The Latest SPAC News and Rumors: May 17, 2022

May 17, 2022 INTEL by Marlena Haddad

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Zegna aims for revenue above $2B, India’s Byju’s eyes Chegg or 2U as it weighs US acquisition, and MSP Recovery sees substantial business expansion following SPAC announcement

Italian Luxury Group Zegna Sees Sales Above 2B Euros in Mid-Term

Italy’s Zegna (NYSE:ZGN) is aiming for revenue above 2 billion euros ($2.1 billion) in the medium term, up from the 1.29 billion euros posted last year, the fashion group said on Tuesday at its first Capital Markets Day since its debut on Wall Street in late 2021.

EdTechX II (EDTX) to Combine with zSpace in $195M Deal

May 17, 2022 INTEL by Marlena Haddad

EdTechX Holdings Acquisition Corp. II (NASDAQ:EDTX) has entered into a definitive agreement to combine with edtech firm zSpace at an enterprise value of $195 million, or 3.5x 2023E revenue. San Jose, CA-based zSpace provides commercial augmented reality (“AR”) and virtual reality (“VR”) technology in the global education market with a focus on learning software modules
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PropTech Investment Corp II (PTIC) to Combine with Appreciate in $416M Deal

May 17, 2022 INTEL by Nicholas Alan Clayton

PropTech Investment II (NASDAQ:PTIC) has entered into a definitive agreement to combine with rental marketplace Appreciate at an enterprise value of $416.1 million, or 3.7x its 2023E revenue. Minnetonka, Minnesota-based Appreciate hosts a technology platform for purchasing and managing rental properties for retail and institutional buyers. The combined company is expected to trade on the
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New SPAC: Metaverse Acquisition Corp. Files for $150M IPO

May 16, 2022 INTEL, New S-1 Filings by Marlena Haddad

Metaverse Acquisition Corp. filed its S-1 on Friday afternoon, representing the third SPAC to file in May thus far, and has an offering size of $150M. As you could’ve guessed, the SPAC intends to identify tech opportunities within the metaverse arena. According to Bloomberg Intelligence, the sector represents a high-growth market projected to grow at
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Digital World (DWAC) Files First Proxy, Sharing Financials & Search Process for TMTG Deal

May 16, 2022 INTEL by Nicholas Alan Clayton

Digital World (NASDAQ:DWAC) naturally has one of the most attention-grabbing pending deals out with its combination with Trump Media (TMTG), but there has been some concern about the ability of the parties to complete the transaction given that the parties had not yet filed a proxy despite announcing the deal nearly seven months ago.

The Latest SPAC News and Rumors: May 16, 2022

May 16, 2022 INTEL by Marlena Haddad

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Big law bullish on SPACs, DWAC and Trump Media eye second half deal close, and Alvotech announces positive results from pharmacokinetic study

Big Law Is Bullish on SPACs Even as Large Banks Pull Out

Proposed US rules causing banks to sour on SPACs are having the opposite effect on Big Law firms that see an uptick in inquiries about special purpose acquisition companies.

Chardan NextTech 2 (CNTQ) to Combine with Dragonfly Energy in $500M Deal

May 16, 2022 INTEL by Marlena Haddad

Chardan NextTech Acquisition 2 Corp. (NASDAQ:CNTQ) has entered into a definitive agreement to combine with energy storage firm Dragonfly Energy at an enterprise value of $500.1 million, representing a 2.0x EV/2023E revenue multiple. Reno, Nevada-based Dragonfly creates lithium-ion batteries equipped with a proprietary battery management system that are currently used in recreational vehicles (RVs), marine
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We’re Launching a New Product: IPO Intel

May 16, 2022 INTEL by Kristi Marvin

We are pleased to announce the soft launch of our new database covering the Traditional IPO.

Many times over the past few years there have been instances where we’ve wished we had access to our own database of Traditional IPOs.

Executive Network Partnering (ENPC) to Combine with Granite Ridge in $1.3bn Deal

May 16, 2022 INTEL by Nicholas Alan Clayton

Executive Network Partnering (NYSE:ENPC) has entered into a definitive agreement to combine with Texas oil and gas company Granite Ridge at an enterprise value of $1.3 billion, or 3.1x its 2022E EBITDA. Dallas-based Grey Rock Investment Partners plans to contribute oil and gas assets from its portfolio funds to Granite Ridge as a part of
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SPAC IPO Terms Tracker: Halfway through the Month

May 14, 2022 INTEL by sam.beattie

Terms Tracker for the Week Ending May 13th, 2022 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. For the week ending May 13th, we saw two new S-1 registration statement, one more than last week and four IPOs, doubling the week prior.
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The Latest SPAC News and Rumors: May 13, 2022

May 13, 2022 INTEL by Marlena Haddad

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Martin Franklin warns of more pain to come for SPACs, ShiftPixy announces special distribution of shares of Industrial Human Capital, and Betclic owner targets €7B Amsterdam listing

SPAC Pioneer Franklin Sees More Pain Coming for Blank-Check Bets

Serial blank-check investor Martin Franklin is warning of more pain to come for SPACs, recommitting to his notion that the market for the vehicles is overheated and should be governed by the same guidelines as initial public offerings.

Lionheart II (LCAP) Secures Funded & Committed Equity Facilities for MSP Recovery Deal

May 13, 2022 INTEL by Marlena Haddad

Lionheart Acquisition Corp. II (NASDAQ:LCAP) announced this morning that it has secured a funded and committed equity facility with an affiliate of Cantor.

As background, Lionheart II entered into a definitive agreement to combine with medical billing firm MSP Recovery at an enterprise value of $32.6 billion back in July 2021.

Kingswood Acquisition Corp. (KWAC) Signs LOI with Wentworth Management Services

May 13, 2022 INTEL by Nicholas Alan Clayton

Kingswood (NASDAQ:KWAC) announced this morning that it has entered into a non-binding letter of intent (LOI) to combine with broker dealer service platform Wentworth ahead of an extension vote.

Wentworth describes itself as a “special purpose vehicle to acquire and hold interests in broker dealers” with a long-hold strategy meant to capture economies of scale to serve financial institutions and advisors.

Top 3 SPAC Targets – Discretionary Spending

May 13, 2022 INTEL by Nicholas Alan Clayton

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among companies gaining a boost from post-pandemic leisure spending. We look at why they are compelling and why each could be a fit for a blank-check merger.

OTR Acquisition Corp. (OTRA) Shareholders Approve Comera Life Sciences Deal

May 12, 2022 INTEL by Marlena Haddad

OTR Acquisition Corp. (NASDAQ:ORTA) filed an 8-K this afternoon with the results of its shareholders vote to approve its combination with biotech firm Comera Life Sciences in a special meeting held on Tuesday.

Prime Number Acquisition I Corp. (PNACU) Prices $60M IPO

May 12, 2022 IPOs by Marlena Haddad

Prime Number Acquisition I Corp. priced its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “PNACU” Friday, May 13, 2022.

The new SPAC intends to focus its search on the technology-enabled financial sectors or related industries that have a strong management team.

The Latest SPAC News and Rumors: May 12, 2022

May 12, 2022 INTEL by Marlena Haddad

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.

Latest SPAC News: Lordstown Motors and Foxconn enter JV agreement for EV development, D-Wave delivers industry-first hybrid solver, and Gogoro releases 1Q results

Lordstown Motors and Foxconn Close Asset Purchase Agreement and Enter into JV Agreement for MIH Based EV Development

Lordstown Motors Corp.

Kensington Capital IV (KCA.U) to Combine with Amprius in $939M Deal

May 12, 2022 INTEL by Nicholas Alan Clayton

Kensington IV (NYSE:KCAC.U) has entered into a definitive agreement to combine with lithium-ion battery-maker Amprius at an enterprise value of $939 million. Sunnyvale, California-based Amprius is developing silicone anode batteries to take the place of existing lithium-ion designs in small electronics and EVs. The combined company is expected to trade on the NYSE under the
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New SPAC: CE Energy Acquisition Corp. Files for $100M IPO

May 11, 2022 INTEL, New S-1 Filings by Marlena Haddad

CE Energy Acquisition Corp. (NASDAQ:CEAC) filed its S-1 on Monday afternoon, representing only the second SPAC to file in May thus far, and has an offering size of $100M. Given its name, it comes as no surprise that CE Energy intends to focus their search for a target business in the energy industry, but it
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InterPrivate II (IPVA) to Combine with Getaround in $900M Deal

May 11, 2022 INTEL by Nicholas Alan Clayton

InterPrivate II (NYSE:IPVA) has entered into a definitive agreement to combine with carsharing marketplace Getaround at an enterprise value of $900 million, or 3.9x its 2023E revenue. San Francisco-based Getaround allows users to rent out their cars to short-term renters in a similar model as Airbnb (NASDAQ:ABNB). The combined company is expected to trade on
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