News From the Past Week
Concord Acquisition Corp (CND) announced a deal to acquire Circle, the operator of USD Coin, a stablecoin with greater than $25bn in circulation. The deal reflects an enterprise value of $4.5bn and includes a $415mm PIPE with investors including Marshall Wace, Fidelity and Adage Capital Management. The transaction is expected to close in Q4 2021.
Khosla Ventures Acquisition Co. II (KVSB) announced a deal to acquire Nextdoor, a social networking service for neighborhoods. The deal reflects an enterprise value of $3.5bn and includes a $270mm PIPE with investors including T. Rowe Price, Baron Capital Group and Dragoneer. The transaction is expected to close in Q4 2021.
Far Peak Acquisition Corporation (FPAC) announced a deal to acquire Bullish, a technology company focused on developing financial services for the digital assets sector. The deal reflects an enterprise value of $2.5bn (subject to adjustment based on cryptocurrency asset prices at closing) and includes a $300mm PIPE with investors including EFM Asset Management, BlackRock and Cryptology Asset Group. The transaction is expected to close by the end of this year.
dMY Technology Group, Inc. IV (DMYQ) announced a deal to acquire Planet Labs Inc., a provider of daily data and insights about Earth. The deal reflects an enterprise value of $2.3bn and includes a $200mm PIPE led by BlackRock. The transaction is expected to close later this year.
Athena Technology Acquisition Corp. (ATHN) announced a deal to acquire Heliogen, Inc., a provider of AI-enabled concentrated solar power. The deal reflects an enterprise value of $2bn and includes a $165mm PIPE anchored by Counterpoint Global (Morgan Stanley), Salient Partners and Saba Capital. The transaction is expected to close in Q4 2021.
CF Acquisition Corp. V (CFV) announced a deal to acquire Satellogic, a vertically integrated geospatial analytics company specializing in Earth-observation satellites. The deal reflects an enterprise value of $850mm and includes $100mm PIPE led by SoftBank's SBLA Advisers Corp. and Cantor Fitzgerald. The transaction is expected to close in Q4 2021.
Healthcare Capital Corp. (HCCC) announced a deal to acquire Alpha Tau, a developer of alpha-radiation cancer therapy. The deal reflects an enterprise value of $660mm and includes a $92mm PIPE anchored by Yozma Investment Co.and Grand Decade Developments. The transaction is expected to close by the end of the year.
HealthCor Catalio Acquisition Corp. (HCAQ) announced a deal to acquire Hyperfine, creator of the first FDA cleared portable magnetic resonance imaging device and Liminal Sciences, a medical device development company dedicated to non-invasive measurement of key vital signs in the brain. The deal reflects an enterprise value of $580mm and includes a $126mm PIPE with investors including HealthCor Management LP, Catalio Capital Management and Perceptive Advisors. The transaction is expected to close in Q4 2021.
Spartan Acquisition Corp. II (formerly SPRQ) closed its acquisition of Sunlight Financial on Friday 7/9/2021 with 55.7% of public shareholders exercising redemption rights. Ordinary shares and warrants will begin trading on the NYSE as “SUNL” and “SUNL/W” beginning Monday 7/12/2021.
Alussa Energy Acquisition Corp. (formerly ALUS) closed its acquisition of FREYR on Friday 7/9/2021. Redemption statistics were not provided. Ordinary shares and warrants are now trading on the NYSE as “FREY” and “FREY/W.”
Bloomberg reported that Lionheart Acquisition Corporation II (LCAP) is in talks with payments recovery firm MSP.
Bloomberg reported that Gores Guggenheim, Inc. (GGPI) is in talks with Polestar, the electric-car maker controlled by Volvo Car AB and its owner Zhejiang Geely Holding Group Co.
Bloomberg reported that Social Capital Hedosophia Holdings Corp. VI’s (IPOF) talks with Equinox have ended.
- Conyers Park III Acquisition Corp. (CPAA) $350mm
- Apex Technology Acquisition Corporation II (APXB) $300mm
- AxonPrime Infrastructure Acquisition Corporation (APMI) $150mm
- Millstreet Capital Acquisition Corp. (MLST) $125mm
- Atlas Growth Acquisition Limited (ATLA) $110mm
- Roth CH Acquisition IV Co. (ROCG) $100mm
- Aquarius I Acquisition Corp. (AQUI) $50mm
- Parsec Capital Acquisitions Corp (PCX) $50mm
- Pomona Acquisition Limited (PMAC) $50mm
- RichSpace Acquisition Corp. (RICH) $40mm
- AltC Acquisition Corp. (ALCC) raised $450mm without a specific sector focus. ALCC trades as common stock with no warrant coverage.
- Acropolis Infrastructure Acquisition Corp. (ACRO) raised $300mm for an acquisition in infrastructure or infrastructure services and related sectors in North America. Units contain one-third warrant coverage.
- Agrico Acquisition Corp. (RICO) raised $125mm for an acquisition in agriculture, horticulture, and aquaculture companies that aim to improve yield, efficiency or profitability in the production, processing, distribution, provision of capital, or consumption of outputs, inputs, data, technology or other services. Units contain one-half warrant coverage.
- Galata Acquisition Corp. (GLTA) raised $125mm for the acquisition of a technology-enabled financial services business in emerging markets. Units contain one-half warrant coverage.
Upcoming Meetings and Deadlines
- 7/12/2021 ASPL Wheels Up approval meeting (outside date 7/3/2021)
- 7/12/2021 RSVA Enovix approval meeting
- 7/13/2021 AONE Markforged approval meeting
- 7/13/2021 LCY Hillman Group approval meeting (outside date 7/24/2021)
- 7/14/2021 GXGX Celularity approval meeting
- 7/14/2021 SBG Owlet Baby Care approval meeting
- 7/14/2021 EMPW Holley approval meeting
- 7/15/2021 DCRB Hyzon Motors approval meeting
- 7/15/2021 NHIC Evolv Technology approval meeting
- 7/16/2021 FGNA Opportunity Financial approval meeting
- 7/16/2021 SCPE Rockley Photonics approval meeting
- 7/19/2021 ANDA Stryve Foods approval meeting (liquidation deadline 7/31/2021)
- 7/20/2021 RAAC Berkshire Grey approval meeting
- 7/20/2021 TWND Qomplx approval meeting
- 7/20/2021 PSAC Faraday Future approval meeting (outside date 7/27/2021)
- 7/20/2021 GHVI Matterport approval meeting
- 7/20/2021 ACND MarketWise (Beacon Street Group) approval meeting
- 7/21/2021 CMLF Sema4 approval meeting
- 7/21/2021 VCVC REE Automotive approval meeting
- 7/21/2021 THCB Microvast approval meeting (liquidation deadline 7/31/2021)
- 7/22/2021 CCIV Lucid Motors approval meeting (liquidation deadline 8/3/2021)