
Three IPOs and one SPAC are expected to raise $1.6 billion in the week ahead, led by leading cybersecurity brand McAfee (MCFE).
Taken private by Intel (NASDAQ:INTC) in 2011, McAfee plans to raise $759 million at a $9.6 billion market cap in its return to the public market. McAfee provides integrated security solutions against cyberattacks to consumers, enterprises, and governments.
Its consumer-focused products protected over 600 million devices and its enterprise customers included 86% of the Fortune 100. The company is profitable and plans to offer a 1.7% yield at the midpoint. Despite using the IPO proceeds to pay down debt, McAfee will be highly leveraged post-offering.
The Red Sox and Liverpool Are Smart to Ride the SPAC Wave
The owner of Major League Baseball’s Boston Red Sox and the English Premier League’s Liverpool Football Club is in talks to be acquired by the blank-check firm RedBall Acquisition Corp. The deal could see Fenway receiving close to $1.5 billion in return for a stake of between 20% and 25%, according to Axios.
It would be a very canny move for John W. Henry II, the billionaire who is Fenway’s biggest shareholder. In one fell swoop he would likely make back all the capital he spent acquiring the Red Sox and Liverpool, in return for selling a minority stake.
Serial Dealmaker and Master of Payouts Shows Why SPACs Appeal
At 75, he’s the poster child for one of the biggest financial plays of the moment: the special purpose acquisition company, or SPAC.
Over the past four decades the former U.S. Air Force captain has made a fortune buying, selling and splitting public companies to lucrative effect. Now Foley is again seeking to capitalize on the vehicles in what is shaping up to be a heady year for SPACs, also known as blank-check companies.
App-focused SPAC dMY Technology Group III files for a $250 million IPO
dMY Technology Group III, the third blank check company formed by Niccolo de Masi and Harry You targeting an app business, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The Las Vegas, NV-based company plans to raise $250 million by offering 25 million units at a price of $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50. At the proposed deal size, dMY Technology Group III would command a market value of $313 million.
E2open going back to public markets after SPAC deal
Supply chain management software provider E2open has been merged into a SPAC that will take it public by year’s end.
The deal, which Austin-based E2open described Wednesday as a “business combination agreement,” values the software provider at nearly $2.6 billion.
The SPAC was formed by CC Neuberger Principal Holdings, an affiliate of private equity group CC Capital partners.
SPACs allow smaller investors to pool money into an entity that mimics the financial might a private equity group can muster, while defraying the risk among those disparate investors. The E2open deal, once concluded, would be the largest SPAC in the supply chain and logistics software industry to date.
KBL Merger Corp. IV entered into a merger agreement with 180 Life Sciences Corp.
Going public via a SPAC enables a company to get a deal done in weeks instead of months, and the approach is proving to be an especially attractive vehicle for biotech companies by providing ready access to capital and much greater public visibility.
A successful biotech SPAC hinges on shrewd management and a target company that offers a strong risk/reward proposition, is focused on unmet medical needs, and has proven scientific and clinical leadership. After evaluating over 50 companies to meet these criteria for success, KBL Merger Corp. IV (NASDAQ: KBLM) entered into a definitive merger agreement with 180 Life Sciences Corp. (180 Profile), which is expected to close within one month. 180 Life Sciences represents a new business model in biotech.
Thayer Ventures SPAC to file for $175m IPO
Thayer Ventures SPAC is aiming to raise $175 million via an initial public offering [IPO] to invest in travel and transportation companies.
SPACs are a form of public shell company listed on a stock exchange which can be quickly merged with private companies for a less expensive route to public offerings. Companies such as DraftKings, Nikola and Virgin Galactic have gone public via this route, with companies using this method becoming darlings of a rising tide of IPOs.
Finance of America Plans $1.9B SPAC Merger to Go Public
The Blackstone Group-backed Finance of America Equity LLC is planning to go public through a merger with a blank check company, the Wall Street Journal reported.
The consumer-lending platform is expected to merge with special purpose acquisition company Replay Acquisition in a deal that will give it a valuation of $1.9 billion, people familiar with the matter told the Journal.
Institutional investors would reportedly make a private investment of $250 million in Finance of America as it goes public.
SoftBank prepares to launch a SPAC
SoftBank is planning to launch a blank check acquisition company in the upcoming weeks, according to comments made today at the Milken Virtual Conference by senior SoftBank executive Rajeev Misra.
The formal sponsor is expected to be SoftBank Investment Advisors, which manages the $100 billion Vision Fund and Vision Fund 2 (unknown size, funded entirely from SoftBank’s balance sheet).
SoftBank Vision Fund invested in such companies as Uber, DoorDash, Slack, WeWork, and TikTok owner ByteDance. It also backed Opendoor, which recently agreed to be acquired by a SPAC.
Why are VCs launching SPACs? Amish Jani of FirstMark shares his firm’s rationale
With every passing week, more venture firms are beginning to announce SPACs, or special purpose acquisition companies formed to raise capital through an IPO in order to acquire and thus take public other companies.
The veritable blitz of SPACs formed by investor Chamath Palihapitiya notwithstanding, we’ve now seen a SPAC (or plans for a SPAC) revealed by Ribbit Capital, Lux Capital, the travel-focused venture firm Thayer Ventures, Tusk Ventures’s founder Bradley Tusk, the SoftBank Vision Fund and FirstMark Capital, among others. Indeed, while many firms say they’re still in the information-gathering phase of what could become a sweeping new trend, others are diving in headfirst.
Why This Former GM Executive Launched a SPAC Aimed at Transportation and Sustainability Sectors
Barry Engle, who formerly served in senior executive roles at General Motors created and is leading his own SPAC, Qell. And then there are other competitors in the electric vehicle space, like Nikola, which announced a potential deal with GM and was also the focus of allegations of fraud from short-seller Hundburg Research. In the past three months, Nikola is down around 54%.
This SPAC comes as Tesla has a record year, filled with various positive headlines, and a stock split and the stock itself is up 744% in the past year.
Red Sox and Liverpool Could Go Public in SPAC Acquisition
RedBall, a blank-check investment company, has been looking to buy a professional sports team. Instead of one team, however, the SPAC could end up with two world-class franchises — if it can raise more cash for the mega-deal.
The SPAC, co-chaired by Oakland As executive Billy Beane, initially raised $575 million in its quest to acquire a sports business or professional sports team.
Billy Beane’s SPAC could acquire both the Boston Red Sox and the Liverpool Football Club.
Electric vehicle charge network ChargePoint nears deal to go public
ChargePoint Inc, one of the world’s oldest and largest electric vehicle charging networks, is nearing a deal to go public through a reverse merger with Switchback Energy Acquisition Corp SBE.N, people familiar with the matter said on Wednesday.
The deal for ChargePoint could value the company at more than $2 billion and be announced as early as next week, the sources said, cautioning that talks could still collapse and terms may still change.
TikTok rival Triller explores deal to go public through a SPAC
Triller’s SPAC negotiations are happening alongside discussions with investors about a private fundraising round, led by investment bank UBS Group AG UBSG.S, in which the Los Angeles-based company is seeking to raise around $250 million, the sources said.
Triller has so far secured around $100 million in that round at a $1.25 billion (959.91 million pounds) valuation, according to the sources.
David Crane is back, with a climate-tech SPAC
One of the hottest 2020 trends in raising capital is infiltrating climate-tech investing.
As of mid-September, the stock market had welcomed at least 82 initial public offerings this year by special purpose acquisition companies (SPACs) — organizations that collectively raised more than $31 billion. Last week, former NRG Energy CEO David Crane joined the frenzy.
Ex-TikTok CEO Kevin Mayer, Former Disney CFO Tom Staggs & Shaquille O’Neal Join Forest Road SPAC For Media M&A
There’s a SPAC born every minute – today a new one called Forest Road Acquisition registered with the SEC to raise $250 million and hunt for media and entertainment deals with executives and advisors from former TikTok CEO Kevin Mayer and former Walt Disney CFO Tom Staggs to basketball legend Shaquille O’Neal.
The team includes three former senior executives from Walt Disney: Staggs, as director and chair of the Strategic Advisory Committee; Mayer, as a strategic advisor, and Salil Mehta, as chief financial officer. Collectively, they hold decades of operational experience at Disney, the filing noted.
IG Acquisition, Latest SPAC with Possible Gaming Desires, Raises $300 Million in IPO
IG Acquisition Corp. (NASDAQ:IGACU) recently raised $300 million in an initial public offering (IPO). The special purpose acquisition company (SPAC) was founded by former high-level gaming industry executives and a venture capitalist, Bradley Tusk.
IG Acquisition is led by Ed Farrell, Christian Goode, and Bradley Tusk, providing the blank-check entity with reach into the gaming and venture capital worlds.
Space company Momentus looks to go public through a SPAC with near $1 billion valuation
Space transportation company Momentus is in final talks to go public through an acquisition by Stable Road Capital, a person familiar with the discussions told CNBC on Tuesday.
The company would go public through the special purpose acquisition company, or SPAC, which Stable Road raised $172.5 million for in November 2019. The deal values Momentus at near $1 billion, the person added.
The SPAC Attack, by the Numbers
As companies seek to avoid the costs and hassles associated with traditional IPOs, especially time-consuming investor roadshows, SPACs are just one of several alternatives to the traditional IPO that have gained popularity lately.
Direct listings, in which a company sells existing shares directly to the public without underwriters or a lockup period, have been another popular alternative, used most recently by Palantir and Asana.
Faraday Future plans to go public through a SPAC deal
Faraday Future, the electric vehicle startup with a messy and complicated past, is planning to go public through a special purchase acquisition company (SPAC) deal.
The company’s chief executive Carsten Breitfeld told Reuters that the company is working on a reverse merger with a SPAC and “will be able to announce something hopefully quite soon.”
Why SPACs Are Exploding, A CEO’s Take
SPACs (Special Purpose Acquisition Companies) have seen a surge in interest in recent months with a number of high-profile deals from Draft Kings to Virgin Galactic SPCE +0.1% and many more coming.
SPACs give a chance to grab a stake in a hot and relatively new company. Importantly, that carries risk too, as recent investors in electric car company Nikola can attest given recent fraud allegations. Also, the SEC are exploring greater disclosures on SPAC compensation across the board. Still, for the companies involved, why are CEOs picking the SPAC route relative to an IPO or direct listing?
Mountain Crest SPAC Buying Playboy for $381 Million, Gaming Deals in Play
Mountain Crest Acquisition Corp. (NASDAQ:MCAC) is paying $381 million to acquire Playboy Enterprises. It’s a move that will return the venerable men’s media property to public markets, and could result in future acquisitions of gaming companies.
Currently, the company has online gaming partnerships with Scientific Games and Microgaming. In an investor presentation filed last week with the Securities and Exchange Commission (SEC), the company mentions possible acquisition targets across four industries, including gaming and lifestyle. As illustrative examples, the firm highlights 888 Holdings, PointsBet, and RummyCircle.com.
Former Uber Executive is now Planning to Register for SPAC
Emil Michael, a former Chief Business Officer at Uber Technologies, is now the latest applicant for special purpose acquisition companies or #SPAC. He planned to file a public offering of $250million for a tech-based blank check company.
DPCM Capital Inc is in a view to selling 25 million units of its company at $10 each and has applied to list its shares on the New York Stock Exchange under the symbol “XPOA.U.” Nowadays, so many companies are filing for SPAC for public offerings like the electric vehicle company Nikola for their firm’s development. Now, DPCM capital is its latest entrant.
Diginex Goes Public after Special-Purpose Acquisition
Diginex merged with a SPAC called 8i Enterprises, which is already traded publicly. As of today’s listing, 8i Enterprises Acquisition Corporation is now known by the name of Diginex.
Richard Byworth, the CEO of Diginex said that theirs was the first company listed on the Nasdaq exchange that covers the complete virtual currency ecosystem. He added that this was a major development for the industry.
The company’s stock can be found under the ticker EQOS on the Nasdaq Exchange.
Apollo co-founder Josh Harris says the SPAC trend is ‘here to stay’
There has been a rush of SPACs in recent months, outpacing traditional IPOs in money raised in July and August, according to Refinitiv. The companies have raised more than $30 billion so far this year. Joshua Harris estimated that SPACs have gone from 3% of the market to 20% during the recent surge.
The investment vehicles work by going public through their own IPOs, then using their cash to do a reverse merger with a private firm. The publicly traded shares of the SPAC then become the shares of the formerly private company.
Hims, a direct-to-consumer health company, is going public via SPAC
Hims, Inc., a direct-to-consumer company that sells health products and services targeted at millennials, is going public just three years after it got its start.
The company, which operates both men’s and women’s health brands and is sometimes called Hims & Hers, is merging with a special purpose acquisition company (SPAC) sponsored by investment management firm Oaktree Capital Management.
A SPAC ETF Makes Its Debut Today. Here Is What You Need to Know.
The ETF’s tenth-largest position is an active SPAC: Churchill Capital III (CCXX). The $1.1 billion SPAC announced a deal in July to merge with MultiPlan, a provider of software and services to health insurers, at an enterprise value of $11 billion.
SPACs and companies must also have a market capitalization of at least $250 million to make the index. That excludes dozens of SPACs with smaller trusts. SPACs tend to do deals with a total value of several times their trust.
5 Things to Know About SPAC Transactions
Five things to know about SPAC transactions:
1- SPACs have a substantial structural advantage over traditional IPOs…
2- A successful listing of a SPAC IPO is just the beginning…
3- Some sectors are more conducive to SPAC IPOs than others…
4- SPACs can be an attractive solution across many market cap ranges…
5- SPAC IPO issuance likely won’t slow down anytime soon…
MPM joins the historic SPAC boom as its blank check company files for an IPO
Another SPAC has filed to ride the biotech IPO wave, which shows no sign of crashing anytime soon.
Turmeric Acquisition, a special purpose acquisition company formed by Boston-based MPM Capital, announced on Monday that it’s looking for a $100 million raise. It will be one of several to hit Nasdaq in a historic year for SPACs. It’s not clear which biotechs are in Tumeric’s sights — but it says it’s going after innovative companies with “new modalities”.
Vesper Healthcare Acquisition Corp. (VSPRU) Prices $400M IPO
Vesper Healthcare Acquisition Corp. announced the pricing of its $400 million IPO this evening and its units are expected to begin trading on the Nasdaq under the symbol “VSPRU” tomorrow, Wednesday, September 30.
This new company aims to combine with a pharmaceutical or healthcare target that has a leading position in its respective therapeutic sector. It is led by President, CEO and Chairman Brenton L. Saunders and CFO and Director Nominee Dr. Manisha Narasimhan.
Total SPAC deal count for 2020 year-to-date is now 113 with $43.1 billion in gross proceeds raised. This offering is expected to close on Friday, October 2.
Blank-Check Firms Offering IPO Alternative Are Under Regulatory Scrutiny
SEC is having a closer look into SPACs
It look like SEC aims to establish measures that shall avoid SPACs from being used by pre-IPO SPAC Sponsors just to squeeze out fees and compensation, rather than focusing on the business side.
We at Shanda Consult are welcoming regulation that will support “real life SPACs”, meaning SPACs with a real business goal, compared to a pure fees machine.
Energy investment firm’s sustainability SPAC Spring Valley Acquisition files for a $250 million IPO
We are welcoming SPAC Spring Valley Acquisition, targeting the sustainability industry, including energy and power, resource management, and environmental services.
The Dallas, TX-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Spring Valley Acquisition would command a market value of $313 million.
Gores SPAC to acquire United Wholesale Mortgage; KKR to buy 1-800 Contacts
Gores Holdings IV Inc., a blank-check company sponsored by an affiliate of The Gores Group LLC, will take United Wholesale Mortgage LLC public in a business combination that values the mortgage lender at approximately $16.1 billion. The transaction marks the biggest merger for a special purpose acquisition company to date.
Peter Thiel starts a $575 million SPAC called Bridgetown Holdings
Peter Thiel, co-founder of PayPal Holdings, Inc. (NASDAQ: PYP) and Palantir Technologies is involved in a new special purpose acquisition company (SPAC).
Thiel is known for his ties to the Trump administration, which is rare for Silicon Valley investors. He also sits on the board of Facebook Inc (NASDAQ: FB).
SPAC Investing: What, Why and Common Questions from Investors
SPAC investing has become popular in the last few years. But why is that? The #SPAC IPO process is faster and requires fewer steps. Instead of taking six to nine months like a traditional IPO, a SPAC IPO can be accomplished in weeks. It also provides less risk than a traditional IPO. And the acquired company doesn’t need to find investors.
The really interesting way to invest in SPACs, which is not mentioned in the article, is to invest in SPACs during the pre-IPO stage, providing such investors with exposure to extraordinary potential gains but manageable risks.
A Pure-Play Electric Vehicle Charging Stock
Is investing in electrical vehicle companies a craze?
The analysis actually confirms that just having a business plan and some cool ideas might not justify a SPAC’s acquisition of an e-vehicle company.
The entire electric vehicle space is getting far too much attention from the Robinhood weekday warriors who are driving all electric vehicle stocks – some with nothing more than a business plan – through the roof. They’re all desperate to find “the next Tesla,” hoping to make up for the fact that they missed out on the stratospheric rise of the real Tesla, something they’re also responsible for fueling. For risk averse technology investors, the entire electric vehicle space is best avoided until investors start behaving more rationally.
September IPO calendar stays Good(Rx) and busy in an 8 IPO week
In another busy week for the September IPO market, eight IPOs are scheduled to raise $2.0 billion, led by prescription drug marketplace GoodRx Holdings (GDRX).
The largest deal of the week, GoodRx (GDRX) plans to raise $900 million at an $11.2 billion market cap. The company operates in the large prescription drug market, providing a mobile app and website that allows consumers to easily compare drug prices, and has delivered strong growth over the last several years. While lower-margin offerings have weighed on gross margin, GoodRx is profitable on an EBITDA and net basis and has generated strong cash flow.
Tekkorp Digital Joining Gaming SPAC Party, Eyes $300 Million IPO
Tekkorp said it plans to list on the Nasdaq using the ticker “TEKKU,” but the SEC filing didn’t reveal a firm listing date.
The “company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, Tekkorp Digital Acquisition would command a market value of $375 million,” according to Renaissance Capital.
Startup Hims Nears a Deal to Go Public Via Oaktree SPAC
Silicon Valley telemedicine company Hims Inc., which gained popularity selling erectile dysfunction and hair loss treatments online, is nearing a deal to go public through a merger with blank-check company Oaktree Acquisition Corp., according to people with knowledge of the matter.
The deal, which may be announced as soon as next week, could value Hims at about $1.6 billion, said the people, who asked not to be identified because the details are private. Oaktree is in talks with investors to raise about $75 million to help fund the transaction, the people said.
Media-Focused SPAC Leads 3 IPOs Raising $590M Combined
A White & Case-led special purpose acquisition company seeking to buy a business in the media and technology industries debuted in public markets Tuesday after raising $300 million, the largest of three recent SPAC initial public offerings that netted a total of $590 million.
New York-based Falcon Capital Acquisition Corp. sold 30 million units at $10 each late on Monday, while its units began trading on Tuesday the Nasdaq under the symbol FCACU. White & Case LLP represented Falcon Capital and Ropes & Gray LLP steered the underwriter.
Cleantech investing: Carbon tracking and sequestration startup wave, SPACs for late-stage energy transition capital
Going public through a SPAC is the exit method of choice these days for venture-funded startups, cleantech and otherwise. (A SPAC as a shell company that raises money through an IPO to in order to buy a private operating firm.)
Renewable Properties, a developer and investor in small-scale utility and community solar energy projects in the U.S., raised $30 million from funds managed by CarVal Investors, an alternative investment fund manager. Aaron Halimi, founder of Renewable Properties, said, “We plan to expand our efforts in the Northeast, in our home state of California, and continue to incorporate energy storage solutions into our projects.” The firm expects to start construction on 50 MW of solar capacity with 30 MW of that capacity achieving commercial operation by the end of this year.
VCs: Nikola scandal won’t stem cash flow to clean-tech startups
VCs said that the scandal (the resignation of Nikola Corp. (NASDAQ: NKLA) Executive Chairman and founder Trevor Milton on Monday), showing few signs of abating, is unlikely to have a negative impact on private capital flowing into venture-backed clean technology startups.
Milton, who founded the hydrogen and electric vehicle startup in 2015, stepped down from the board following a report published 10 days ago by a short seller of Nikola stock that accused him of lying about the company’s technology accomplishments.
In the coming months, at least three electric vehicle companies are reportedly aiming to go the SPAC route.
Mallard Capital’s SPAC Mallard Acquisition files for a $100 million IPO
Mallard Acquisition, a blank check company formed by Mallard Capital targeting an industrials business, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
The Cornelius, NC-based company plans to raise $100 million by offering 10 million units at a price of $10.
Each unit consists of one share of common stock and one whole warrant, exercisable at $11.50. At the proposed deal size, Mallard Acquisition would command a market value of $125 million.
California’s Playboy Enterprise explores deal to return to stock market
Playboy Enterprise, the Beverly Hill, California-based owner of the fashion magazine Playboy, had been brewing off an option to re-enter into the public trading through a merger with a blank-check acquisition company.
In point of fact, a Playboy Enterprises deal with a blank-check firm, a widely-used move to make a re-entrance into the stock exchanges, called as a Special Purpose Acquisition Company (SPAC), in effect would lead to Playboy’s return into the US public market nine years after it had been taken private at a $207 million deal.
EV Commercial Vehicle XL Fleet The Latest To Market Via SPAC
XL Fleet, an electrification solutions provider for Class 2-6 vehicles, is going public via a merger with SPAC Pivotal Investment Corporation II.
XL Fleet is estimating revenue to hit $21 million in 2020 and $75 million in 2021. The company has $220 million in its sales pipeline. The 2024 revenue estimate is $1.38 billion based on 6% penetration of the commercial vehicle market.
Billionaire Richard Branson wants to raise $460 million for a new SPAC
Virgin founder Richard Branson is looking to raise $460 million to create a new special purpose acquisition company, or SPAC, becoming the latest in a line of wealthy investors to do so.
He is the latest in a line of wealthy investors to set up a SPAC. The SEC-filing for VG Acquisition states that the pandemic has brought about “a rare opportunity to invest in fundamentally strong target businesses at attractive valuations.”
US investors eye London SPAC IPO
Among the most notable vehicles this year, activist investor Bill Ackman’s Pershing Square Tontine Holdings raised $4 billion in July to buy a stake in a mature unicorn, in what’s believed to be the largest SPAC IPO on record. Real estate company Opendoor, gaming group DraftKings and electric vehicle business Nikola are among the names to have recently opted for SPAC debuts.
In Europe, the SPAC phenomenon has yet to fully arrive, but the launch of Franklin’s vehicle may signal that more could follow. Franklin has long been active in the space, having founded several blank-check companies.
Opendoor To Go Public Through SPAC
SPACs are having a record year in 2020, with more than $38 million raised by SPACs to date, according to SPAC Insider, and big companies like DraftKings and Nikola Corp. choosing to go public by merging with a SPAC.
Opendoor, which was founded in 2014 in San Francisco, makes it easier to buy and sell a home. The company has raised at least $1.5 billion in funding from investors including General Atlantic, Norwest Venture Partners and the Softbank Vision Fund.
Eric Grubman, John Collins Part Of New Sports, Entertainment SPAC
Top former executives of On Location Experiences and PJT Partners are launching a blank-check acquisition company focused on tech and services in sports and entertainment, according to an SEC filing.
Sports Entertainment Acquisition Co. will seek to raise $350M. The company’s prospectus says it will target startups in sports with high growth potential, in verticals such as media, ticketing, payments, entertainment travel and gaming.
Opendoor to go public by way of Chamath Palihapitiya SPAC
Social Capital Hedosophia II, the blank-check company associated with investor Chamath Palihapitiya, announced that it will merge with Opendoor, taking the private real estate startup public in the process.
The transaction comes during a wave of market interest in special purpose acquisition companies, or SPACs, often called blank-check companies. They exist as publicly traded entities in search of a private company to combine with, taking the private entity public without the hassle of an IPO.
Vesper Healthcare Acquisition, a SPAC led by the former CEO of Allergan, files for a $400 million IPO
Vesper Healthcare Acquisition, a blank check company formed by the former CEO of Allergan targeting the healthcare sector, filed on Thursday with the SEC to raise up to $400 million in an initial public offering.
The Miami Beach, FL-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Vesper Healthcare Acquisition would command a market value of $500 million.
Tech SPAC Industrial Tech Acquisitions prices $75 million IPO at $10
Industrial Tech Acquisitions, a blank check company targeting a technology business operating in an industrial or energy area, raised $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50.
The company is led by CEO and Chairman Scott Crist, the CEO of intelligent video monitoring firm Osperity and a Partner at Texas Ventures, and CFO Greg Smith, who was the founder, CEO, and CFO of ERF Wireless and the former CFO of Infrastructure Networks. The company plans to focus its search on industrial and energy technology companies with an enterprise value of approximately $250 million to $500 million.
Real Estate Mogul Sam Zell Is Launching A SPAC
Equity Distribution Acquisition Corp plans to trade on the NYSE with symbol EQD. The company is planning on selling 30 million units at $10 each. Each share will have one-third of a warrant to buy a share at $11.50.
The SPAC plans to target the highly fragmented industrial market in North America, especially focusing on technology-enabled solutions.
The company’s strategy includes using its strong track record in growing companies to identify a potential company. The company plans to help an acquired company with driving innovation and transformation mergers and acquisitions.
TPG’s tech SPAC TPG Pace Tech Opportunities files for a $450 million IPO
The Fort Worth, TX-based company plans to raise $450 million by offering 45 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with TPG. It also plans to enter into additional forward purchase agreements with TPG and other third party entities for $100 million. At the proposed price, TPG Pace Tech Opportunities would command a market value of $563 million.
Skillz will be the first esports company to go public, and it’s using a SPAC
Skillz going public via SPAC to become a hundred-year company with mobile gaming market at its core.
The deal values Skillz at $3.5 billion — about 15.5 times its projected 2020 revenue of $225 million — and would make it the first mobile e-sports platform to go public. The company generated $103 million in sales during the first six months of the year, with annualized revenue growth of 111% in the second quarter.
Why SPACs (Blank Check Companies) Are Filling Up Fast
For companies seeking a path to public markets, a reverse-merger with a SPAC has increasingly become an enticing alternative relative to the traditional route of conducting an IPO. SPACs have recently attracted more companies in futuristic industries such as space tourism and electric vehicles. These companies that have yet to make a profit could market their future financial prowess in a SPAC listing — something that’s not allowed in an IPO.
SPAC Merger: Driverless Car Startup Luminar To Go Public In $3.4 Bill Deal
Luminar, the global leader in automotive lidar technology powering the introduction of highway autonomy, announced plans to go public through a SPAC merger with Gores Metropoulos Inc. (NASDAQ:GMHI) valued at $3.4 billion.
Luminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and perception platform that meets the industry’s stringent performance, safety, and economic requirements.
Cantor Fitzgerald’s SPAC, CF Finance Acquisition II, prices $500 million IPO at $10
CF Finance Acquisition II, the second blank check company formed by Cantor Fitzgerald, raised $500 million by offering 50 million units at $10. The SPAC originally filed to offer 52.5 million units, and downsized its offering by about 5%. Each unit consists of one share of common stock and one-third of a warrant, exercisable $11.50.
Lidar startup Luminar to go public via $3.5 bn SPAC merger
Luminar worked secretly on the development of a lidar system (system for autonomous driving) until it burst onto the autonomous vehicle scene in April 2017, now announced that Volvo will produce a car starting in 2022, equipped with Luminar’s lidar and a perception stack.
Limar will now go public by merging with the the Gores Group, a SPAC listed on Nasdaq.
Zac Prince, CEO of BlockFi, s software company providing crypto exchange services, said that the firm is considering going public via a special purpose acquisition company (SPAC).
BlockFi has just closed a $50 million series C fundraising round that gave the company a valuation of roughly $400 million.
Digital currency companies are increasingly seeking ways to get publicly listed. Coinbase plans to get public through a direct listing late 2020 or early 2021.
SPACs are becoming interesting bridges through which digital companies access the public market.
Image source: Billy Beane/Masterpress/Getty Images
Billy Beane’s RedBall SPAC Gets Millennium as An Investor
Izzy Englander’s Millennium Management is getting in on the SPAC frenzy by snapping up a 7.8% stake in RedBall Acquisition Corp., the blank-check company co-led by baseball executive Billy Beane.
The hedge fund, which runs more than $40 billion, revealed the holding in a 13G filing Wednesday.
Latest electric-vehicle IPO Canoo will raise funds to build its ‘loft on wheels’
ElectricalVehicle car developer Canoo, will go public after it merges with Hennessy Capital Acquisition Corp IV, will use a membership model to sell its electric vehicles.
The first model, a “spaceship” or a “loft on wheels as Canoo CEO Ulrich Kranz calls it, will be on the market in 2022.
Private Equity and Asset Management firms discovered SPACs to create value and gains for their clients
Private Equity Firms and Asset Management Firms did not miss the booming opportunities the SPACs market is providing in 2020.
It is not at all easy to satisfy wealthy clients during these difficult times of low or negative interest rates, extraordinary volatility on stock markets, unpredictable global trade wars and political risks, and last but not least the enormous damages created by COVID-19.
Private Equity Managers and Asset Managers alike did grabbed the opportunity in all possible ways;
- investing in SPACs as SPAC Sponsors during the pre-IPO phase, or
- purchasing common shares during SPAC IPOs, or
- setting up and marketing their own SPACs.
Billions of institutional money is looking for investments providing yields, not an easy task at times of QE (quantitative easing aka money printing) and negative or little interest rates.
Blank check companies, as Special Purpose Acquisition Companies (SPACs) are often called, provide an excellent opportunity with manageable risk, as SPAC IPO investments are kept on trust account.
For Private Equity Managers, the clearly defined exit scenario of SPACs is much more appealing than 7 to 9 years of lock-up periods in case of directly investing in private companies’ equity.
One of the latest examples is the Gores Holding V SPAC, which closed its $525 Million SPAC Offering recently.
Technology SPAC dMY Technology Group II prices upsized $240 million IPO at $10
Technology SPAC dMY Technology Group II prices upsized $240 million IPO at $10. It plans to target consumer technology businesses with enterprise values between $1 billion and $3 billion, with a focus on mobile apps with significant growth in segments including gaming, entertainment, education, work productivity, e-commerce, dating, financial technology, and health and wellness.
Fintech SPAC North Mountain Merger files for a $115 million IPO
The New York, NY-based company plans to raise $115 million by offering 11.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Insiders intend to purchase $12 million worth of units in the offering. At the proposed price, North Mountain Merger would command a market value of $144 million.
Casdin Capital and Corvex Management’s SPAC CM Life Sciences files for a $350 million IPO
The New York, NY-based company plans to raise $350 million by offering 35 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $150 million at the closing of an acquisition pursuant to forward purchase agreements with Casdin Capital and Corvex Management. At the proposed price, CM Life Sciences would command a market value of $438 million.
Dragoneer’s SPAC Dragoneer Growth Opportunities prices $600 million IPO at $10
Dragoneer Growth Opportunities, a blank check company formed by Dragoneer Investment Group, raised $600 million by offering 60 million units at $10. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50. The company may raise an aggregate $175 million at the closing of an acquisition pursuant to forward purchase agreements with Dragoneer Investment Group and Willett Advisors.
Special purpose acquisition company FTAC Olympus Acquisition files for IPO
The SPAC FTAC Olympus Acquisition indicated in its filing for IPO that it currently intends to concentrate its efforts in identifying technology and financialservices technology companies “that power transformation and innovation.”
CuriosityStream, the First Streaming Media Company Devoted to Factual Entertainment, to Become Public Company via a SPAC
CuriosityStream Inc., and Software Acquisition Group, Inc., (NASDAQ: SAQN), a Special Purpose Acquisition Company (SPAC), enter a definitive business combination agreement.
Upon closing of the transaction, CuriosityStream Inc., will be listed on the NASDAQ exchange under the ticker symbol “CURI”.
The transaction puts an estimated $180 million of cash on the balance sheet including a $25 million PIPE at $10.00 per share.
Left: John Hendricks, Founder and Chairman of CuriosityStream
Pershing Square’s Supersized SPAC Looks Well-Positioned To Deliver A Splash Acquisition
Michael W Byrne analyses Pershing Square’s Supersized SPAC and explains why it Looks Well-Positioned To Deliver A Splash Acquisition.
“Pershing Square Tontine has defied SPAC convention in several ways.”
Why Shares of Fisker SPAC Spartan Energy Acquisition Rose Just 14.9% in July
But: SPAC’s shares outperformed the S&P 500’s 5.5% July gain.
Shares of special-purpose acquisition company (SPAC) Spartan Energy Acquisition (NYSE:SPAQ) rose 14.9% in July, according to data provided by S&P Global Market Intelligence. That number, though, doesn’t tell the whole story.
U.S. SPAC Sponsors: Beware of tax traps in case of SPACs registered in the Cayman Islands or BVI.
Important professional insight by Luis Leon (on the left) of Marcum LLP about passive income taxation for U.S. tax residents related to assets and income of SPACs set up in the Cayman Islands or BVI.
I was always wondering why U.S. sponsors of SPACs chose those jurisdictions, as foreign-source passive income is generally triggering tax liability in shareholders’ or beneficial owners’ country of tax residency, either as income tax or capital gain tax.
Singapore NRI Media Entrepreneurs successfully listed USD 100 Million SPAC IPO on NASDAQ last Friday, 7 Aug 2020.
The company focuses on film production for the Indian sub-continent, mainly in Tamil and English languages.
Chinese UCOMMUNE walks back from planned Nasdaq IPO and initial plans to get listed through a merger with a SPAC.
Ucommune filed with SEC last week: „In the light of current capital markets condition, the company is considering other alternatives and has determined not to proceed at this time with the offering and sale of the securities proposed to be covered by the Registration Statement.”
Telemedicine firm Hims Inc in talks to go public via Oaktree blank-cheque company
Telemedicine has a great future, not only because of COVID-19, but for providing medical consultation and diagnosis in remote areas of our world, and to widen patients’ choice of doctors. Telemedicine company Hirms is in talks with Oaktree #SPAC to get public. Very interesting.
Amid record-breaking billions pouring into SPACs, former HP CEO Apotheker files for a sequel to his calamitous $11 billion purchase of Autonomy
In case you don’t remember Apotheker’s reign as CEO of pre-spinout H-P, the important part of that brief period for these purposes is one of the worst acquisitions in tech: the $11 billion acquisition of a U.K.-based data analytics software company called Autonomy. Just a year after making that deal, H-P stunningly wrote off $8.8 billion of the purchase price and admitted it had substantially overvalued Autonomy, leading to lawsuits and charges on both sides of the Atlantic.
Vistas Media Acquisition plans to list on the Nasdaq
SPACs focusing on media and entertainment are getting into focus. Media and entertainment SPAC Vistas Media Acquisition, steered by its CEO Jacob Cherian, prices $100 million IPO at $10.
EV Startup Canoo Is Said to Be In Talks for Hennessy SPAC Deal
#ElectricVehicles are one of the essential steps toward a cleaner environment. Institutional investors are keen to provide the necessary capital for further development through SPAC IPOs. Institutional IPO investors are increasingly focused on this industry.
Until shortly ago, real estate property focused SPACs could hardly attract IPO investors but now, they seem to become a category of SPACs. Now that changed!
PropTech Acquisition Corp., acquired Porch, an online real estate and home improvement marketplace, for $523M after the SPAC raised $172.5M in a November IPO.
Benchmark Real Estate Group is plans to raise up to $200M for a SPAC named Property Solutions Acquisition Corp. that would target property technology or real estate service firms.
Processor Paya Will Go Public Via a So-Called SPAC Merger
Payments provider Paya Inc. on Monday (03 August 2020) announced the SPAC FinTech Acquisition Corp III. The merger is being consummated as part of Atlanta.-Ga.based Paya’s plans to take the company public. Currently, the company is owned by private-equity firm GTCR LLC.
Life science investment firm’s SPAC HighCape Capital Acquisition files for a $100 million IPO
HighCape Capital Acquisition SPAC filed, planing to target the life sciences industry, including therapeutics, devices, diagnostics, medical information technology, agrisciences, and animal health.
SPACs Outperform at First, but Postmerger Is Another Story, Goldman Sachs Finds
Interesting analysis below. However, it does not reflect the whole picture of investing in SPACs, as it did expressively exclude warrants from the evaluation, and the analysis did not include the potential gains of pre-IPO investors, so-called sponsors.
Europe Is Building the Next Tesla. Who Knew?
US Nikola Motor Company is heavily relying on European technology and knowhow, trucks built by IVECO in Germany.
So, why is Europe not able to built its own rival to Tesla?
Why Nikola Decided to Merge With a SPAC. And Why More Such Deals Are Coming
“There are trade-offs to every approach to the market,” says John Turtle, vice chairman and chief commercial officer at the NYSE. “We’ve seen a lot of IPOs with arguably inefficient pricing and some huge [opening day] pops. That has piqued a lot more operating companies’ interest in exploring whether combining with a SPAC is a better route for them.”
Porch.com to go public in $523M blank-check deal
CEO and co-founder Matt Ehrlichman of Porch.com, a VC-backed home services marketplace, announced their merger with PropTech Acquisition Corp, a SpecialPurposeAcquisitionCompany (SPAC) formed by
AbuDhabi Investment Authority veterans Thomas Hennessey and Joseph Beck.
IMAGE SOURCE: GETTY IMAGES
Online Casino Rush Street Interactive Is Going Public in SPAC Deal
Online casino business is not a no-go anymore for SPAC acquisitions, Rush Street is just another example.
2020 – The Year of SPACs
55 SPAC IPOs in the US in 2020 until the end of July – 2020 will be remembered as the year when SPACs became the new IPO. Special Purpose Acquisition Companies are broadly attracting #PrivateEquity during the pre-IPO stage, due to SPACs’ clear and short-term exit strategy and potentially high gains.
Cryptocurrency Platform Diginex Aims Nasdaq Listing Through SPAC Merger
Blockchain solutions provider Diginex is planning to go public in the United States through a merger with a special purpose acquisition company, or SPAC, within the current quarter ending in September.
Rush Street Interactive to Go Public in SPAC Merger
Online casino and sportsbetting company Rush Street Interactive announced on Monday that it is merging with the SPAC dMY Technology Group in order to become a publicly listed company.
IMAGE SOURCE: GETTY IMAGES
A Key Self-Driving Car Supplier Is Finally Going Public Through a SPAC
Special purpose acquisition company (SPAC) Graf Industrial Corp. (NYSE:GRAF) announced earlier this month that it will acquire Velodyne Lidar, a company that supplies 3D mapping for self-driving car capabilities.
ANALYSIS: SPACs Fast Becoming Accepted Third Way To Go Public
SPAC ANALYSIS: The largest post-IPO price increases have been with lower- to middle-sized offerings ($100M–$500M), where shares have risen more than 60% since their debuts this year.
IMAGE SOURCE: GETTY IMAGES
Churchill Capital Files for Another $1 Billion SPAC IPO
Churchill Capital goes fast and files its 4th SPAC for a $1 billion IPO, planing to benefit from synergies through add-on acquisitions.
Photo: Dai Sugano/Digital First Media
Sport-focused SPAC co-chaired by Billy Beane files for $500 million IPO
PrivateEquityFirm RedBird Capital Partners sponsored a SPAC that intends to invest in a European football club.
Companies sidestep traditional IPOs by choosing SPACs, direct listings
“The IPO market is a bit broken,” says Duncan Davidson, co-founder of Bullpen Capital, a Silicon Valley investment firm.
He says that’s part of the reason why special purpose acquisition companies, or SPACs, are going public at a record pace.
Russia-focused SPAC Kismet Acquisition one files for a $250 million IPO
Despite the opinion of many, there is no restriction for SPACs to focus on acquisitions in Russia. Kismet Acquisitions One will target target companies in the telecommunications infrastructure, internet and technology, and consumer goods and services sectors operating in Russia.
Airbnb approached about blank-check company merger for public listing: CEO
SPAC Acquisitions – a view behind the scenes:
A typically example how a SPAC Board, after IPO, probes the market and possible acquisition targets.
European Pot Firm Emmac Agrees to Go Public Via Andina
European medical cannabis supplier Emmac Life Sciences Ltd intends to merge into Andina Acquisition Corp III, a Bogota-based SPAC listed on Nasdaq. Ellenoff Grossman & Schole LLP was its legal adviser.
Autonomous Driving – Electric Vehicles (EV)
A New Technology SPAC in the Making: about Autonomous Driving and Electric Vehicles (EV), and…
Details are strictly confidential for now. Stay tuned!
Photo by Massimo Pince, Reuters
SPACs became the rescue line for IPOs during the Corona virus crisis
The Corona crises often damages companies’ business and financial figures, thus making it difficult or impossible to get publicly listed. Furthermore, the volatility on the markets makes it uncertain whether an IPO will be successful and how the market will price it. Not so when going public via a SPAC.
Bow Capital’s Ranadive Files for $350 Million Blank-Check Firm
Bow Capital Management’s Vivek Ranadive owner of the Sacramento Kings National Basketball Association franchise, filing for a $350 million listing. The SPAC will focus on acquiring a business in the technology, media and telecommunications industries.
Fisker Opts for SPAC as Route to Take Electric Vehicle Maker Public
There are dozens of companies working on the development of electricvehicles, and there are other dozens of companies working on autonomousdriving. Some SPACs already are eyeing them.
Fisker Opts for SPAC as Route to Take Electric Vehicle Maker Public
Earlier this week, Fisker Inc., a pioneer in developing electric vehicles, announced it would become a publicly traded company by merging with Special Purpose Acquisition Company (SPAC) Spartan Energy Acquisition Corp.
New York Investment Firm &Vest Said to Plan Blank-Check Firm
Really brave for a SPAC to focus on acquisitions in the restaurant industry, as covid19 may be with us much longer than we wish to believe.
Biotech SPAC Nkarta Inc. raised $290 mn on IPO 14 July 2020
Nkarta issued 16.1 mn shares at $18 each, which rocketed up to 58.69 during the same day, then settling at $36.05, still 2 times its IPO price.
Electric-Truck Maker Hyliion Goes Public Through a SPAC
Hyliion Inc., an electric truck maker, announced in June 2020 that it will merge with the Special Purpose Acquisition Company (SPAC) Tortoise Acquisition Corp. and thus become publicly traded.
NEW SPAC IPO: Malacca Straits Acquisition Company Limited, IPO 125 millon
Malacca Straits Acquisition Company Limited (MLACU), announced the pricing of their $125 million SPAC IPO on 14 July 2020. The units are expected to begin trading on 15 July under the symbol Nasdaq: MLACU.
The Malacca Straits SPAC will focus on targets in the media, food processing, renewable energy and healthcare industries in Southeast Asia.
Electric car maker Fisker to go public at $2.9 billion valuation
Electric cars are not only a hype but an opening door to the future of mobility. Expect a good number of SPACs in this sector during the next 12-18 months.