Last week featured three announced SPAC deals. The week also had earnings from several well-known former SPACs. Here is a look back at the week that was SPACs for deals, rumors and headline news all covered on Benzinga’s “SPACs Attack.”
Mobile gaming company Jam City is going public in a SPAC merger with DPCM Capital Inc XPOA valuing the company at $1.2 billion. Jam City has a library of games that includes "Harry Potter: Hogwarts Mystery," "Cookie Jam," "Panda Pop," "Disney Emoji Blitz" and "Jurassic World Alive." No game accounted for more than 20% of revenue in 2020.
The company’s pipeline of games includes "HGTV My Design," "Disney Pop Town" and games for the "Star Wars" and "Avatar" franchises.
Jam City had bookings of $570 million in 2020 and is forecasting bookings of $868 million for fiscal 2022.
DVD rental company Redbox is going public again with a SPAC merger with Seaport Global Acquisition Corp SGAM, valuing the company at $693 million.
Redbox is the largest DVD rental kiosk company with more than 40,000 kiosks and 150 retail partners. The company has over 39 million loyalty members.
The company plans to expand its streaming and original content growth objectives in a move similar to what Netflix Inc NFLX did in shifting from mail to streaming.
Redbox had revenue of $829 million in 2019 and $546 million in 2020. The company sees revenue hitting $906 million in fiscal 2022, including $193 million from digital content.
Bright Machines, which offers manufacturing automation through proprietary software, is going public through a SPAC merger with SCVX Corp SCVX. The company helps manufacturers deploy autonomous production lines that can help with scale and to complete repetitive tasks.
Bright Machines has more than 25 global blue chip customers across several different industries. The company has doubled revenue each year since 2018 and is projecting compounded annual growth of 84% from 2020 to 2025.
Indonesian travel company Tiket is in talks to go public through a SPAC merger valuing the company at $2 billion. Bloomberg reports Tiket is in talks with COVA Acquisition Corp COVA.
Robotics company Memic is in talks to go public with MedTech Acquisition Corp MTAC, Bloomberg reports.
Home insurance company Kin Insurance is in talks to go public with Omnichannel Acquisition Corp OCA, valuing the company at more than $1 billion.
Ford Motor Company F in in talks to spin off its electric scooter company Spin through a SPAC merger.
Algoma Steel, a Canadian steel company, is in talks to go public in a SPAC merger with Legato Merger Corp LEGO, according to Bloomberg.
Automotive data company Wejo is in talks to go public with Virtuoso Acquisition Corp VOSO, according to Bloomberg. Wejo is backed by General Motors Company GM.
Ginkgo Bioworks, which is going public with Soaring Eagle Acquisition Corp SRNG, announced a collaboration with Biogen Inc BIIB that could be worth up to $120 million. The companies will collaborate on a platform for gene therapies.
Beachbody and Myx, which are going public with Forest Road Acquisition Corp FRX, announced quarterly revenue of $243.3 million, a 43% year-over-year increase. The company’s digital revenue increased 56% year-over-year to $97.5 million. The company’s Beachbody brand had 3.2 million total subscriptions, hitting a record high.
Two new SPAC ETFs launched last week with The De-SPAC ETF DSPC and The Short De-SPAC ETF SOGU. The ETFs will track 25 of the largest former SPACS over the last 12 months and will rebalance monthly.
SOGU allows investors the opportunity to easily short some of the largest former SPACs.
Shares of TPG Pace Beneficial Finance Corp TPGY fell after the company revealed that it may not be able to complete its merger with EVBox under current terms or at all.
Shares of Lordstown Motors Corp RIDE started the week out strong with the company reporting it would host investors, analysts, customers and partners at its headquarters from June 21 to June 25. The event will include factory tours, presentations and test drives of the Lordstown Endurance electric truck.
Shares faced pressure in the latter half of the week after Ford Motor Company unveiled details of its electric F-150 Lightning.
Genius Sports GENI reported first quarter revenue of $53.7 million, a year-over-year increase of 52%. The company highlighted its recent deal with the NFL and the acquisitions of FanHub and Second Spectrum during its quarterly report. Genius Sports raised its full year revenue guidance from $190 million to a range of $250 million to $260 million.
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 Watchlist
- Tuesday: Top SPACs To Buy
- Wednesday: Hedge Fund Manager Joins SPACs Attack
- Thursday: Why Payoneer Stock? $FTOC Interview
- Friday: GIG Economy Platform? SPAC $PIXY
Disclosure: Author is long shares of F, OCA, SRNG, LEGO and FRX.
Photo courtesy Redbox.
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