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Author: Nicholas Alan Clayton

TPG Pace Solutions Corp. (TPGS) Announces Preliminary Shareholder Approval

Nov 29, 2021 INTEL by Nicholas Alan Clayton
TPG Pace Solutions (NYSE:TPGS) announced this morning that a quorum of shareholders has approved all measures on the ballot of its special meeting set to approve its combination with Vacasa tomorrow. This vote will not be final until after the meeting concludes at 4:30 pm, November 30, but TPG Pace likely hopes that this early
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AerSale

AerSale (ASLE) Calls All Warrants on Cashless Basis

Nov 29, 2021 INTEL by Nicholas Alan Clayton
AerSale (NASDAQ:ASLE) announced this morning that it is calling all outstanding warrants on a cashless basis on 5 pm EST, December 29. The company completed its combination with Monocle in December 2020 and Monocle included one full warrant in each of its IPO units. But, because AerSale has elected to redeem warrants on a cashless
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Pathfinder Acquisition Corporation (PFDR) Lowers Minimum Cash for ServiceMax Deal

Nov 29, 2021 INTEL by Nicholas Alan Clayton
Pathfinder (NASDAQ:PFDR) announced in an 8-K this morning that it has lowered the minimum cash condition on its combination with enterprise software firm ServiceMax. The new threshold will be $125 million, down $100 million from $225 million. While such a move typically signals concern about redemptions to come, ServiceMax has matched the $100 million lowering
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Growth Capital Acquisition Corp. (GCAC) Adds Financing to Cepton Deal

Nov 29, 2021 INTEL by Nicholas Alan Clayton
Growth Capital (NASDAQ:GCAC) has signed a committed investment agreement with Lincoln Park Capital Fund that would bring up to $100 million in additional cash to its combination with lidar-maker Cepton. Cepton will have the right, but not obligation to direct Lincoln Park to purchase up to $100 million in stock over the three-year period immediately
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Benessere Capital Acquisition Corp (BENE) to Combine with Ecombustible in $805M Deal

Nov 24, 2021 INTEL by Nicholas Alan Clayton
Benessere (NASDAQ:BENE) has entered into a definitive agreement to combine with hydrogen fuel supplier eCombustible at a total equity value of $805 million. Miami-based eCombustible provides on-site hydrogen fuel supply to industrial clients. The combined company is expected to trade on the Nasdaq under the symbol “ECEC” once the deal is completed, but the parties
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Bright Lights Acquisition Corp. (BLTS) to Combine with MANSCAPED in $1Bn Deal

Nov 23, 2021 INTEL by Nicholas Alan Clayton
Bright Lights (NASDAQ:BLTS) has entered into a definitive agreement to combine with MANSCAPED at an enterprise value of $1 billion, or 2.6x 2022E revenue. San Diego, California-based MANSCAPED provides men’s grooming products and subscription re-fills via its native ecommerce site, Amazon and retailers. The combined company is expected to trade on the Nasdaq under the
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CHP Merger Corp. (CHPM) Adjourns Extension Vote, Adds Sweetener

Nov 22, 2021 INTEL by Nicholas Alan Clayton
CHP Merger Corp. (NASDAQ:CHPM) announced that it had adjourned its vote to extend its transaction deadline and it will hold a new vote on Wednesday, November 24 with additional incentives for shareholders not to redeem. Additionally, shareholder can reverse their redemption requests by sending a DTC DWAC (Deposit/Withdrawal At Custodian) request to the Company’s transfer
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RUMORS

Foresight Acquisition Corp. (FORE) and P3 Health Lower Minimum Cash Threshold

Nov 22, 2021 INTEL by Nicholas Alan Clayton
Foresight Acquisition Corp. (NASDAQ:FORE) announced this morning that it had agreed with its merger target P3 Health to lower the proposed minimum cash condition for the deal from $400 million to $200 million. The parties acknowledged that this change came after they got a peek at what their redemptions would look like before adjourning their
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Ackman: SPARCs Still in the Air, Potential Deal in Sight?

Nov 19, 2021 INTEL by Nicholas Alan Clayton
Pershing Square Tontine (NYSE:PSTH) CEO Bill Ackman provided a big update on where the SPAC stands with its litigation, proposed SPARC structure and target hunt while speaking on the earnings call for his affiliated hedge fund Pershing Square Capital Management. SPARCs Perhaps the biggest nugget was on the revival of Ackman’s proposed SPARC structure, which
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TOP-3

Foresight Acquisition Corp. (FORE) Adjourns Vote for P3 Health Deal

Nov 18, 2021 INTEL by Nicholas Alan Clayton
Foresight Acquisition Corp. (NASDAQ:FORE) has adjourned its special meeting held this morning without finalizing its shareholder vote to approve its merger with P3 Health Partners. SPACs typically adjourn mid-vote because they have failed to receive sufficient turnout or sufficient votes in favor for all of its proposals. In this case, Foresight stated it adjourned to
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Blue Safari Group Acquisition Corp (BSGA) to Combine with Bitdeer in $4Bn Deal

Nov 18, 2021 INTEL by Nicholas Alan Clayton
Blue Safari (NASDAQ:BSGA) has entered into a definitive agreement to combine with crypto mining group Bitdeer at an enterprise value of $4 billion. Singapore-headquartered Bitdeer operates five mining datacenters in the US and Norway and provides outsourcing and optimization services to independent crypto miners. The combined company is expected to trade on the Nasdaq once
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Alpha Capital Acquisition Company (ASPC) to Combine with Semantix in $693M Deal

Nov 17, 2021 INTEL by Nicholas Alan Clayton
Alpha Capital (NASDAQ:ASPC) has entered into a definitive agreement to combine with data software platform Semantix at an enterprise value of $693 million, or 8.7x its 2022E revenue. São Paulo, Brazil-based Semantix provides cloud-data services to clients in three Latin American markets and the US. The combined company is expected to trade on the Nasdaq
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Archimedes Tech SPAC Partners Co. (ATSPT) to Combine with SoundHound in $2Bn Deal

Nov 16, 2021 INTEL by Nicholas Alan Clayton
Archimedes Tech (NASDAQ:ATSPT) has entered into a definitive agreement to combine with voice AI firm SoundHound at an enterprise value of $2.1 billion, or 18.8x its 2023E revenue. Santa Clara, California-based SoundHound provides AI-powered voice engagement tools for a wide range of companies including car manufacturers and device-makers. The combined company is expected to trade
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Queen’s Gambit Growth Capital (GMBT) Adds FPA and PIPE to Swvl Deal

Nov 16, 2021 INTEL by Nicholas Alan Clayton
Queen’s Gambit (NASDAQ:GMBT) announced this morning that it has supplemented the financing for its business combination with Swvl by adding a forward purchase agreement and PIPE. New investor OTC Equity Prepaid Forward Transaction has agreed to purchase up to 10,000,000 shares slated for redemption and has an overall right to buy 2,500,000 or more shares at
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Waldencast Acquisition Corp. (WALD) to Combine with OBAGI and Milk Makeup in $1.2Bn Deal

Nov 15, 2021 INTEL by Nicholas Alan Clayton
Waldencast (NASDAQ:WALD) has entered into a definitive agreement to combine with beauty brands OBAGI and Milk Makeup at an enterprise value of $1.24 billion, or 24.7x its 2022E adjusted EBITDA. OBAGI provides medical-grade skincare products and Milk Makeup provides clean 100% vegan cosmetics via retail stores and its native ecommerce site. The combined company is
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Leo Holdings III Corp. (LIII) Pre-Announces Successful Quorum Ahead of Vote

Nov 15, 2021 INTEL by Nicholas Alan Clayton
Leo III (NYSE:LIII) announced this morning that it has already achieved a quorum with most votes in the approval column for its shareholder vote to approve its combination with Local Bounti scheduled for tomorrow. The SPAC has worked to smooth out the vote by both extending the deadline for shareholders to make redemption decisions to
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East Stone Acquisition Corporation (ESSC) Adds Backstop

Nov 15, 2021 INTEL by Nicholas Alan Clayton
East Stone (NASDAQ:ESSC) announced in an 8-K this morning that it has agreed to backstops with institutional investors ahead of its completion vote later this month. East Stone has an estimated $10.26 per share in trust and so it could still use some breathing room. In this case, the backstop also applies to two separate
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