TradeUP Global Corporation (TUGCU) Prices $40M IPO

Apr 28, 2021 IPOs by Marlena Haddad

TradeUP Global Corporation announced the pricing of its $40 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TUGCU” Thursday, April 29.

The new SPAC aims to combine with a business that has been misevaluated by the marketplace and is underperforming its potential.

Marquee Raine (MRAC) to Combine with Enjoy in $1.2Bn Deal

Apr 28, 2021 INTEL by Marlena Haddad

Marquee Raine (NASDAQ:MRAC) has entered into a definitive agreement to combine with technology-powered service platform Enjoy Technology Inc. at an enterprise value of approximately $1.2 billion, or 4.8x the estimated 2022 revenues. Enjoy offers “commerce at home” by hand-delivering consumer orders and configuring electronic devices in the comfort of their own home. The combined company
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Galileo Acquisition Corp. (GLEO) to Combine with Shapeways in $410M Deal

Apr 28, 2021 INTEL by Nicholas Alan Clayton

Galileo (NYSE:GLEO) has entered into a definitive agreement to combine with digital manufacturing firm Shapeways at an enterprise value of $410 million, or 4.8x its 2022E revenue. Shapeways provides a software platform for designers to have digitally-designed parts or products optimized and manufactured out of its Long Island City, NY facilities. The combined company is
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Star Peak Energy Transition Corp. (STPK) Shareholders Approve Stem Deal

Apr 27, 2021 INTEL by Nicholas Alan Clayton

Star Peak Energy Transition (NYSE:STPK) announced in an 8-K filing that its shareholders approved its business combination with energy storage company Stem with minimal shares redeemed earlier today.

About 59.6% of Star Peak shares participated in the vote at a special meeting and overwhelmingly approved the business combination and other governance proposals on the ballot.

EV Targets Announce Strategic Partnerships

Apr 27, 2021 INTEL by Marlena Haddad

Over the past several quarters, automotive tech firms generated a great deal of excitement as they attempted to disrupt the industry via SPACs, but have since had a rough ride with a down market across the SPAC space. Pre-revenue SPAC targets have also been the subject of some open-air critiquing by the SEC for trumpeting
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Blue Water Acquisition Corporation (BLUW) to Combine with Clarus in $216M Deal

Apr 27, 2021 INTEL by Nicholas Alan Clayton

Blue Water (NASDAQ:BLUW) has entered into a definitive agreement to combine with pharmaceutical firm Clarus Therapeutics at an enterprise value of $215.9 million. Clarus provides testosterone replacement therapy (TRT) drugs in an oral pill form under the JATENZO brand and is developing other androgen and metabolic therapies. The combined company is expected to trade on
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Alberton Acquisition Corporation (ALAC) Extends Transaction Deadline

Apr 26, 2021 INTEL by Nicholas Alan Clayton

Alberton Acquisition Corporation (NYSE:NGA) announced that its shareholders approved an extension of its transaction deadline to October 26, but approximately 9.6% of shareholders opted to redeem shares in connection with the vote. Shareholders voting at Alberton’s special meeting April 23 redeemed a total of 135,069 shares removing an estimated $1.48 million from its trust. Redemptions
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Sports Entertainment Acquisition Corp. (SEAH) to Combine with Super Group in $4.6Bn Deal

Apr 26, 2021 INTEL by Nicholas Alan Clayton

Sports Entertainment (NYSE:SEAH) has entered into a definitive agreement to combine with Super Group at an enterprise value of $4.64 billion, or 13.3x its 2021E EBITDA. UK-based Super Group provides online sports betting through its Betway brand and an online casinos under the Spin brand with 2.5 million monthly active customers. The combined company is
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SPAC IPO Terms Tracker: Patiently Waiting

Apr 25, 2021 INTEL by Matt Cianci

Terms Tracker for the Week Ending April 23, 2021 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Another quiet week means teams are racing to figure out how to reconcile the SEC’s warrant-reclassification. This also means we are one week closer to
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Friday Rumor Roundup: Even EVs Need Maps

Apr 23, 2021 INTEL by Nicholas Alan Clayton

The rumor mill slowed down this week as SPACland players were likely too busy trying to get their auditors on the phone to understand the way forward on warrant language rather than chat with reporters. But there is never a full shortage of chatter touching upon what teams may be up to. We collected this
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Northern Genesis Acquisition Corp. (NGA) Shareholders Approve Lion Electric Deal

Apr 23, 2021 INTEL by Nicholas Alan Clayton

Northern Genesis (NYSE:NGA) announced that its shareholders approved its business combination with EV-maker Lion Electric at its special meeting held earlier today.

The business combination will now be completed shortly, however the parties have opted to wait until Northern Genesis has had the opportunity to file an amended 10-K, re-stating its warrants as derivative liabilities in response to recent SEC comments.

Matt’s Top 3 SPAC Targets – Infrastructure Week

Apr 23, 2021 INTEL by Nicholas Alan Clayton

SPACInsider contributor Matt Cianci this week compiled his three favorite potential SPAC targets that stand to benefit from a large-scale government investment in infrastructure. We look at why they are compelling and why each could be a fit for a blank-check merger.

SPACs on Sale: SPACs Below NAV Now the Majority

Apr 22, 2021 INTEL by Kristi Marvin

SPACs on Sale SPAC new issuance has ground to a halt with the change in accounting treatment of warrants and inquiry into SPAC merger projections initiated by the SEC. Alongside this, the market has also cooled and term changes for new SPACs have been slightly negative to flat as many teams would rather wait out
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Fifth Wall Acquisition Corp. I (FWAA) to Combine with Smart Rent in $1.7Bn Deal

Apr 22, 2021 INTEL by Kristi Marvin

Fifth Wall Acquisition Corp. I (NASDAQ:FWAA) has entered into a definitive agreement to combine with Smart Rent, a smart home technology platform for property managers and residents at an enterprise value of $1.66 billion, or 4.4x its 2022E revenue multiple. Scottsdale, Arizona-based SmartRent is a proptech company that provides the real estate industry with deeply
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Horizon Acquisition Corporation (HZAC) to Combine with Vivid Seats in $2Bn Deal

Apr 22, 2021 INTEL by Nicholas Alan Clayton

Horizon (NYSE:HZAC) has entered into a definitive agreement to combine with ticket marketplace Vivid Seats at an enterprise value of $2.059 billion, or 4.5x its 2022E revenue. Chicago-based Vivid provides a marketplace for the $39 billion concert, theatre and sporting event ticket market. Transaction Overview Horizon is funding the deal with about $544 million in
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GigCapital3, Inc. (GIK) Shareholders Approve Lightning eMotors Deal

Apr 22, 2021 INTEL by Kristi Marvin

GigCapital3, Inc. (NYSE:GIK) announced in an 8-K filing that its shareholders have approved its business combination with with Lightning eMotors at its special meeting held yesterday, April 21, 2021.

While only 56% of shares participated in the vote, 98% voted in favor of the combination.

SPACs and the SEC: Are the Solutions Worse Than the Perceived Problem?

Apr 20, 2021 INTEL by Kristi Marvin

For an asset class that had previously struggled to be noticed for almost 20 years, we sure have gotten a lot of attention lately. First it was the SEC’s statement on SPACs vs.

Roman DBDR Tech Acquisition Corp. (DBDR) to Combine with CompoSecure in $1.2Bn Deal

Apr 19, 2021 INTEL by Nicholas Alan Clayton

Roman DBDR (NASDAQ:DBDR) has entered into a definitive agreement to combine with cryptocurrency storage and payments provider CompoSecure at an enterprise value of $1.2 billion, or 10.3x its 2020 adjusted EBITDA. New Jersey-based CompoSecure provides metal credit cards to banks and payments processors and, in 2021, it is rolling out a proprietary crypto payments and
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dMY Technology Group, Inc. II (DMYD) Shareholders Approve Genius Sports Deal

Apr 16, 2021 INTEL by Nicholas Alan Clayton

dMY Technology Group, Inc. II (NYSE:DMYD) announced in an 8-K filing that its shareholders have approved its merger with Genius Sports with minimal shares redeemed.

The business combination was nearly unanimously approved by shareholders at a special meeting earlier today.

SPAC IPO Terms Tracker: Grinded To A Halt*

Apr 16, 2021 INTEL by Matt Cianci

Terms Tracker for the Week Ending April 16, 2021 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. April has not been the friendliest of months to those in SPAC-land: between poor performance, tightening terms, and a couple SEC letters, the IPO market
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