Nightcap: The Uber SPACs

SPAC Track's Nightly Newsletter

Nightly recap of the day’s SPAC highlights (July 15, 2021)

 

Reid Hoffman, the Co-founder and Former CEO of LinkedIn, announced his 3rd SPAC deal today. His SPAC, Reinvent Technology Partners Y (RTPY: $10.00), will merge with Aurora, an autonomous trucking company. His first SPAC, Reinvent Technology Partners (RTP: $9.94) announced a merger with Joby Aviation, an eVTOL company, back in February.

 

Besides both being emerging technology plays, Aurora and Joby both acquired units of Uber last year.

 

Joby acquired Uber’s eVTOL division, Uber Elevate, last December, and Uber has invested $125M into Joby. It also invested in the PIPE as part of the Joby SPAC merger.

 

Aurora purchased Uber’s self-driving unit back in December of last year as well. From TechCrunch:

 

Aurora did not pay cash for Uber ATG, a company that was valued at $7.25 billion following a $1 billion investment in 2019 from Toyota, DENSO and SoftBank’s Vision Fund. Instead, Uber handed over its equity in ATG and invested $400 million into Aurora.

 

Uber is also an investor in the PIPE of the Aurora merger with RTPY.


 

The Stats:

 

 

The Deals:

From Aurora’s Investor Presentation

 

1) Reinvent Technology Partners Y (RTPY: $10.00) & Aurora

 

In Major Step Toward Commercializing Self-Driving Technology, Aurora to Become a Public Company by Merging with Reinvent Technology Partners Y (Press Release)

 

  • Merger Partner Description:

Founded in 2017 by experts in the self-driving industry, Aurora is on a mission to deliver the benefits of self-driving technology safely, quickly, and broadly. To move both people and goods, the company is building the Aurora Driver, a platform that brings together software, hardware and data services to autonomously operate passenger vehicles, light commercial vehicles, and heavy-duty trucks. Aurora is backed by Sequoia Capital, Baillie Gifford, funds and accounts advised by T. Rowe Price Associates, among others, and is partnered with industry leaders including Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the Bay Area, Pittsburgh, and Dallas.

 

  • Valuation: $10.56B Pro-forma EV

 

  • PIPE: $1B including investments from funds and accounts managed by Counterpoint Global (Morgan Stanley), PRIMECAP Management Company and XN, Baillie Gifford, funds and accounts advised by T. Rowe Price Associates, Inc., Fidelity Management & Research Company LLC, Canada Pension Plan Investment Board, Reinvent Capital, Index Ventures, Sequoia Capital, Uber, PACCAR, and Volvo Group.

 

 


2) Longview Acquisition Corp. II (LGV: $9.86) & HeartFlow

 

HeartFlow, the Leader in Precision Heart Care, Announces Merger with Longview Acquisition Corp. II to Become a Publicly Traded Company (Press Release)

 

  • Merger Partner Description:

HeartFlow is the leader in revolutionizing precision heart care, uniquely combining human ingenuity with advanced technology. HeartFlow’s non-invasive HeartFlow FFRCT Analysis leverages artificial intelligence to create a personalized three-dimensional model of the heart. By using this model, clinicians can better evaluate the impact a blockage has on blood flow and determine the best treatment for patients. HeartFlow’s technology is reflective of our Silicon Valley roots and incorporates over two decades of scientific evidence with the latest advances in artificial intelligence.

 

  • Valuation: $2.37B Pro-forma EV

  • PIPE: No PIPE

 


3) Pathfinder Acquisition Corporation (PFDR: $9.74) & ServiceMax

 

ServiceMax, a Leader in Field Service Management SaaS, to Be Listed on Nasdaq following Business Combination with Pathfinder Acquisition Corporation (Press Release)

 

  • Merger Partner Description:

ServiceMax’s mission is to help customers keep the world running with asset-centric field service management software. As the recognized leader in this space, ServiceMax’s mobile apps and cloud-based software provide a complete view of assets to field service teams. By optimizing field service operations, customers across all industries can better manage the complexities of service, support faster growth, and run more profitable, outcome-centric businesses.

 

  • Valuation: $1.43B Pro-forma EV

  • PIPE: $10M by PTC and Salesforce Ventures

  • ServiceMax Investor Presentation

 


Deal News Reports:

 

Hong Kong biotech start-up Prenetics plans $1.3 billion SPAC merger

 

Hong Kong biotech company Prenetics is set to merge with Artisan Acquisition (ARTA: $10.00) , a special purpose acquisition company, in a deal that will value the new entity at $1.3 billion or more, according to a source close to the deal.

The transaction is expected to close by the end of this year. The SPAC is already traded on the Nasdaq under the ticker ARTAU.

Artisan Acquisition is backed by Adrian Cheng, the CEO and Executive Vice Chairman of Hong Kong-listed New World Development, a conglomerate with $88 billion in assets.

Prenetics is a diagnostic and genetic testing company with significant operations in Hong Kong and the U.K. It was founded by serial entrepreneur Danny Yeung and will become the first billion-dollar start-up in Hong Kong to go public.

 


Quick News Corner:

 

  • Sandbridge Acquisition Corporation (SBG: $8.84completes its merger with Owlet. Set to trade as OWLT starting tomorrow.

 

  • NewHold Investment Corp (NHIC: $9.37) shareholders approve the merger with Evolv Technologies

 

  • Decarbonization Plus Acquisition Corporation (DCRB: $10.00) shareholders approve the merger with with Hyzon Motors

 


IPOs to Begin Trading Tomorrow*:

 

1) Bilander Acquisition Corp. (TWCB-U)

  • $150M, 1/4 warrant

  • Focus: Tech

  • Management:

    James Greene, Jr. (Founding Partner of True Wind Capital)

  • Directors:

    Lee Kirkpatrick (Former CFO of Twilio)

    Scott Wagner (Former CEO of GoDaddy)

 

2) StoneBridge Acquisition Corp. (APAC-U)

  • $200M, 1/2 warrant

  • Focus: “new economy sectors”: consumer tech, communications, software, SaaS, fintech, media and renewables in Asia Pacific, with a special emphasis on India

 

 

*Priced at the time of this writing

 


New S-1s (3)

 

1) Abri SPAC I, Inc. (ASPA)

  • $50M, 1 warrant

  • Focus: Insurtech, Fintech

  • Management:

    Jeffrey Tirman (CEO of KJK Sports)

  • Directors:

    John Wepler (Chairman & CEO of Marsh, Berry & Co. and CEO of MarshBerry Capital)

  • S-1 Link

 

2) Banner Acquisition Corp. (BNNR)

  • $150M, 1/2 warrant

  • Focus: Healthcare, education, and business services

  • Directors:

    Jerry Coleman (Co-founder of Offerpad)

    Ryan Westwood (Co-founder & CEO of Simplus)

  • S-1 Link

 

3) Enphys Acquisition Corp. (NFYS)

  • $250M, 1/2 warrant

  • Focus: Ibero-America and whose business strategy is aligned with energy transition and sustainability themes, in particular renewable energy.

  • S-1 Link

 


Upcoming Dates:

This Week’s Announced Shareholder Meetings, Unit Splits, Warrant Redemptions

 

Friday, July 16th

 

  • FG New America Acquisition Corp. (FGNA: $10.38) Shareholder Meeting to Approve Business Combination with OppFi

  •  
  • Unit Split: EG Acquisition Corp. (EGGF-U: $9.96)

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