Nightcap

SPAC Track's Nightly Newsletter

Nightcap: Credit Suisse was not willing to lose Mr. SPAC to a bank Nextdoor

Nightly recap of the day’s SPAC highlights (July 6, 2021)

 

The Stats:

 
 

The Deals:

 

1) CF Acquisition Corp. V (CFV: $9.86) & Satellogic

  • Satellogic, a Leader in Satellite Earth Imagery, to Go Public Through Merger with Cantor Fitzgerald’s CF Acquisition Corp. V (Press Release)

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  • Merger Partner Description:

Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic is the first vertically integrated geospatial analytics company, driving real outcomes with planetary-scale insights. Satellogic is building the first scalable, fully automated Earth Observation platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.

Satellogic’s mission is to democratize access to geospatial data through its information platform to help solve the world’s most pressing problems including climate change, water, energy, and food supply. Using its patented earth imaging technology, Satellogic unlocks the power of Earth Observation to deliver high-quality, planetary insights at the lowest cost in the industry.

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  • Valuation: $850M Pro-forma EV

  • PIPE: $100M including SoftBank’s SBLA Advisers Corp. and Cantor Fitzgerald

  • Satellogic Investor Presentation

 


2) Khosla Ventures Acquisition Co. II (KVSB: $11.50) & Nextdoor

  • Nextdoor, the neighborhood network, to become a publicly-traded company through merger with Khosla Ventures Acquisition Co. II (Press Release)

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  • Merger Partner Description:

Nextdoor is the app where you connect to the neighborhoods that matter to you. Nextdoor’s purpose is to cultivate a kinder world where everyone has a neighborhood they can rely on. Neighbors around the world turn to Nextdoor daily to receive trusted information, give and get help, and build real-world connections with those nearby — neighbors, businesses, and public services. Today, neighbors rely on Nextdoor in more than 275,000 neighborhoods across 11 countries. In the U.S., nearly 1 in 3 households use Nextdoor. 

  • Valuation: $3.54B Pro-forma EV

  • PIPE: $270M including funds and accounts advised by T. Rowe Price Associates, Inc., Baron Capital Group, Dragoneer, Soroban Capital, accounts advised by ARK Invest, and ION Asset Management, in addition to existing Nextdoor investors Tiger Global and Hedosophia, as well as Nextdoor CEO Sarah Friar and Khosla Ventures affiliates

  • Nextdoor Investor Presentation

 


Deal News Reports:

 

Concentrated Solar Power Firm Heliogen to Go Public in $2 Billion SPAC Merger (article behind paywall)

Heliogen is combining with the SPAC Athena Technology (ATHN: $9.73), one of the few so-called blank-check companies led by women.

 

Heliogen Inc. is merging with a special-purpose acquisition company to go public in a combination that values the concentrated solar power company at about $2 billion, the companies said.

Founded in 2013, Heliogen uses mirrors that are positioned with artificial intelligence to reflect sunlight at a small receiver, generating an intense heat. That sunlight can be collected and processed to generate electricity even when the sun goes down, the company says. The renewable energy can also be used to power industrial processes needed to make materials like steel and to produce hydrogen fuel.

 

The company’s CEO is angel investor and entrepreneur Bill Gross —sometimes confused with the bond investor Bill Gross, who co-founded investment giant Pacific Investment Management Co. Heliogen’s Mr. Gross has made a fortune backing internet startups through his Idealab incubator and is now focusing on renewable energy companies. The firm expects to install its first commercial project in 2023.

 

Heliogen is combining with the SPAC Athena Technology Acquisition Corp., one of the few so-called blank-check companies led by women. Cybersecurity executive and former U.S. Army officer Phyllis Newhouse and venture capitalist Isabelle Freidheim are the SPAC’s CEO and board chair, respectively. Former Georgia Democratic gubernatorial candidate Stacey Abrams is one of its advisers.

 


Previous SPAC Track data from March 19th counted 17 out of the 528 active SPACs at the time (there are now 573) — or 3.2% — as having a female chair or CEO. Here is an article from Forbes in March profiling Athena Technology Acquisition Corp’s team.

 


Notable News:

 

More Credit Suisse Senior Bankers Depart in Wake of Archegos Loss (article behind paywall)

And in another sign that the Archegos fiasco continues to cost the bank several months after the investment firm imploded, Credit Suisse has been battling to hold on to other key talent rivals have sought to poach—in many cases through hefty retention bonuses and other perks.

 

Wells Fargo & Co. had been exploring hiring significant portions of Credit Suisse’s technology- investment-banking and capital-markets teams—including global head of equity and debt capital markets David Hermer —as well as some M&A specialists, the people said. But talks fizzled a few weeks ago and some of the people say they are unlikely to restart.

 

Meanwhile, the head of the Credit Suisse team specializing in blank-check companies, Niron Stabinksy, was being courted by several firms including Jefferies Financial Group Inc. but plans to stay, some of the people said. Riding a wave of activity in the acquisition vehicles, his team has brought in over $500 million in fees for the bank so far this year, some of the people said, helping make Mr. Stabinsky, dubbed by some as“Mr. SPAC,” one the highest paid bankers at the firm. It couldn’t be learned what Credit Suisse offered to keep him.

 


Quick News Corner:

 

  • Foley Trasimene Acquisition Corp.(WPF) completed its merger with Alight (ALIT: $9.03). WPF began trading as ALIT today.

  • Decarbonization Plus Acquisition Corporation’s (DCRB: $10.49) merger partner, Hyzon Motors, announces a partnership with Chart Industries to develop a liquid hydrogen fuel cell-powered truck, targeting a 1,000-mile range

 


New S-1s (5)

 

 

1) Aquarius I Acquisition Corp. (AQUI)

  • $50M, 1 warrant (entitles the holder to purchase 1/2 of a share), 1 right (1/10th of a share)

  • Management:

    • Sze Hau Lee (CFO of Lion Group Holding)

  • Directors:

    • Chunning Wang (CEO of Lion Group Holding)

  • Lion Group Holding (LGHL: $xx) completed its merger with Proficient Alpha Acquisition Corp in June 2020.

  • S-1 Link

 

2) Conyers Park III Acquisition Corp. (CPAA)

  • $350M, 1/5 warrant

  • Focus: Consumer

  • Management:

    • James Kilts (Former Chairman & CEO of Gillette, Former Vice Chairman of The Procter & Gamble Company, and Former CEO of Nabisco)

    • David West (Former CEO of Big Heart Pet Brands — formerly Del Monte Foods— and Former CEO of Hershey)

  • Directors:

    • Nancy Karch (Former Director of Nabisco, Toys “R” Us, Gillette, Kate Spade, CEB, Genworth Financial, Kimberly-Clark, and Mastercard)

    • Rick” Kash (Vice Chairperson of Nielsen Holdings and The Cambridge Group)

  • S-1 Link

 

3) DA32 Life Science Tech Acquisition Corp. (DALS)

  • $200M, no warrants

  • Focus: Biotechnology and life science infrastructure

  • Directors:

    • Keith Crandell (Co-founder & Managing Director of ARCH Venture Partners)

    • Kevin Hrusovsky (Chairman & CEO of Quanterix)

 

4) Pomona Acquisition Ltd (PMAC)

  • $50M, 1/2 warrant

  • Focus: Fintech in Asia

  • S-1 Link

 

5) RichSpace Acquisition Corp. (RICH)

  • $40M, 1/2 warrant

  • Focus: Fintech (including blockchain infrastructure, software services, and non-fungible token)

  • S-1 Link

 


Upcoming Dates:

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

 

Wednesday, July 7th

  • Unit Splits: Colombier Acquisition Corp. (CLBR-U: $9.90)

 

Thursday, July 8th

  • Spartan Acquisition Corp. II (SPRQ: $9.85) Shareholder Meeting to Approve Business Combination with Sunlight Financial

 

Friday, July 9th

  • Warrant Redemption: Opendoor Technologies (OPEN: $17.08)

  • Unit Split: GigInternational1, Inc. (GIWW-U: $10.10)

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