Last week, five PSPC agreements were announced. The week also saw income from several well-known older SPACs. Here’s a look back at PSPC week for offers, rumors and headlines, all covered by Benzinga’s “SPAC Attack”.
E-commerce company Canned announced a merger between SPAC and Seven Oaks Acquisition Company (NASDAQ: SVOK). Boxed offers bulk consumables to businesses and households using an end-to-end platform powered by artificial intelligence.
Boxed is working on a Software as a Service (SaaS) offering for future growth, including a signed SaaS partnership with one of Asia’s largest retail conglomerates, Aeon Group. The company forecasts revenue of $ 212 million for fiscal 2021, up 14% year-over-year.
Solid State Battery Company Solid power announced a PSPC merger with Decarbonization Plus Acquisition Corporation III (NASDAQ: DCRC) valuing the company at $ 1.2 billion.
Investors in Solid Power include Ford Motor Company (NYSE: F), Bmw (OTC: BMWYY), Samsung and Hyundai Motor Company RDA (OTC: HYMTF). The solid-state batteries developed by the company are expected to have a range of 500 miles and offer lower costs for automakers.
Ford and BMW have an existing joint development to use Solid Power batteries in future electric vehicles.
5G and renewable infrastructure service provider QualTek announced a merger between SPAC and Roth CH Acquisition III Co (NASDAQ: ROCR) valuing the company at $ 829 million.
Founded in 2012, QualTek provides services to companies in the 5G, telecommunications and renewable energy sectors in North America. Services include fiber optic infrastructure, program management, engineering, permitting, testing, emergency restoration, and electrical services.
The company expects to increase its revenues through increased federal and municipal infrastructure spending.
Radiation technology company Mirion Technologies announced a merger between SPAC and GS Acquisition Holdings Corp II (NYSE: GSAH) valuing the company at $ 2.5 billion. Mirion is a leader in hardware, software, and radiation alignment for hospitals, emergency care clinics, dental offices, veterinarians, and nuclear power plants. Mirion occupies a leading position in the market in 14 of the 17 categories in which it operates.
Seventy percent of the company’s revenue comes from replacement, maintenance and recurring items.
Mirion’s revenue was $ 651 million in fiscal 2020 and the company expects revenue of $ 689 million in fiscal 2021.
Agricultural technology company Local bounti announced a PSPC agreement with Leo Holdings III Corp (NYSE: LIII) valuing the company at $ 1.1 billion. Strategic partner and investor Cargill is part of the investment in the PSPC merger and will provide additional funds to the company.
Local Bounti operates in the controlled environment agriculture segment, growing cut lettuce, live lettuce and live herbs with indoor farming year round using less water, no pesticides and providing produce. at competitive prices to consumers.
Related Link: 10 PSPC and Former PSPCs Who Could Be Short Squeeze Candidates: Clover, Nikola & More
Thrasio could be valued at $ 2 billion in a PSPC merger with Churchill Capital V Corp (NYSE: CCV), according to Bloomberg. The company acquires new sellers in the third-party market of Amazon.com, Inc. (NASDAQ: AMZN).
Satellite launch company Virgin orbit rumor has it that it merges with NextGen Acquisition II Corp (NASDAQ: NGCA). A deal could value the company owned by Sir Richard Branson at $ 3 billion, according to Sky News.
Virgin Orbit was derived from Virgin Galactic Holdings Inc (NYSE: SPCE) four years ago.
The company launched ten small satellites into space in January and is expected to launch more by the end of June as one of only two commercial operators of small satellites to cross the milestone.
Indoor and urban agriculture company Infarm could announce a merger with Kernel Holdings Group Inc (NASDAQ: KRNL), according to Bloomberg.
One of the big drivers of the week was Arrival SA (NASDAQ: ARVL), which has found itself referred to as a short squeeze or low float name by retail traders. The company also announced in a filing that it would call the stock warrants, returning the stock to close the week.
Clever Leaves Holdings (NASDAQ: CLVR) announced a supply agreement with CBD Life Holding, marking the company’s first commercial deal in the Mexican market. CBD Life Holdings has more than 18,000 outlets in Mexico.
Projects Inc. (NASDAQ: DKNG) was the target of a short report by Hindenburg Research calling the company “$ 21 billion SPAC betting it can hide its black market operations.”
The report targeted SBTech, a company owned by DraftKings that was part of the merger to three PSPCs. The charges included SBTech being linked to the black market, money laundering and organized crime. SBTech represented 25% of the company’s revenue at the time of the SPAC merger.
Rocket lab, defined to merge with Vector acquisition company (NASDAQ: VACQ), has announced that it has won a contract to award NASA for a mission to Mars in 2024. The contract will be subject to further review and may be part of a larger agreement announced by now the end of July. Rocket Lab has existing contracts to perform missions to Venus and orbit the Moon.
Pershing Square Tontine Holdings Ltd (NYSE: PSTH), which announced its intention to acquire 10% of Universal Music Group from Vivendi SE (OTC: VIVHY) may struggle to secure the necessary votes on June 22 for the deal. Several Vivendi shareholders are opposed to the transaction, favoring instead a more advantageous tax return. Dan Loeb’s Third Point has taken a stake in Vivendi and has yet to announce whether it opposes the PSTH transaction.
Lordstown Motors Corp (NASDAQ: RIDE) Stocks Dipped After Company CEO Steve burns and the CFO both resigned from the company. Lordstown has admitted to disclosing inaccurate pre-order information.
Be sure to tune in to “SPAC Attack,” Monday through Friday, 11:00 am EST. Here are the links to shows from last week.
Monday: SIGNA Sports United SPAC $ YAC
Tuesday: 3 ETF SPAC
Wednesday: SPAC EVgo $ CLII fast chargers
Thursday: SPAC BATTLE Who will win?
Friday: who will win the best and the worst SPAC?
Disclosure: The author is long actions SPCE.
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