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February 8, 2021
Welcome to the SPAC Research weekly newsletter.

SPAC Research API
With almost 400 active SPACs and over 100 more queued up to IPO, you're not alone if you're overwhelmed by the volume of activity. Fortunately, we've got you covered with the most comprehensive SPAC API product out there. And this week we're proud to announce the addition of pre-IPO and archived SPACs to our API coverage.
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SPAC Winter Workshop Presentation
You can watch SPAC Research Founder Benjamin Kwasnick giving a presentation and taking questions on SPACs from Institutional Investor's Trader Forum below.
Trader Forum SPAC Winter Workshop
We'll be back next week with a look at the latest trends in sponsor concessions given the hot deal climate.

News From the Past Week


New S-1's
  • KKR Acquisition Holdings I Corp. (KAHC)
    • IPO: $1bn
    • Affiliates: KKR
    • Focus: Consumer or retail
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Citigroup
  • FTAC Hera Acquisition Corp. (HERA)
  • Hudson Executive Investment Corp. III (HIII)
  • Slam Corp. (SLAM)
    • IPO: $500mm
    • Key Personnel: Alex Rodriguez
    • Focus: Sports, media, entertainment, health and wellness and consumer technology sectors, however, not professional sports franchises
    • Warrant Coverage: 1/4
    • Tenor: 24 months
    • Book-runners: Goldman Sachs, BTIG
  • Gores Technology Partners II (GTPB)
  • TCW Special Purpose Acquisition Corp. (NAPA)
    • IPO: $400mm
    • Affiliates: TCW Group
    • Focus: Technology, healthcare, industrial or consumer
    • Warrant Coverage: 1/2
    • Tenor: 24 months, plus 3 months with an LOI or agreement
    • Book-runners: Citigroup, Barclays
  • SVF Investment Corp. 3 (SVFC)
    • IPO: $350mm
    • Affiliates: Softbank
    • Focus: Technology-enabled businesses
    • Warrant Coverage: 1/5
    • Tenor: 24 months
    • History: SVF Investment Corp. - seeking target; SVF Investment Corp. 2 - pre-IPO
    • FPA: SVF II SPAC Investment 2 (DE) LLC ($150mm - $200mm)
    • Book-runners: Citigroup, UBS, Deutsche Bank, Cantor Fitzgerald, Mizuho
  • Agile Growth Corp.
    • IPO: $300mm
    • Key Personnel: Jay Bhatt
    • Focus: Technology, including pure software and software-enabled businesses such as infrastructure and application software, healthcare IT, fintech, robotics/automation, and education technology
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Citigroup, Jefferies
  • Northern Star Investment Corp. III (NSTC)
  • Northern Star Investment Corp. IV (NSTD)
  • Ross Acquisition Corp II (ROSS)
    • IPO: $300mm
    • Key Personnel: Wilbur Ross
    • Focus: North America, Europe, or Asia
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: BofA
  • Arctos NorthStar Acquisition Corp. (ANAC)
    • IPO: $275mm
    • Affiliates: Arctos Sports Partners
    • Key Personnel: Theo Epstein
    • Focus: Sports, media and entertainment
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • FPA: Affiliate of sponsor ($75mm)
    • Book-runners: Citigroup
  • Colicity Inc. (COLI)
    • IPO: $275mm
    • Affiliates: Pendrell Corporation
    • Focus: Technology, media and telecommunications
    • Warrant Coverage: 1/5
    • Tenor: 24 months
    • History: Holicity Inc. - deal announced with Astra
    • Book-runners: Goldman Sachs, PJT Partners
  • Advanced Merger Partners, Inc. (AMPI)
    • IPO: $250mm
    • Affiliates: Houlihan Lokey, Saddle Point Management
    • Focus: Not specified
    • Warrant Coverage: 1/4
    • Tenor: 24 months
    • Book-runners: Goldman Sachs
  • ArcLight Clean Transition Corp. II (ACTD)
    • IPO: $250mm
    • Affiliates: ArcLight Capital Partners
    • Focus: Renewable energy
    • Warrant Coverage: 1/4
    • Tenor: 24 months
    • Book-runners: Citigroup, Barclays
  • Athena Technology Acquisition Corp. (ATHN)
    • IPO: $250mm
    • Key Personnel: Phyllis Newhouse, Isabelle Freidheim
    • Focus: Technology, direct to consumer and fintech
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Citigroup
  • Cartesian Growth Corporation (GLBL)
    • IPO: $250mm
    • Affiliates: Cartesian Capital Group
    • Focus: Not specified
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Cantor Fitzgerald
  • Figure Acquisition Corp. I (FACA)
    • IPO: $250mm
    • Affiliates: Figure Technologies, Ellington Management Group
    • Focus: Financial technology and financial services
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Citigroup
  • Finserv Acquisition Corp. II (FSRX)
    • IPO: $250mm
    • Focus: FinTech and financial services
    • Warrant Coverage: 1/4
    • Tenor: 24 months
    • History: FinServ Acquisition Corp. - deal announced with Katapult
    • Book-runners: Citigroup, Barclays
  • Flame Acquisition Corp. (FLME)
    • IPO: $250mm
    • Key Personnel: James Flores
    • Focus: Energy, primarily upstream exploration and production, midstream, and companies focused on new advancing technologies that are transformative and provide the potential for and means to achieve greater profitability in the broader energy sector
    • Warrant Coverage: ½
    • Tenor: 24 months
    • Book-runner: Cowen, Intrepid Partners
  • MCAP Acquisition Corporation (MACQ)
    • IPO: $250mm
    • Affiliates: Monroe Capital
    • Focus: Software, technology-enabled and business services companies
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Cowen
  • Property Solutions Acquisition Corp. II (PSAG)
    • IPO: $250mm
    • Focus: Real estate services, proptech
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • History: Property Solutions Acquisition Corp. - deal announced with Faraday Future
    • Book-runners: EarlyBirdCapital
  • Silver Spike Acquisition Corp II (SPKB)
    • IPO: $250mm
    • Affiliates: Silver Spike Capital
    • Focus: Cannabis
    • Warrant Coverage: 1/4
    • Tenor: 24 months
    • History: Silver Spike Acquisition Corp. - deal announced with Weedmaps
    • Book-runners: Credit Suisse, Stifel Nicolaus
  • Twelve Seas Investment Company II (TWLV)
    • IPO: $250mm
    • Focus: Companies located outside the United States, primarily in the Pan-Eurasian region, including Western Europe, Eastern Europe and the Middle East
    • Warrant Coverage: 1/2
    • Tenor: 24 months
    • History: Twelve Seas Investment Corporation - now Brooge (NASDAQ:BROG)
    • Book-runners: Mizuho is sole book-runner
  • USHG Acquisition Corp. (HUGS)
    • IPO: $250mm
    • Affiliates: Union Square Hospitality Group
    • Focus: Culture-driven businesses across a range of industries, including, but not limited to, technology, e-Commerce, food and beverage, health and retail and consumer goods
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Goldman Sachs, Piper Sandler
  • Gores Technology Partners, Inc. (GTPA)
  • CM Life Sciences II Inc. (CMLF)
    • IPO: $230mm
    • Affiliates: Casdin Capital, Corvex Management
    • Focus: Life sciences
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • History: CM Life Sciences, Inc. - seeking target
    • FPA: Casdin Capital, LLC and Corvex Management LP ($75mm)
    • Book-runners: Jefferies
  • First Reserve Sustainable Growth Corp. (FRSG)
    • IPO: $200mm
    • Affiliates: First Reserve Management
    • Focus: Companies that focus on solutions, processes, and technologies that facilitate, improve, or complement the ongoing energy transition toward a low- or no-carbon emitting future
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • Book-runners: Barclays, Goldman Sachs
  • New Vista Acquisition Corp (NVSA)
    • IPO: $200mm
    • Key Personnel: Dennis Muilenburg
    • Focus: Space, defense and communications and advanced air mobility and logistics
    • Warrant Coverage: ½
    • Tenor: 24 months
    • Book-runners: Citigroup, Jefferies
  • SVF Investment Corp. 2 (SVFB)
    • IPO: $200mm
    • Affiliates: Softbank
    • Focus: Technology-enabled businesses
    • Warrant Coverage: 1/5
    • Tenor: 24 months
    • History: SVF Investment Corp. - seeking target
    • FPA: SVF II SPAC Investment 2 (DE) LLC ($100mm - $150mm)
    • Book-runners: Citigroup, UBS, Deutsche Bank, Cantor Fitzgerald, Mizuho
  • Velocity Acquisition Corp. (VELO)
    • IPO: $200mm
    • Focus: Companies enabling corporations to accelerate the full digitization of their businesses, including digital services, digital platforms, and related sectors in North America
    • Warrant Coverage: 1/3
    • Tenor: 24 months
    • History: FAST Acquisition Corp. - deal announced with Fertitta Entertainment
    • Book-runners: Citigroup, Canaccord Genuity
  • Warrior Technologies Acquisition Company (WARR)
    • IPO: $200mm
    • Key Personnel: HH "Tripp" Wommack III
    • Focus: Environmental services with a focus on ESG practices
    • Warrant Coverage: 1/2
    • Tenor: 24 months
    • Book-runners: Raymond James, EarlyBirdCapital
  • BOA Acquisition Corp. (BOAS)
    • IPO: $175mm
    • Affiliates: Seligman Group
    • Focus: PropTech
    • Warrant Coverage: 1/2
    • Tenor: 24 months
    • Book-runners: BTIG
  • Newbury Street Acquisition Corporation (NBST)
  • SportsTek Acquisition Corp. (SPTK)
    • IPO: $125mm
    • Focus: Sports and sports-related
    • Warrant Coverage: 1/2
    • Tenor: 24 months
    • Book-runners: Stifel Nicolaus
  • ABG Acquisition Corp. I (ABGI)
    • IPO: $120mm
    • Affiliates: Ally Bridge Group
    • Focus: Healthcare
    • Warrant Coverage: none
    • Tenor: 24 months
    • Book-runners: Jefferies
  • American Acquisition Opportunity Inc.
    • IPO: $100mm
    • Affiliates: American Resources Corporation
    • Focus: Companies controlling or owning the natural resources used in supporting and creating a resilient and critical domestic supply chain, including transportation, green infrastructure and sustainable logistics
    • Warrant Coverage: 1/2
    • Tenor: 12 months
    • Book-runner: Kingswood
  • Moringa Acquisition Corp (MACA)
    • IPO: $100mm
    • Focus: Technology in Israel
    • Warrant Coverage: 1/2
    • Tenor: 24 months
    • Book-runners: EarlyBirdCapital
Deal News
  • Tuscan Holdings Corp. (THCB) announced a deal to acquire Microvast Inc., a leading global provider of next-generation battery technologies for commercial and specialty vehicles. The deal reflects an initial enterprise value of $3bn and includes $540mm PIPE led by Oshkosh Corporation, BlackRock, and Koch Strategic Platforms. Closing is expected in Q2 2021.
  • Aspirational Consumer Lifestyle Corp. (ASPL) announced a deal to acquire Wheels Up, a private aviation services provider. The deal reflects an initial enterprise value of $2.1bn and includes a $550mm PIPE led by T. Rowe Price, Fidelity and Franklin Advisors. The transaction is expected to close in Q2 2021.

  • Software Acquisition Group Inc. II (SAII) announced a deal to acquire Otonomo Technologies Ltd, automotive data services platform. The deal reflects an enterprise value of $1.1bn and includes a $172.5mm PIPE led by Fidelity, BNP Paribas Asset Management Energy Transition Fund and Senvest Management LLC. The transaction is expected to close in Q2 2021.

  • FAST Acquisition Corp. (FST) announced a deal to acquire Golden Nugget/Landry’s, the gaming and hospitality company controlled by Houston Rockets owner and three-time SPAC sponsor Tilman Fertitta. The deal reflects an enterprise of $6.7bn and includes a $1.2bn PIPE. The transaction is expected to close in Q2 2021.

  • Leisure Acquisition Corp. (LACQ) announced a deal to acquire Ensysce Biosciences, a clinical stage biopharmaceutical company with a mission to solve prescription drug abuse. The deal reflects an enterprise value of $207mm and is expected to close in Q2 2021.

  • Kismet Acquisition One Corp. (KSMT) announced a deal to acquire Nexters Global Limited, the Cyprus-based mobile and social game developer responsible for the Hero Wars mid-core RPG franchise. The deal reflects an enterprise of $1.9bn and is expected to close in Q2 2021.

  • Acies Acquisition Corp. (ACAC) announced a deal to acquire PLAYSTUDIOS, Inc., a developer of free-to-play casual games for mobile and social platforms that offer real-world rewards to loyal players. The deal reflects an enterprise value of $1.1bn and includes a $250mm PIPE led by BlackRock, ClearBridge Investments and Neuberger Berman Funds. The transaction is expected to close in Q2 2021.

  • Holicity Inc. (HOL) announced a deal to acquire orbital launch company Astra. The deal reflects an enterprise value of $2.1bn and includes a $200mm PIPE led by Blackrock. The transaction is expected to close in Q2 2021.

  • 10X Capital Venture Acquisition Corp (VCVC) announced a deal to acquire EV company REE Automotive. The deal reflects an enterprise value of $3.1bn and includes a $300mm PIPE led by Koch Strategic Platforms, Mahindra & Mahindra and Magna International. Closing is expected in 1H 2021.

  • FTAC Olympus Acquisition Corp. (FTOC) announced a deal to acquire Payoneer Inc., a global payment and commerce-enabling platform. The deal reflects an enterprise value of $3.3bn and includes a $300mm PIPE led by Wellington, Dragoneer and Fidelity. The transaction is expected to close in 1H 2021.

  • Dragoneer Growth Opportunities Corp. (DGNR) announced a deal to acquire CCC Information Services Inc., a SaaS platform for the property and casualty insurance economy. The deal reflects an enterprise value of $7bn and includes a $150mm PIPE led by Fidelity Investments and T. Rowe Price Group, Inc. The transaction is expected to close in Q2 2020.

  • VG Acquisition Corp. (VGAC) announced a deal to acquire 23andMe, Inc., a consumer genetics and research company. The deal reflects an enterprise value of $3.5bn and includes a $250mm PIPE led by 23andMe CEO and co-founder Anne Wojcicki and Virgin Group's Sir Richard Branson. The transaction is expected to close in Q2 2021.

  • AMCI Acquisition Corp. (AMCI) closed its acquisition of Advent Technologies on Thursday 2/4/2021 with less than 1% of public shares exercising redemption rights. Ordinary shares and warrants are now trading on the NASDAQ as “ADN” and “ADNWW.”

  • CC Neuberger Principal Holdings I (PCPL) closed its acquisition of E2open on Friday 2/5/2021. Redemption statistics were not provided. Ordinary shares and warrants are now trading on the NYSE as “ETWO” and “ETWO/W.”

  • FS Development Corp. (FSDC) closed its acquisition of Gemini Therapeutics on Friday 2/5/2021 with 100 public shares exercising redemption rights. Ordinary shares begin trading on the NASDAQ as “GMTX” on Monday 2/8/2021.

  • Bespoke Capital Acquisition Corp. (TSX: BC.U), a Canadian SPAC, announced a business combination with Vintage Wine Estates, a U.S. wine producer with a direct-to-customer platform.

  • Bloomberg reported that Decarbonization Plus Acquisition Corporation (DCRB) agreed to merge with Hyzon Motors, Inc., a fuel cell truck startup.

  • Bloomberg reported that Apollo Strategic Growth Capital (APSG) is in talks with Vista Equity Partners-backed Solera Holdings Inc.

  • Bloomberg reported that Reinvent Technology Partners (RTP) is in talks with Hippo, an insurance technology startup.

  • Bloomberg reported that Gores Holdings VI, Inc. (GHVI) is in advanced talks with Matterport Inc., a maker of software for virtual walk-throughs of properties.
  • IPO Edge reported that electric aircraft startup Archer Aviation Inc. plans to go public by merging with a SPAC.

IPOs
  • Jaws Mustang Acquisition Corporation (JWSM) raised $1.04bn in an upsized IPO for an acquisition in North America and Europe. Units contain one-fourth warrant coverage.

  • Ares Acquisition Corporation (AAC) raised $1bn in an upsized IPO for an acquisition without a specific sector focus. Units contain one-fifth warrant coverage.

  • Compute Health Acquisition Corp. (CPUH) raised $750mm for an acquisition in computation and healthcare. Units contain one-fourth warrant coverage.

  • RMG Acquisition Corp. III (RMGC) raised $420mm in an upsized IPO without a specific sector focus. Units contain one-fifth warrant coverage.

  • CC Neuberger Principal Holdings III (PRPC) raised $403mm without a specific sector focus. Units contain one-fifth warrant coverage.

  • HH&L Acquisition Co. (HHLA) raised $360mm in an upsized IPO for an acquisition in healthcare or healthcare-related companies in Asian markets with a focus on the Greater China market. Units contain one-half warrant coverage.

  • Thunder Bridge Capital Partners III Inc. (TBCP) raised $360mm for an acquisition in financial services, including asset and wealth management, lending and leasing, and financial technological services businesses, with an emphasis on fintech. Units contain one-fifth warrant coverage.

  • Decarbonization Plus Acquisition Corporation II (DCRN) raised $350mm in an upsized IPO for an acquisition in global decarbonization, including the energy and agriculture, industrial, transportation and residential sectors. Units contain one-third warrant coverage.

  • Kernel Group Holdings, Inc. (KRNL) raised $305mm in an upsized IPO for an acquisition of a company focused on commerce enablement, supply chain, logistics and related technology infrastructure. Units contain one-half warrant coverage.

  • Altimar Acquisition Corp. II (ATMR) raised $300mm for an acquisition in TMT, healthcare, financial services, fintech and consumer. Units contain one-fourth warrant coverage.

  • Atlas Crest Investment Corp. II (ACII) raised $300mm in an upsized IPO for an acquisition in the media, fintech/payments, software and technology enabled services, online gaming/sports betting, healthcare and disruptive consumer sectors. Units contain one-fourth warrant coverage.

  • Fifth Wall Acquisition Corp. I (FWAA) raised $300mm in an upsized IPO for an acquisition of a technology business focusing on verticals of the real estate industry. FWAA trades as common stock with no warrant coverage.

  • G Squared Ascend I Inc. (GSQD) raised $300mm in an upsized IPO for an acquisition in SaaS, online marketplaces, mobility 2.0/Logistics, fintech/insurtech, new age media and sustainability. Units contain one-third warrant coverage.

  • MDH Acquisition Corp. (MDH) raised $276mm in an upsized IPO for an acquisition in transportation and logistics, telecommunications, financial services and professional services in the American Heartland. Units contain one-half warrant coverage.

  • Thimble Point Acquisition Corp. (THMA) raised $276mm in an upsized IPO for an acquisition of a high-growth software and technology-enabled company that is disrupting large and established industries and markets. Units contain one-third warrant coverage.

  • Sustainable Development Acquisition I Corp. (SDAC) raised $275mm for an upsized acquisition in water, food and agriculture or renewable energy. Units contain one-half warrant coverage.

  • COVA Acquisition Corp. (COVA) raised $261mm for an acquisition in TMT verticals in Southeast Asia. Units contain one-half warrant coverage.

  • Novus Capital Corporation II (NXU) raised $250mm for an acquisition in smart technologies, 5G communication, virtual reality, artificial intelligence, spatial computing, cloud analytics, machine learning, hardware and software distribution, value added customized logistics services, sustainable smart city systems and sustainable agricultural technology, or AgTech. Units contain one-third warrant coverage.

  • Noble Rock Acquisition Corporation (NRAC) raised $210mm for an acquisition in software and tech-enabled services. Units contain one-third warrant coverage.

  • Gaming & Hospitality Acquisition Corp. (GHAC) raised $200mm for an acquisition in gaming and hospitality. Units contain one-third warrant coverage.

  • Itiquira Acquisition Corp. (ITQR) raised $200mm for an acquisition in technology, healthcare, pharma, education and consumer services in Brazil. Units contain one-half warrant coverage.

  • The Music Acquisition Corporation (TMAC) raised $230mm for an acquisition in music. Units contain one-half warrant coverage.

  • Quantum FinTech Acquisition Corp (QFTA) raised $175mm in an upsized IPO for an acquisition in technological services to the financial services industry, with particular emphasis on providers of data processing, industry growth technology, business-to-business access to transmission of currencies, storage and transmission services, databases, and payment processing services. Units contain whole warrant coverage.

  • Astrea Acquisition Corp. (ASAX) raised $150mm for an acquisition in beverages, hospitality, financial services, and technology. Units contain one-half warrant coverage.


Charter Extensions
  • AGBA extended its charter through 11/16/2021 with a $0.15 sponsor contribution to trust for each 3-month period.

Upcoming Meetings and Deadlines
  • 2/9/2021 MCAC Playboy approval meeting
  • 2/9/2021 INAQ Metromile approval meeting
  • 2/9/2021 PANA Nuvation Bio approval meeting
  • 2/9/2021 NBAC Charter extension meeting (liquidation date 2/19/2021)
  • 2/11/2021 SBE ChargePoint approval meeting
  • 2/12/2021 LGVW Butterfly Network approval meeting
  • 2/17/2021 CRSA Charter extension meeting
Disclosures: Site administrators may maintain positions in various SPAC securities and may trade in or out of those securities at any time without notice. Information from spacresearch.com is provided for informational purposes only and should not be relied upon as the basis for any investment decision. Nothing on spacresearch.com is a recommendation or solicitation to buy or sell any investment.