Author: Kristi Marvin

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Supernova Partners II (GMBT) Adds $45M to Rigetti Deal

Dec 23, 2021 INTEL by Kristi Marvin
Supernova Partners II (NYSE:SNII) filed an 8-K this afternoon revealing that it had secured an additional PIPE for $45 million from two “accredited investors”.  The two new PIPE investors agreed to subscribe for 4,390,244 shares of Supernova common stock (“PIPE II Shares”) at a purchase price of $10.25 per share. The terms of the PIPE II
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Queen’s Gambit (GMBT) Adds $10.5M to Swvl Deal

Dec 23, 2021 INTEL by Kristi Marvin
Queen’s Gambit Growth Capital (NASDAQ:GMBT) filed an 8-K this afternoon revealing that it had added $10.5 million to it’s initially announced $100 million PIPE of Class A Ordinary Shares at $10.00 per share ahead of its combination with Swvl, the Dubai-based shared ride-hailing service using minibuses as an urban transport solution. The “Additional Subscription Agreements”
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Has the Growth of SPACs Led to an Increase in Litigation?

Dec 17, 2021 INTEL by Kristi Marvin

D&O insurance provider NFP, took a historical look at securities litigation within the SPAC asset class and prepared a report of their findings.  Read on to see the results.

Andrew Pendergast, SPAC & GPL Practice Leader, NFP
Jonathan Abbott, FCAS, MAAA, Senior Vice-President, NFP


With the dramatic increase in SPAC D&O rates over the past 18 months we sought to answer whether SPACs are being targeted with securities litigation more frequently now than they have been historically, or if the percentage of SPACs being sued has remained relatively constant while the number of IPOs has increased. ...READ MORE

Capstar Special Purpose (CPSR) Board Member Quits Over Gelesis Deal

Dec 14, 2021 INTEL by Kristi Marvin
In an 8-K filed this morning, it was revealed that Capstar Special Purpose board member (NYSE:CPSR), Jamie Weinstein, was resigning from Capstar’s board specifically because he “can no longer support the proposed business combination (the “Proposed Transaction”) of Capstar with Gelesis, Inc. (“Gelesis”), and I can no longer recommend the Proposed Transaction to Capstar’s stockholders,
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Haymaker III (HYAC) to Combine with Biote in $737M Deal

Dec 13, 2021 INTEL by Kristi Marvin
Haymaker Acquisition Corp. III (NASDAQ:HYAC) has entered into a definitive agreement to combine with hormone-optimization medical practice builder Biote at an enterprise value of $667 million, or 4.0-4.2x multiple to 2022E sales. Irving, Texas-based Biote is a high-growth, differentiated medical practice-building business with a bioidentical hormone replacement optimization platform and complementary nutraceutical business. The company
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SCVX and Bright Machines Mutually Terminate Deal

Dec 13, 2021 INTEL by Kristi Marvin
SCVX Corporation(NASDAQ:SCVX) and Bright Machines, the San Francisco-based company that uses artificial intelligence and robotics to automate tasks in electronic manufacturing, announced this morning that they have opted to mutually terminate their business combination agreement. The companies were particularly candid in saying, “In light of the low likelihood that the business combination agreement could be completed
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Yucaipa (YAC) Announces Preliminary Redemption Results

Dec 10, 2021 INTEL by Kristi Marvin
Yucaipa Acquisition Corporation (NYSE:YAC) announced this morning that they expect to close their business combination with Signa Sports United on Tuesday, December 14. This vote will not be final until after the meeting concludes at 10:00 am, December 13. However, since the redemption deadline has passed, they anticipate $484 million through a combination of YAC
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FAST (FST) and Fertitta Entertainment Call it Quits

Dec 10, 2021 INTEL by Kristi Marvin
After announcing their combination over 10 months ago, FAST Acquisition Corp (NYSE: FST) and Fertitta Entertainment, Inc. (“FEI”), announced this morning that they are officially terminating their intended business combination. How did we get here? Well, the FAST/FEI deal was originally announced on February 1, 2021, and from the get-go consistently traded above $10.00. In
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Dragoneer Growth Opportunities II (DGNS) Shareholders Approve Cvent Deal

Dragoneer Growth Opportunities Corp. II (Nasdaq:DGNS) announced this morning that its shareholders have approved its combination with event technology provider Cvent in a special meeting held earlier today. The closing of the business combination is expected to take place on December 8, 2021, at which time the common stock will begin trading on the Nasdaq
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InvestIndustrial (IIAC) Secures $125M Redemption Offset

InvestIndustrial Acquisition Corp. (NYSE:IIAC) announced this morning that they have secured an up to $125 million Redemption Offset Arrangement ahead of their scheduled shareholder vote to combine with Ermenegildo Zegna Holditalia SpA (“Zegna”) on Wednesday, December 15th. IIAC has an estimated $402.6 million held in trust and had previously announced a $250 million PIPE in
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