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Author: Nicholas Alan Clayton

Virgin Group Acquisition Corp. II (VGII) to Combine with Grove Collaborative

Dec 8, 2021 INTEL by Nicholas Alan Clayton

Virgin Group II (NYSE:VGII) has entered into a definitive agreement to combine with sustainable home products-maker Grove at an enterprise value of $1.5 billion, or 3.5x 2022E revenue. San Francisco-based Grove makes sustainable home and beauty products sold primarily though its native ecommerce platform. The combined company is expected to trade on the NYSE under
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FoxWayne Enterprises Acquisition Corp. (FOXW) to Combine with Aerami Therapeutics

Dec 7, 2021 INTEL by Nicholas Alan Clayton
FoxWayne (NASDAQ:FOXW) has entered into a definitive agreement to combine with biopharmaceutical company Aerami Therapeutics. Durham, North Carolina-based Aerami is developing a series of inhaled therapies for severe respiratory diseases and inhaled insulin solutions. The combined company is expected to trade on the Nasdaq once the deal is completed in the first quarter of 2022,
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Oaktree Acquisition Corp. II (OACB) to Combine with Alvotech in $2.25Bn Deal

Dec 7, 2021 INTEL by Nicholas Alan Clayton
Oaktree II (NYSE:OACB) has entered into a definitive agreement to combine with biopharma company Alvotech at an enterprise value of $2.25 billion, or 4.6x its 2025E EBITDA. Reykjavik, Iceland-based Alvotech is developing medicines that are biosimilar to branded pharmaceuticals on the market, potentially providing them to the market at lower prices. The combined company is
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Digital World (DWAC) Releases PIPE Details, Updated Investor Presentation

Dec 6, 2021 INTEL by Nicholas Alan Clayton
Digital World (NASDAQ:DWAC) has continued to release information about its combination with Trump Media in dribs and drabs, appending an update to its investor presentation with this morning’s announcement of a $1 billion PIPE. Additional details on the PIPE itself were provided in the 8-K. This will be made up of 1,000,000 shares of preferred
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Teaser

Vickers Vantage Corp I (VCKA) Signs LoI with Scilex Holding

Dec 6, 2021 INTEL by Nicholas Alan Clayton
Vickers Vantage I (NASDAQ:VCKA) announced a “teaser” this morning noting that it has signed a letter-of-intent (LOI) to combine with biotech firm Scilex at a proposed equity valuation of $1.5 billion. Scilex is a subsidiary of San Diego, California-based Sorrento Therapeutics (NASDAQ:SRNE) that is working to develop a line of non-opioid pain management products. This
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Pathfinder Acquisition Corporation (PFDR) Terminates ServiceMax Deal

Dec 6, 2021 INTEL by Nicholas Alan Clayton
Pathfinder (NASDAQ:PFDR) announced this morning that it and software firm ServiceMax have mutually terminated their business combination agreement with neither party required to pay breakup fees. The SPAC cited unfavorable market conditions in its brief press released on the termination. The general headwinds to SPACs are not an immediately recent phenomenon, but a variety of macro
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Digital World Acquisition Corp. (DWAC) Adds $1Bn PIPE to Trump Deal

Dec 6, 2021 INTEL by Nicholas Alan Clayton
Digital World (NASDAQ:DWAC) confirmed a month of rumors over the weekend by announcing a $1 billion PIPE to supplement its combination with Trump Media & Technology Group. The SPAC’s press release does not lay out a price-per-share for the move, but noted that it will be set at a 20% discount to the Digital World’s
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Apollo Strategic Growth Capital (APSG) to Combine with American Express GBT in $5Bn Deal

Dec 3, 2021 INTEL by Nicholas Alan Clayton
Apollo Strategic Growth (NYSE:APSG) has entered into a definitive agreement to combine with American Express Global Business Travel at an enterprise value of $4.98 billion, or 6x its 2021E revenue. New Jersey-based Amex GBT provides a marketplace and loyalty platform for companies providing business travel goods and services hosting $39 billion in total transaction value
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TOP-3

ArcLight Clean Transition Corp. II (ACTD) to Combine with OPAL Fuels in $1.75Bn Deal

Dec 2, 2021 INTEL by Nicholas Alan Clayton
ArcLight II (NASDAQ:ACTD) has entered into a definitive agreement to combine with renewable gas producer OPAL Fuels at an enterprise value of $1.75 billion, or 7.4x its 2023E EBITDA. White Plains, New York-based OPAL produces and distributes renewable natural gas and electricity from biomethane sources. The combined company is expected to trade on the Nasdaq
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CF Acquisition Corp. VI (CFVI) to Combine with Rumble in $2.1Bn Deal

Dec 2, 2021 INTEL by Nicholas Alan Clayton
CF VI (NASDAQ:CFVI) has entered into a definitive agreement to combine with social video platform Rumble at an enterprise value of $2.1 billion. Toronto-based Rumble provides a video content platform with about 36 million monthly active users popular among conservative commentators and viewers. The combined company is expected to trade on the Nasdaq once the
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Atlantic Coastal Acquisition Corporation (ACAH) to Combine with Essentium

Dec 1, 2021 INTEL by Nicholas Alan Clayton
Atlantic Coastal (NASDAQ:ACAH) has entered into a definitive agreement to combine with additive manufacturing firm Essentium at an enterprise value of $974 million, or 4.6x its 2023E revenue. College Station, Texas-based Essentium provides machines that can remotely print tools and parts for the defense sector as well as a variety of civilian clients. The combined
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Aurora Acquisition Corp. (AURC) Revises Better Deal

Dec 1, 2021 INTEL by Nicholas Alan Clayton
Aurora (NASDAQ:AURC) has announced revisions to its combination with proptech firm Better that would replace equity financing with convertible notes. Instead of a $1.5 billion PIPE and a $278 million backstop, the transaction will now be funded by a $750 million bridge note that will convert to equity at close on terms that have not
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Adit EdTech Acquisition Corp. (ADEX) to Combine with Griid in $3.3Bn Deal

Nov 30, 2021 INTEL by Nicholas Alan Clayton
Adit EdTech (NYSE:ADEX) has entered into a definitive agreement to combine with bitcoin self-mining company Griid Infrastructure at an enterprise value of $3.3 billion, or about 2x its 2023E revenue. The New York-based company operates three bitcoin mining operations in the US powered by an electricity mix that is 70% carbon-free. The combined company is
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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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