It was a slow week for the SPAC market, with three deal announcements and only a couple rumored deals. There also were no new SPAC offerings during the week — unusual for a market segment that has been so hot over the last year. Benzinga's "SPACs Attack" covered the deals and news of the week. Here is a look back:
SPAC Deals
See also: How to Invest in SPACs
Offerings include self-guided tours, video intercoms, Wi-Fi solutions, parking solutions and smart home products like electricity monitoring. The company plans to offer more services, such as carbon emissions monitoring and a marketplace. SmartRent had revenue of $52 million in fiscal 2020 and is guiding for fiscal 2021 revenue of $119 million.
Vivid Seats could benefit from pent-up demand after the pandemic.
In fiscal 2019, Vivid Seats had $2.3 billion in gross order volume and revenue of $471 million. The company estimates revenue of $168 million in fiscal 2021 and $459 million in fiscal 2022.
SPAC Rumors
Mapbox announced a deal recently with General Motors Company (NYSE:GM) for Mapbox Dash to be used in vehicles.
Israeli fintech Pagaya is in talks to go public in a SPAC deal that could value the company at $8 billion, according to Calcalist. Pagaya uses machine learning and data analytics to help financial companies. The company has over $1 billion in total consumer credit issuance. No specific SPACs have been linked to the deal.
Related Link: Exclusive: Hyliion CEO Discusses Hypertruck, Next Gen Battery on SPACs Attack
Headline News
President Joe Biden virtually toured a Proterra electric bus factory. Proterra, which is going public with ArcLight Clean Transition Corp (NASDAQ:ACTC), could benefit from Biden’s goal of zero emissions from transit and school buses by 2030.
The merger between Genius Sports (NYSE:GENI) and dMY Technology Group II (NYSE:DMYD) was approved. Shares now trade under the ticker GENI.
Lightning eMotors and GigCapital 3 Inc (NYSE:GIK) announced the approval of their merger. Shares will begin trading under the new ticker ZEV soon.
Be sure to tune into "SPACs Attack," Monday through Friday, 11 a.m. EST. Here are the links to the past week’s shows.
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