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Author: Nicholas Alan Clayton

Yucaipa Acquisition Corporation (YAC) Upsizes PIPE, Adds Backstop

Oct 18, 2021 INTEL by Nicholas Alan Clayton
It is backstop season in SPAC land and Yucaipa Acquisition Corporation (NYSE:YAC) is the latest to get in on the fun. It announced overnight that it has signed a backstop agreement worth up to $178 million and has also upsized its PIPE by an additional $70 million for its combination with SIGNA Sports United. Three
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26 Capital Acquisition Corp. (ADER) to Combine with Okada Manila in $2.6Bn Deal

Oct 15, 2021 INTEL by Nicholas Alan Clayton
26 Capital (NASDAQ:ADER) has entered into a definitive agreement to combine with gambling resort Okada Manila at an enterprise value of $2.6 billion. Okada Manila operates a 42-hectare hospitality complex including the largest integrated casino in the Entertainment City, Philippines. The combined company is expected to trade on the Nasdaq once the deal is completed
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TOP-3

DraftKings Joins PIPE for Horizon Acquisition Corp. (HZAC)’s Vivid Seats Deal

Oct 14, 2021 INTEL by Nicholas Alan Clayton
Horizon (NYSE:HZAC) announced this morning that it has swapped out a portion of the PIPE financing for its pending deal with Vivid Seats, replacing an allotment set to be purchased by its affiliate Eldridge Industries with commitments from an interesting newcomer – DraftKings (NASDAQ:DKNG). The move is intriguing for a number of reasons, the timing
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ACE Convergence (ACEV) to Combine with Tempo Automation in $936M Deal

Oct 14, 2021 INTEL by Nicholas Alan Clayton
ACE Convergence (NASDAQ:ACEV) has entered into a definitive agreement to combine with electronics manufacturer Tempo at an enterprise value of $936 million, or 4.3x its 2023E revenue. San Francisco-based Tempo provides outsourced digital manufacturing services for electronics and other circuitry applications. The combined company is expected to trade on the Nasdaq under the symbol “TMPO”
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RedBall Acquisition Crop. (RBAC) to Combine with SeatGeek in $1.35Bn Deal

Oct 13, 2021 INTEL by Nicholas Alan Clayton
RedBall (NYSE:RBAC) has entered into a definite agreement to combine with ticket marketplace SeatGeek at an enterprise value of $1.35 billion, or 3.9x its 2022E revenue. New York City-based SeatGeek provides an event ticket marketplace to enterprise clients, individual sellers and consumers that includes in-stadium purchase options and integrations with ride-hailing services. The deal is
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Dune Acquisition Corporation (DUNE) to Combine with TradeZero in $556M Deal

Oct 12, 2021 INTEL by Nicholas Alan Clayton
Dune (NASDAQ:DUNE) has entered into a definitive agreement to combine with equities trading platform TradeZero at an enterprise value of $556 million, or 4.9x its 2022E revenue. New York City-based TradeZero provides a digital equity trading and investment platform targeted at professional day traders. The combined company is expected to trade on the Nasdaq under
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RedBall Acquisition Corp. (RBAC) Confirms SeatGeek Deal Talks

Oct 8, 2021 INTEL by Nicholas Alan Clayton
RedBall Acquisition Corp. (NYSE:RBAC) confirmed in a statement this afternoon that it is in “exclusive discussions” with ticket marketplace SeatGeek “in connection with a possible business combination” following a Bloomberg report claiming a deal is near. The SPAC pumped the breaks on that slightly, noting that there is “no assurance that a definitive agreement will
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TOP-3

FirstMark Horizon Acquisition Corp. (FMAC) to Combine with Starry in $1.6Bn Deal

Oct 7, 2021 INTEL by Nicholas Alan Clayton
FirstMark Horizon (NYSE:FMAC) has entered into a definitive agreement to combine with internet service provider (ISP) Starry at an enterprise value of $1.66 billion, or 6.9x its 2025E adjusted EBITDA. Boston-based Starry provides wireless internet to consumers at gigabit speeds using narrow-wave technology. The combined company is expected to trade on under the symbol “STRY”
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Supernova Partners Acquisition Company II (SNII) to Combine with Rigetti Computing

Oct 6, 2021 INTEL by Nicholas Alan Clayton
Supernova II (NYSE:SNII) has entered into a definitive agreement to combine with quantum computing firm Rigetti at an enterprise value of $1.15 billion, or 3x its 2026E EBITDA. Berkeley, California-based Rigetti Computing has developed scalable quantum computing chips and is working to deploy its machines in collaboration with several government and research institutions. The combined
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IPO-Pricing
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Hyzon Motors (NASDAQ:HYZN) Rebuts Blue Orca Short Seller Report

Oct 5, 2021 INTEL by Nicholas Alan Clayton
SPACs attract short sellers and the latest round between these two forces involved a strongly-worded statement by Hyzon Motors (NASDAQ:NYZN) pushing back point-by-point on a report by Blue Orca that dropped last Tuesday. Hyzon initially plummeted 37% from $9.21 to a low of $5.80 in the days following the report’s publication, but the company is already
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Helix Acquisition Corp. (HLXA) to Combine with Moonlake Immunotherapeutics in $360M Deal

Oct 4, 2021 INTEL by Nicholas Alan Clayton
Helix (NASDAQ:HLXA) has entered into a definitive agreement to combine with biotech firm Moonlake at a pre-money valuation of $360 million and a pro forma equity value of $620 million at close. Schweiz, Switzerland-based Moonlake is developing three drugs to treat different forms of psoriasis disorders that are set to enter Phase II trials in
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IPO-Pricing
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ARYA Sciences Acquisition Corp IV (ARYD) to Combine with Caritas Therapeutics in $242M Deal

Sep 29, 2021 INTEL by Nicholas Alan Clayton
ARYA IV (NASDAQ:ARYD) has entered into a definitive agreement to combine with Amicus (NASDAQ:FOLD)’s gene therapy business to create a separate entity called Caritas Therapeutics with an enterprise value of $242.3 million. This division of Philadelphia-based Amicus is developing a series of gene therapies to treat rare genetic disorders that primarily afflict children and carry
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TradeUP Global Corporation (TUGC) to Combine with SAITECH Limited in $228M Deal

Sep 28, 2021 INTEL by Nicholas Alan Clayton
TradeUP Global (NASDAQ:TUGC) has entered into a definitive agreement to combine with crypto-mining equipment maker SAITECH at an equity value of $228 million. Singapore-based SAITECH provides software and hardware solutions to improve the energy efficiency of bitcoin mining operations. The combined company is expected to trade on the Nasdaq under the symbol “SAI” once the
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