It has been another busy week for the PSPC market with many announcements and rumors of transactions. Benzinga’s “SPACs Attack” covered it all throughout the week.
Here’s a look at the announced deals, rumors, and some headlines.
Vicarious Surgical, a next-generation robotics company backed by Bill Gates, announced a SPAC merger to make the company publicly traded. D8 Holdings Corp (NYSE: DEH) will bring Vicarious public in a deal valuing the company at $ 1.1 billion. Doors and Becton, Dickinson (NYSE: BDX) are part of the PIPE investors (Private Investment in Public Equity – a means of attracting investment from accredited investors) in the transaction.
The company is developing disruptive technology with the goal of increasing the efficiency of surgical procedures, improving patient outcomes and reducing healthcare costs. Vicarious says its devices have lower costs and are more portable than traditional robotic surgery offerings.
Tissue repair and regeneration company Surrozen goes public through the merger SPAC with Consonance-HFW Acquisition Corp (NYSE: CHFW). Proceeds from the deal will be used to help Surrozen advance its portfolio of projects through Phase 1b trials and uncover more preclinical antibody programs. The company will appoint a former Pfizer (NYSE: PFE) Chief Medical Officer Mace Rothenberg to its board of directors.
Independent music company Reservoir Holdings goes public in a SPAC merger with Roth CH Acquisition Co II (NYSE: ROCC) valuing the company at $ 788 million. Reservoir Media owns over 140,000 copyrights in connection with its music publishing business, including hits by Johnny Cash, John Denver, Lady Gaga, Cardi B and Bruno Mars.
The company also owns a creative business that represents musicians and owns the rights to over 26,000 sound recordings including popular movie soundtracks. Reservoir Media has not announced any plans to launch NFT, but could be seen as a company that may have an edge in the space.
Grab, a leader in Southeast Asia’s online food delivery, mobile phone and digital wallet, goes public in the largest SPAC deal ever. A merger with Altimeter Growth Corp (NASDAQ: AGC) values Grab at $ 39.6 billion. Grab had a gross market value of $ 12.5 billion in 2020. The company targets 670 million people in the Southeast Asia region, one of the fastest growing digital economies in the world. world.
Online penetration for food delivery and electronic transactions in the regions remains low compared to regions like the United States and China. Grab has diversified its product offerings and the company is seeing more of its customers using its services. The proportion of Grab users who use two or more services has increased fivefold in recent years, according to the company.
Biotech firm Tango Therapeutics announced a merger between SPAC and BCTG Acquisition Corp (NASDAQ: BCTG). Tango is developing drugs based on synthetic lethality, a concept that involves exploiting a genetic vulnerability in cancer. The company has a partnership with Gilead Sciences Inc (NASDAQ: GILD) for up to 15 targets. Tango plans to file an investigational new drug application by the end of 2021 for its flagship drug.
Chinese automaker Geely is exploring the SPAC option to go public. No specific PSPC has yet been mentioned.
Israeli chipmaker Valens in talks to go public with PTK Acquisition Corp (NYSE: PTK) in a deal that could value the company up to $ 1.2 billion.
Medical startup Babylon is in talks with Alkuri Global Acquisition Corp (NASDAQ: KURI) to go public. Babylon connects patients and doctors through an app. A deal could value Babylon at over $ 3 billion.
Connected vehicle tech company Autotalks is in talks to go public via the SPAC merger. A deal could value the company at $ 2 billion. No specific company has yet been mentioned. Autotalks has strategic contracts with Volkswagen (OTC: VWAGY) and Toyota Motor Corp (NYSE: TM).
Impossible Foods is also considering going public through SPAC or a traditional IPO.
Soaring Eagle Acquisition Corp (NASDAQ: SRNGU), which is in talks to list Ginkgo Bioworks, will split its units on Monday, April 19. Investors will be able to buy common stocks and warrants starting next week.
DraftKings Inc (NASDAQ: DKNG) was one of three companies named as official sports betting partners of the NFL. Businesses will be able to use official league logos and partner on media and content. The companies will also use official NFL game data. The data is provided to sports betting companies by Genius Sports, which goes public with DMY II technology group (NYSE: DMYD).
Actions of Clover Health Investment Company (NASDAQ: CLOV) rose on Friday as the company was mentioned as a short squeeze contender with a high percentage of its float traded short.
REE Automotive, which goes public with 10X Capital Venture Acquisition Corp (NASDAQ: VCVC), signed a strategic collaboration agreement with Magna International (NYSE: MGA). The partnership will bring a modular electric vehicle design under the Powered by REE brand for potential partners with Magna.
Iconic collectible card maker Topps announced plans to launch NFT MLBs on April 20. Standard packs containing six digital cards will sell for $ 5 and premium packs containing 45 digital cards will sell for $ 100. Topps goes public as part of a SPAC merger with Mudrick Capital Acquisition Corporation II (NASDAQ: MUDS).
News has also reported that the SEC may delay issuing further SPAC IPOs, with plans to reclassify SPAC warrants as liabilities instead of equity.
Quantumscape Corp (NYSE: QS) Shares fell on a short report from Scorpion Capital calling the company “SPAC pump and dump scam by Silicon Valley celebrities.”
Software company AvePoint, which goes public with Apex Technology Acquisition Corp (NASDAQ: APXT), reported first quarter subscription revenue growth of 49% year-over-year, which is normally its slowest quarter. The company raised its annual revenue target to $ 194 million. The company also authorized a $ 20 million share buyback of Apex Technology Acquisition Crop shares prior to the closing of the SPAC merger.
Be sure to log into “SPACs Attack”, Monday through Friday, 11 am EST. Here are the links to shows from last week.
Disclosure: The author is long parts of SRNGU.
Photo by Austin Distel on Unsplash.
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