SPACs Attack Recap: 7 SPAC Deals, SPAC Rumors And Headline News From Last Week

Last week featured seven announced SPAC deals, and here is a look back at the week that was for those SPACs, as well as rumors and headline news all covered on Benzinga’s “SPACs Attack.”

SPAC Deals:

SIGNA Sports United announced a SPAC deal with Yucaipa Acquisition Corp YAC at a deal valuing the company at $3.2 billion.

SIGNA is a leading e-commerce sports company. As part of the merger, the company will acquire WiggleCRC, the second-largest online bike retailer globally. The combined company will serve more than 7 million active customers, over 1,000 brand partners and a global base of over 15 million users.

SIGNA’s four categories are bike, tennis, outdoor and team sports.

Plans for growth include international expansion. The company completed an acquisition of Midwest Sports and is acquiring Tennis Express, two companies that could help with expansion in the U.S.

NextNav announced a SPAC deal with Spartacus Acquisition Corp TMTS bringing the GPS company public. NextNav has several GPS products, including one that’s already deployed in 4,400 cities.

The company will introduce a next-generation, 3D geolocation platform that can help cover several segments of a $100 billion market.

The company is focusing on rideshare apps, delivery apps, indoor mapping, autonomous vehicles, eVTOLs, UAVs, critical infrastructure and public safety.

Valo Health announced a SPAC merger with Khosla Ventures Acquisition Co KVSA valuing the biotechnology company at $2.8 billion.

Valo Health’s Opal platform has a pipeline of drug categories including targeted markets of cardiovascular disease, oncology and neurodegeneration.

Valo is using an end-to-end approach to develop drugs from target to approval. The company’s pipeline includes two clinical-stage assets and 15 pre-clinical assets.

Kensington Capital Acquisition II KCAC announced a SPAC merger with Wallbox valuing the company at an enterprise value of $1.5 billion.

Wallbox designs, manufacturers 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, which has operations in 67 countries, has sold more than 100,000 chargers since 2015.

Former Tesla Inc TSLA Charging Installations Program Manager Enric Asunción is the co-founder and CEO of Wallbox.

Dave helps more than 10 million customers with products including banking, financial insights, building credit and finding side gigs in the gig economy. The company announced a SPAC merger with VPC Impact Acquisition Holdings III Inc VPCC valuing the company at a pro forma equity value of $4 billion.

Mark Cuban is an investor in Dave and also serves on the company’s board of directors. The company continues to launch new products such as Dave Banking, introduced in December 2020 to introduce spending accounts and debit cards with no monthly fees.

Broadstone Acquisition Corp BSN announced a SPAC merger with Vertical Aerospace.

Investors in Vertical Aerospace include Microsoft Corporation MSFT, American Airlines Group Inc AAL, Honeywell International Inc HON and Rolls-Royce, owned by BMW BMWYY.

The company has pre-orders for 1,000 eVTOLs valued at up to $4 billion. Vertical Aerospace is targeting profitability with annual sales of less than 100 aircraft. Commercial operations are scheduled to begin in 2024.

VIYI Algorithm announced a deal to go public with Venus Acquisition Corp VENA. VIYI is controlled by WiMi Hologram Cloud Inc WIMI. The company will be renamed MicroAlgo after the closing of the transaction.

VIYI is a company working on developments and applications of bespoke central processing algorithms.

Related Link: 10 SPACs And Former SPACs That Could Be Short Squeeze Candidates: Clover, Nikola And More

SPAC Rumors:

Peter Thiel’s Bridgetown 2 Holdings Ltd BTNB SPAC is in talks to acquire Singapore online real estate company PropertyGuru Pte. The company also has operations in Vietnam, Indonesia, Malaysia and Thailand. PropertyGuru scrapped plans for an Australian IPO listing in 2019.

Brazilian airline Embraer SA ERJ confirmed it is in discussion with Zanite Acquisition Corp ZNTE over a possible SPAC deal for its EVTOL company, Eve Air Mobility.

Solid-state battery company Solid Power, which counts Ford Motor Company F and BMW as investors, is in talks to go public with Decarbonization Plus Acquisitin Corp III DCRC. A deal could value Solid Power at $1.2 billion according to Bloomberg. Ford and BMW has 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 NGCA. The deal could value the company at $3 billion and be announced in the coming weeks, according to Sky News.

Headline News:

Hims & Hers Health Inc HIMS announced the addition of Miley Cyrus as a creative advisor. Cyrus will help launch a line of prescription skin care products and join in marketing efforts for the company.

Latch Inc LTCH, which recently completed a SPAC merger, announced first-quarter revenue of $6.6 million, up 143% year-over-year. Total bookings in the first quarter of $71.7 million were up 89% year-over-year. 

The company sees revenue coming in a range of $47 million to $51 million and bookings of $290 million to $325 million for the full fiscal year.

Shares of SoFi Technologies Inc SOFI rose during the week on news that Softbank took a stake in the company on May 28.

Shares of Horizon Acquisition II Corp HZON fell on news that its rumored SPAC partner Sportradar is going public via a traditional IPO, abandoning SPAC talks.

Shares of Lordstown Motors Corp RIDE were under pressure last week on an updated filing with going concerns to enter production of the Lordstown Endurance pickup truck. Without additional funding, the company said it will not be able to meet production in 2022 and beyond.

Be sure to tune into "SPACs Attack," Monday through Friday, 11 a.m. EST. Here are the links to the past week’s shows:

• Monday: PSTH And Chamath Backed Biotech SPACs
• Tuesday: Are SPACs Back?
• Wednesday: High Short Interest SPACs
• Thursday: QSI/CAPA BFLY Dr. Jonathan Rothberg Interview
• Friday: AppHarvest APPH Sustainable Growth SPAC

(Photo by Medienstürmer on Unsplash)