Last week, six PSPC agreements were announced. The week also saw income from several well-known older SPACs.
Here’s a look back at SPAC week for offers, rumors and headlines, all covered by Benzinga’s “SPAC Attack”.
The Acorns Group financial sector savings and investment app goes public as part of a SPAC merger with Pioneer Fusion Corp (NASDAQ: PACX) valuing the company at $ 2.2 billion. Investors in Acorns Group include PayPal funds (NASDAQ: PYPL), BlackRock Inc (NYSE: BLK), Ashton Kutcher, Jennifer Lopez and Dwayne “The Rock” Johnson.
Acorns in the largest subscription service for financial services with over four million members. The company offers subscription rates ranging from $ 1 to $ 5 per month. The company plans to expand its pricing levels, offer portfolio customization, and explore strategic mergers and acquisitions to grow in the future. Acorns achieved sales of $ 71 million in 2020 and is expected to grow to $ 126 million in fiscal 2021.
Biotechnology company eFFECTOR Therapeutics will merge with Locust Walk Acquisition Corp (NASDAQ: LWAC) in a deal valuing the company at $ 419 million. Pfizer Inc (NYSE: PFE) is a collaborating partner with eFFECTOR who also participated in PIPE on the SPAC agreement. eFFECTOR focuses on selective inhibitors of translation regulation to treat cancer. The company plans to release early data from a phase 2b KICKSTART trial of lead candidate tomivorsertib for the treatment of metastatic non-small cell lung cancer in the near future.
Partners P3 Santé goes public with Prospective acquisition company (NASDAQ: BEFORE). The deal values the health management company at $ 2.3 billion. P3 is dedicated to transforming healthcare for patients, providers and payers using a physician-affiliated model for Medicare Advantage members. P3 operates in four states and covers 11 markets. The company plans to add three to five new markets each year to increase patient growth. P3 forecasts revenue of $ 644 million for fiscal 2021, up 31% year over year.
Fast charge manufacturing company DC Tritium goes public in SPAC merger with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN) which values the company at $ 1.2 billion. Trtium provided 2.7 million charging sessions in its lifetime and sold over 4,400 DCFC chargers.
Tritium claims it is the only outright DC to quickly load the manufacturing company with a global sales and support reach, spanning 41 countries and four continents. Tritium’s charging stations have a smaller footprint and lower total cost of ownership than competitors. The company achieved revenue of $ 59 million in fiscal 2020 and expects revenue to reach $ 84 million in fiscal 2021.
Valens Semiconductor announced a SPAC merger with PTK Acquisition Corp (AMEX: PTK) valuing the company at $ 1.16 billion. Valens has shipped over 25 million chips worldwide. The company works with several automotive customers and key players in the audio-video industry. Valens is working on creating chips to help automakers drive independently.
Canadian steel company Algoma Steel announced a PSPC merger with Legato Fusion Corp. (NASDAQ: LEGO) valuing the company at $ 1.7 billion. Algoma Steel is a manufacturer of hot and cold steel products that produces steel for industries such as automotive, shipbuilding, energy, mining, defense and manufacturing. Algoma produces approximately 2.8 million tonnes of steel per year and is a key supplier to customers in Canada and the Midwestern United States.
The eco-friendly cryptocurrency platform Chia Project is in talks to go public in a traditional IPO or SPAC merger later in 2021, according to Bloomberg.
Artificial intelligence firm BigBear in talks to go public with PSPC GigCapital4 (NASDAQ: GIG), according to Bloomberg.
Babylon, a telehealth platform, would be made public with Alkuri Global Acquisition Corp (NASDAQ: KURI). A PSPC merger could value Babylon at $ 3.5 billion.
Related Link: Exclusive: Beachbody CEO Talks About Growth In Home Workouts And Potential Partnership On SPACS Attack
A merger between fintech SoFi and Share capital Hedosophia Holdings Corp V (NYSE: IPOE) has been approved by shareholders. The shares will start trading on the Nasdaq as a SOFI ticker on June 1.
Matterport, which becomes public via Gores Holdings VI Inc (NASDAQ: GHVI), reported first quarter financial results. Revenue of $ 26.9 million was up 108% year-over-year for Matterport. The company reported recurring annual revenue of $ 55.2 million. Subscribers totaled 331,000 in the first quarter, up more than 500% year-over-year. The company announced its expansion in South Africa and the Middle East.
Renowned SPAC investor Chamath Palihapitiya published an editorial in Bloomberg calling for more regulation and oversight in the SPAC market. Palihapitiya called on regulators to push sponsors to include more of their own capital when underwriting the deals. He also requests that information on which companies bid on private companies and how much they were willing to pay be made public. Another change Palihapitiya has called for is that PIPE investors under a PSPC deal have the power to change the terms of the deal if the market changes.
Actions of CarLotz Inc (NASDAQ: LOTZ) fell after the company revealed that a leading vehicle supply partner suspended shipments to the company. The partner accounted for 60% of all cars sold in the first three months of 2021. The partner accounted for less than 50% of cars sold by CarLotz in the second quarter at the time of the news.
CarLotz lowered its annual forecast for cars sold to 13,000 to 15,000, from an earlier range of 18,000 to 20,000 units. The company lowered its revenue forecast for the year from an earlier range of $ 335 million to $ 375 million to a range of $ 272 million to $ 317 million.
Lordstown Engines (NASDAQ: RIDE) Shares fell after the company said it may not meet its original unit targets for the full year and the company is in need of capital. The company sees higher costs for parts, equipment, shipping, and third-party engineering resources. Lordstown Motors has said it will only be able to meet 50% of its previous expectations for the Endurance electric pickup.
Actions of Galactic Virgo (NYSE: SPCE) traded higher in the week after the company made a successful flight to space the previous weekend. The successful flight takes the company one step closer to being able to carry passengers into space.
Be sure to tune in to “SPACs Attack,” Monday through Friday, 11:00 am EST. Here are the links to shows from last week.
Monday: next gains to watch?
Tuesday: The power of SPAC vascular innovation
Wednesday: The Middle Eastern Spotify $ VMAC $ SPOT
Thursday: Why Jam City Has Huge Potential of $ XPOA
Friday: Beachbody SPAC $ FRX Takeover
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