It was another busy week for the SPAC market with numerous deal announcements and rumored deals. The market brought down the valuation of many SPACs late in the week.
Here is a look back at the announced deals, rumors and some top headlines that were coverd on Benzinga's "SPACs Attack" show.
- Bitfury is spinning off Cipher Mining in a SPAC deal with Good Works Acquisition Corp GWAC. The deal values the company at $2 billion. Cipher Mining is expected to have mining capacity of 745 MW by the end of 2025 and an industry-leading energy cost of 2.7 cents per kWh. The company is estimating revenue of $350 million in fiscal 2022 and $1 billion in fiscal 2025. Cipher Mining is expected to have a large presence the Bitcoin mining market.
- Rocket Lab announced a SPAC merger with Vector Acquisition Corporation VACQ valuing the company at $4.1 billion. The deal is expected to help fund Rocket Lab’s development of its reusable launch vehicle and several booked missions to the Moon, Mars and Venus. Rocket Lab is one of only two U.S. commercial companies delivering regular access to orbit. The company, which competes with SpaceX, has completed 18 launches to space and has deployed 97 satellites.
- Space-based data and analytics company Spire Global is going public in a $1.6 billion deal with NavSight Holdings Inc NSH. The company has a constellation of over 100 satellites and plans on pioneering the space-as-a-service business model. The company is projecting compounded annual revenue growth of 100% from 2020 to 2025.
- Hippo, an online insurance company targeting the homeowner market, is going public in a SPAC merger with Reinvent Technology Partners Z RTPZ. The deal values the company at more than $5 billion.
- DeepGreen, a developer of underwater mining for resources, is going public with Sustainable Opportunities Acquisition Corporation SOAC. The deal values the company with a pro forma equity value of $2.9 billion. DeepGreen said it has the largest and highest grade estimated source of electric vehicle battery metals. The company’s project will mine the Pacific Ocean floor for nickel, cobalt, copper and manganese.
- Anghami, the largest music streaming company in the Middle East and North Africa, is going public with the SPAC Vista Media Acquisition Co VMAC. Anghami has more than 70 million customers and partnerships with several large music labels.
- Beacon Street Group, which provides financial research, software and tools for investors, is merging with Ascendant Digital Acquisition Corp ACND. The deal gives the company an enterprise value of $3 billion. Beacon Street Group had revenue of $377 million in fiscal 2020, a year-over-year increase of 39%.
- QOMPLX is merging with Tailwind Acquisition Corp TWND in a deal that will bring the cloud-native risk analytics company public. QOMPLX helps businesses in the cybersecurity and insurance domains. Part of the merger also includes the acquisitions of analytics solutions provider Sentar and insurance platform Tyche.
- Residential real estate company Doma is going public with Capitol Investment Corp V CAP. Doma uses machine intelligence to help close real estate transactions. The company has been involved in over 800,000 real estate closings for lenders.
- Shares of Horizon Acquisition Corp II HZON were in the spotlight last week with a rumor of a SPAC merger with Sportradar, a company that provides data on sporting events. Sportradar has an exclusive deal with the NFL, which is also an investor in the company. Sportradar also has deals with MLB, NBA, NHL and the International Tennis Federation. Investors in Sportradar include the Canada Pension Plan Investment, Michael Jordan, Mark Cuban and Revolution Growth. The deal could value Sportradar at $10 billion or more.
- Apollo Strategic Growth Capital APSG has been rumored to be taking Solera public. The rumor from Bloomberg now sees the SPAC also bringing DealerSocet and Omnitracs public with Solera in a combined deal value of $15 billion.
- Lilium, an electric vertical takeoff and landing vehicle company, is in talks to go public with Qell Acquisition Corp QELL, according to Bloomberg.
- Sports betting company DraftKings Inc DKNG announced a partnership with DISH Network DISH. The deal will bring DraftKings’ sportsbook and daily fantasy games directly to DISH Network customers nationwide.
- Clover Health Investments Corp CLOV reported fourth quarter revenue of $166.2 million, a year-over-year increase of 44%. Full fiscal year 2020 revenue of $673 million was up 46% year-over-year. The company beat revenue and member projections for fiscal 2020. The company’s 2020 projections for revenue and members came in below original projections from the investor presentation.
- Opendoor Technologies OPEN reported full fiscal year 2020 revenue of $2.58 billion and 9,913 homes sold. Both figures came in ahead of company estimates.
- Shares of Virgin Galactic Holdings SPCE fell on Friday when it was revealed that Chairman Chamath Palihapitiya sold the rest of his personal shares in the company. Palihapitiya sold 6.2 million shares at an average price of $35 to fund other projects. The chairman still owns 15.8 million shares through his partnership in Social Capital Hedosophia.
Be sure to tune into SPACs Attack, Monday through Friday, 11 a.m. EST. Below are links to the past week’s shows:
- Monday: Deal Close in Bill Ackman’s SPAC?
- Tuesday: BHSE CEO Rob Striar
- Wednesday: Future of Retail SPAC Omnichannel OCA Interview
- Thursday: AppHarvest APPH Sustainable Growth SPAC
- Friday: Top SPACs Under $10.25
Disclosure: Author is long shares of SOAC and SPCE.
Photo courtesy: Rocket Lab USA Inc.
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