SPACs Attack Weekly Recap: Looking Back On 7 Deals, Rumors And Headline News

It was another busy week for the SPAC market with numerous deal announcements and rumored deals. Benzinga's "Spacs Attack" covered the deals and news of the week.

Here is a look back at the announced deals, rumors and some top headlines.

SPAC Deals

FinTech Acquisition Corp V FTCV is taking social investment network eToro public in a SPAC deal valuing the company at $10.4 billion. eToro offers commission-free fractional equity investment, cryptoassets and the ability to replicate other investor’s portfolios. The company launched Bitcoin trading in 2013.

eToro added 5 million new registered users in 2020 to hit 17.5 million at the end of the year. The company had over 20 million registered users as of last week. Crypto and social trading were launched in the U.S. in 2019 with plans to launch stock trading in the country later in 2021.

Revenue of $650 million for eToro in 2020 was up 147% year-over-year. From 2016 to 2020, eToro had compounded annual growth of 78%. The company sees revenue of $1.02 billion in 2021 and $1.20 billion in 2022.

See also: How to Invest in SPACs

Other deals announced in the week included:

Arbe Robotics, a 4D imaging radar technology company, is going public with Industrial Tech Acquisitions Inc ITAC. The company expects fiscal 2021 revenue of $7.8 million and fiscal 2022 revenue of $13 million.
Rockley Photonics, a supplier of integrated silicon photonic chips, is going public with SC Health Corp SCPE. The company sees fiscal 2021 revenue of $40.5 million and fiscal 2022 revenue of $78.6 million, year-over-year growth of 96% and 94%, respectively.
Therapeutics Acquisition Corp RACA is taking Point Biopharma public in a deal valuing the company at $639 million. Point Biopharma is a radiopharmaceutical company building a platform for the clinical development and commercialization of radioligands that fight cancer.
Defense and network detection company IronNet Cybersecurity is going public in a SPAC merger with LGL Systems Acquisition Corp DFNS. IronNet sees revenue hitting $54 million in fiscal 2021 and $111 million in fiscal 2022.
A SPAC focused on the cannabis industry announced the acquisitions of four companies to form a new public company. Greenrose Acquisition Corp GNRS is acquiring Shango, The Health Center, Theraplant and True Harvest. The company sees revenue hitting $158 million in fiscal 2021 and $230 million in fiscal 2022.
Zillow Group Inc Z founder Spencer Rascoff is taking rival Offerpad public in a SPAC merger with his Supernova Partners Acquisition Co SPNV. Offerpad offers solutions for homebuyers and sellers. The company offers a free 24-hour cash offer online for sellers. The SPAC merger valued Offerpad at $3 billion. Offerpad expects to generate revenue of $1.4 billion in 2021.

Headlines

REE Automotive, which is going public with 10X Capital Venture Acquisition Corp VCVC, unveiled its new REECorners platform. The company says the platform will fuse all of the vital parts of an electric vehicle together between the chassis and wheel.
CarLotz LOTZ reported $37 million in fourth quarter sales, a year-over-year increase of 40.2%. The company sees first quarter revenue in a range of $42 million to $46 million. Full fiscal 2021 guidance sees revenue hitting a range of $335 million to $375 million.
Stem, going public with Stem Peak Energy Transition Corp STPK, saw revenue more than double in 2020. The company sees revenue increasing 4x in 2021 with the total fully covered by contracted backlog.
A new sports ETF called Roundhill MVP ETF MVP holds several sports-themed SPACs. Among the holdings are RedBall Acquisition Corp RBAC, Sports Entertainment Acquisition Corp SEAH, Goal Acquisitions Corp PUCKU, SportsTek Acquisition Corp SPTKU and Sports Ventures Acquisition Corp AKIC.
Hall of Fame Resort & Entertainment HOFV shares moved higher throughout the week as the company was mentioned as a potential partner with the NFL on an NFT project.
Mp Materials Corp MP reported fiscal 2020 revenue of $134 million, which came in well ahead of the company’s original projection of $102 million.
Utz Brands UTZ reported fourth quarter sales of $268.6 million, compared to a Street estimate of $243 million. The company is guiding for fiscal 2021 sales to hit $1.16 billion.