Last week, seven SPAC deals were announced, and here’s a look back at the week that was dedicated to these PSPCs, along with some rumors and headlines, all covered by Benzinga’s “SPAC Attack”.
SIGNA Sports United announced a PSPC agreement with Yucaipa Acquisition Company (NYSE: YAC) in a deal valuing the company at $ 3.2 billion.
SIGNA is a leading company in sports e-commerce. As part of the merger, the company will acquire WiggleCRC, the world’s second largest online bicycle retailer. The combined company will serve more than 7 million active customers, more than 1,000 partner brands and a global base of more than 15 million users.
The four categories of SIGNA are cycling, tennis, outdoor sports and team sports.
Growth plans include international expansion. The company has completed the acquisition of Midwest Sports and acquires Tennis Express, two companies that could help with expansion in the United States
NextNav announced a PSPC agreement with Spartacus Acquisition Corp (NASDAQ: TMTS) bringing the company GPS to the stock exchange. NextNav offers several GPS products, including one that is already deployed in 4,400 cities.
The company will showcase a next-generation 3D geolocation platform that can help cover multiple segments of a $ 100 billion market.
The company focuses on ridesharing apps, delivery apps, indoor mapping, autonomous vehicles, eVTOL, drones, critical infrastructure, and public safety.
Valo Health announced a merger between SPAC and Khosla Ventures Acquisition Co (NASDAQ: KVSA) valuing the biotech company at $ 2.8 billion.
Valo Health’s Opal platform has a pipeline of drug categories, including the targeted markets of cardiovascular disease, oncology and neurodegeneration.
Valo uses an end-to-end approach to develop drugs from target to approval. The company’s pipeline includes two clinical-stage assets and 15 preclinical assets.
Kensington Capital Acquisition II (NYSE: KCAC) announced a SPAC merger with Wallbox valuing the company at an enterprise value of $ 1.5 billion.
Wallbox designs, manufactures and distributes electric vehicle charging solutions for the residential, public and semi-public sectors. The company’s products include Level 2 AC chargers and DC fast chargers. Wallbox, present in 67 countries, has sold more than 100,000 chargers since 2015.
Former Tesla Inc (NASDAQ: TSLA) Charging Facilities Program Manager Enric Asuncion is the co-founder and CEO of Wallbox.
Dave assists over 10 million customers with products such as banking, financial information, credit building, and concert research parallel in the concert economy. The company announced a PSPC merger with VPC Impact Acquisition Holdings III Inc (NYSE: VPCC) valuing the company at a pro forma net worth of $ 4 billion.
Marc Cuban is an investor in Dave and also sits on the company’s board of directors. The company continues to launch new products such as Dave Banking, introduced in December 2020 to introduce expense accounts and debit cards with no monthly fees.
Broadstone Acquisition Corp (NYSE: BSN) announced a SPAC merger with Vertical aerospace.
Investors in vertical aerospace include Microsoft Corporation (NASDAQ: MSFT), American Airlines Group Inc (NYSE: AAL), Honeywell International Inc (NASDAQ: HON) and Rolls Royce, belonging to Bmw (OTC: BMWYY).
The company has pre-orders for 1,000 eVTOLs worth up to $ 4 billion. Vertical Aerospace aims for profitability with annual sales of less than 100 aircraft. Commercial operations are expected to begin in 2024.
VIYI algorithm announced an agreement to go public with Venus Acquisition Corp (NASDAQ: VENA). VIYI is controlled by WiMi Hologram Cloud Inc (NASDAQ: WIMI). The company will be renamed MicroAlgo after the transaction closes.
VIYI is a company working on the development and applications of custom central processing algorithms.
Related Link: 10 PSPC and Former PSPCs Who Could Be Short Squeeze Candidates: Clover, Nikola & More
that of Peter Thiel Bridgetown 2 Holdings Ltd (NASDAQ: BTNB) SPAC in talks to acquire Singapore-based online real estate company PropertyGuru Pte. The company is also present in Vietnam, Indonesia, Malaysia and Thailand. PropertyGuru abandoned plans for an Australian IPO in 2019.
brazilian airline Embraer SA (NYSE: ERJ) has confirmed he’s in discussions with Zanite Acquisition Company (NYSE: ZNTE) regarding a possible SPAC deal for his EVTOL company, Eve Air Mobility.
Solid State Battery Company Solid power, who counts Ford Motor Company (NYSE: F) and BMW as investors, is in talks to go public with Decarbonization Plus Acquisitin Corp III (NASDAQ: DCRC). A deal could value Solid Power at $ 1.2 billion according to Bloomberg. Ford and BMW have a working relationship for Solid Power batteries to be used in future electric vehicles.
Satellite company Virgin orbit is in talks with NextGen Acquisition II Corp (NASDAQ: NGCA). The deal could value the company at $ 3 billion and be announced in the coming weeks, according to Sky News.
Health Lui & Elle Inc (NYSE: HIMS) announced the addition of Miley Cyrus as Creative Advisor. Cyrus will help launch a line of prescription skin care products and assist in the company’s marketing efforts.
Latch Inc (NASDAQ: LTCH), which recently completed a PSPC merger, reported first-quarter revenue of $ 6.6 million, up 143% year-over-year. Total first quarter bookings of $ 71.7 million increased 89% year-on-year.
The company expects revenues of between $ 47 million and $ 51 million and bookings of $ 290 million to $ 325 million for the full year.
Actions of SoFi Technologies Inc (NASDAQ: SOFI) rose during the week on news that Softbank had acquired a stake in the company on May 28.
Actions of Horizon Acquisition II Corp. (NYSE: HZON) came across the news that his alleged PSPC partner Sports radar goes public via a traditional IPO, dropping SPAC talks.
Actions of Lordstown Motors Corp (NASDAQ: RIDE) were under pressure last week over an updated dossier with companies underway to enter production of the Lordstown Endurance pickup truck. Without additional funding, the company said it would not be able to meet production in 2022 and beyond.
Be sure to tune in to “SPAC Attack,” Monday through Friday, 11:00 am EST. Here are the links to shows from last week:
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