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 our weekly look back.
SPAC Deals
Iconic trading card company Topps is going public again with a SPAC deal announced last week with Mudrick Capital Acquisition Corp II MUDS. Topps has licensing partnerships with Major League Baseball, the National Hockey League, several soccer leagues, Formula One, World Wrestling Entertainment Inc WWE and the Walt Disney Company DIS.
Along with physical and digital trading cards, Topps also has a digital gift card business and confections business segment. Topps is shifting part of its business to digital offerings like its Topps Now series. The company is also pushing into non-fungible tokens with several released and plans to launch more in 2021.
Point of care diagnostics testing company LumiraDx announced a SPAC merger with CA Healthcare Acquisition Corp CAHC. The company’s diagnostic testing platform was developed in 2014 to offer tests with lab-comparable performance at low costs and results in less than 12 minutes.
The company has a pipeline of over 30 assays for several diseases and common health conditions. A high sensitivity COVID-19 antigen test also is being developed.
Key customers include CVS Health Corp CVS and The Bill & Melinda Gates Foundation, which is also an investor.
Sarcos Robotics, a workplace robotic company, announced a SPAC merger with Rotor Acquisition Corp ROT. The company expects to release its Guardian XO full-body wearable industrial exoskeleton robot in mid-2022 and its Guardian XT industrial teleoperated robot in late 2022.
The company offers products for the aerospace, automotive, logistics, defense, maritime, energy and construction industries. Sarcos plans to deploy its robot fleet through a Robotics-as-a-Service solution.
Better Therapeutics announced a SPAC merger with Mountain Crest Acquisition Corp II MCAD, valuing the company at $187 million. The company is developing prescription-only smartphone-based treatments for Type 2 diabetes and high blood pressure.
Archaea Energy is a new company being formed through a SPAC merger with Rice Acquisition Corp RICE. It is developing out of Aria Energy Operating, a portfolio company of Ares Management Corp ARES, and Archea Energy LLC, currently majority-owned by Rice Investment Group, an affiliate of the SPAC sponsor.
Archaea Energy plans to capture and convert waste emissions from landfills and anaerobic digesters into low-carbon RNG and electricity.
Intelligence solutions provider Cellebrite announced a SPAC merger with TWC Tech Holdings II Corp TWCT. The company offers a digital intelligence platform for the justice system. The company says its products have been used by more than 6,700 public safety agencies in over 140 countries.
SPAC Rumors
Lodging startup Sonder is in talks to merge with Gores Metropoulos II GMII, according to Bloomberg. Sonder decks out apartments and hotel rooms as short-term rentals. A deal could value the company at more than $2.5 billion.
Signa Sports United is in talks to merge with Yuicapa Acquisition Corp YAC, according to Reuters.
A $35 billion SPAC deal to merge Grab with Altimeter Growth Corp AGC could be announced soon, according to sources. The deal for the Southeast Asian company would be one of the largest SPAC deals ever.
Headline News
A new documentary about WeWork and its founder Adam Neumann hit Hulu last week. The film called “WeWork: Or the Making and Breaking of a $47 Billion Unicorn” depicts a cultish environment with Neumann as a Jesus Christ-like leader. Meanwhile, WeWork, now without Neumann, is going public with BowX Acquisition Corp BOWX.
Hyliion Holdings Corp HYLN announced the formation of a Hypertruck Innovation Council to advance electrification in commercial transportation. Others on the council include Anheuser-Busch BUD, Penske Truck Leasing, Ryder Systems, Schneider and Wegmans Food Markets.
Romeo Power RMO announced an extension of a contract with PACCAR PCAR, manufacturer of semis under brands like Kenworth and Peterbilt. Romeo will provide batteries in the U.S. and Canada through 2025 under the new agreement.
Butterfly Network BFLY shared that its IQ Ultrasound portable ultrasound will be aboard a SpaceX rocket to test the device in the space environment.
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: SPACs Market Bottomed? Ark Invest SPACs
- Tuesday: Final 4 March SPACNESS And SPAC Champion
- Wednesday: SPACs, NFTs And Sports Betting: Matt Higgins & Gary Vee
- Thursday: Top SPAC Buys
Disclosure: The author is long shares of HYLN and RMO.
Photo courtesy of WeWork.
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