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
Redwire Space, a space infrastructure company, announced a SPAC merger with Genesis Park Acquisition GNPK. The deal values Redwire Space at $615 million. Acting as a mini space ETF in itself, the company operates in on-orbit servicing, assembly and manufacturing, low Earth orbit commercialization, digitally engineered spacecraft, space domain awareness and advanced sensors and components.
Redwire Space believes it has a significant opportunity to continue consolidating a fragmented space infrastructure market. The company sees revenue hitting $163 million in fiscal 2021 and $237 million in fiscal 2022. Revenue is expected to grow at a compounded annual growth rate of 72% from 2021 to 2025.
See also: How to Invest in SPACs
Indoor vertical farming company AeroFarms announced a SPAC merger with Spring Valley Acquisition Corp SV. The SPAC deal values the company at $856 million. The company has projected revenue of $4 million in fiscal 2021 and $13 million in fiscal 2022.
The company says it can improve quality and reduce costs. AeroFarms sells products through major retailers like Amazon.com AMZN and its Whole Foods segment and ShopRite.
Two years after pulling an IPO, WeWork is going public through a SPAC merger with BowX Acquisition Corp BOWX. The deal values WeWork at $9 billion, a significant decrease from a $47 billion valuation in 2019.
The company projects revenue of $3.3 billion in fiscal 2021 and $4.6 billion in fiscal 2022.
Early stage biotechnology company Renavacor announced a SPAC merger with Chardan Healthcare Acquisition 2 Corp CHAQ. The company is developing gene therapies for cardiovascular and central nervous system diseases.
Velo3D Metal, which counts SpaceX as a customer and investor, is going public in a $1.6 billion SPAC deal with Jaws Spitfire Acquisition Corp SPFR. The company operates in the additive manufacturing and 3D printing market. Several space related companies are customers of Velo3D.
The company estimates revenue of $26 million in fiscal 2021 and $89 million in fiscal 2022. The company sees annual revenue hitting $937 million in fiscal 2026.
IonSource, which seeks to turn apps into scalable businesses, announced a SPAC merger with Thoma Bravo Advantage TBA. The SPAC merger valued the company at $10.3 billion. IronSource sees revenue hitting $455 million in fiscal 2021 and $622 million in fiscal 2022.
One of the top streaming companies in Indonesia announced a SPAC merger last week. Malacca Straits Acquisition MLAC is taking Asia Vision Network public in a deal valuing the company at $573 million. The company says it's the fastest growing OTT media provider and third largest broadband and IPTV operator in Indonesia.
The company’s growth in the streaming market for the region has been faster than both Netflix Inc NFLX and Walt Disney Co DIS. OTT media is growing in Indonesia, the world’s 4th largest country by population, offering room for growth for Asia Vision Network.
Asia Vision Network estimates revenue to hit $108 million in fiscal 2021 and $149 million in fiscal 2022.
Related Link: 9 Space SPACs For Investors To Consier Ahead Of Ark Space ETF
SPAC Rumors
Digital media companies Axios and the Athletic are in talks to merge and are exploring a SPAC merger.
Music publishing company Reservoir Media is in talks to go public with Roth CH Acquisition II Co ROCC. Reservoir Media represents master recordings and copyrights for artists including Lady Gaga, Sheryl Crow and Bruno Mars.
Vicarious Surgical is in talks to go public with D8 Holdings Corp DEH. The company counts Bill Gates, Khosla Ventures, Eric Schmidt, Yahoo Founder Jerry Yang, and Salesforce.com CRM founder Marc Benioff as investors.
Headlines
SoFi, which is merging with Social Capital Hedosophia Holdings Corp V IPOE, announced new plans to offer access to pre-IPO companies to its customers. Eligible SoFi customers with at least $3,000 across SoFi Invest accounts are eligible.
Lion Electric announced it secured its largest truck order to date with a purchase order of 100 zero-emission trucks from Pride Group Enterprises. The trucks are expected to be delivered to Pride in 2021 and 2022. Lion Electric is merging with Northern Genesis Acquisition Corp NGA.
Shareholders approved the merger between Paysafe and Foley Transimene Acquisition Corp II BFT. Shares are expected to trade under the ticker PSFE next week.
Former SPAC Betterware de Mexcio BWMX announced the acquisition of 60% of GuruComm, a mobile virtual network operator. The company is one of the largest direct-to-consumer companies in Mexico and plans on diversifying its product offerings with the deal.
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: SPAC 2nd Round March Madness Continues
Tuesday: SPACs Sweet 16 March Madness Continues
Friday: SPACs Stocks Versus IPOs With Guest John Jannarone of IPO Edge
Disclosure: The author is long shares of NGA and SPFR.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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