Billtrust (NASDAQ:BTRS), which combined with South Mountain in January 2021, announced this morning that it has agreed to be acquired by private equity fund EQT in an all-cash deal for $9.50 per share.
This is a 76% premium over the stock’s 90-day VWAP and a 64% premium over its last close at $5.77. Although this comes in -5% below South Mountain’s $10 IPO price, it nonetheless represents a major victory in the current market, with its host exchange down -29.7% on the year.
Other de-SPAC acquisitions this year have not been so generous. 2020 de-SPAC SOC Telemed announced in February it would be acquired for $3 per share, while Romeo Power (NYSE:RMO) agreed to be acquired by fellow de-SPAC Nikola (NASDAQ:NKLA) in August, exchanging each Romeo share for 0.1186 Nikola shares. That rate equated to roughly $0.81 per share in value on the day it was announced, or $0.46 per share as of market open today.
Lawrenceville, New Jersey-based Billtrust provides accounts receivable (AR) and accounts payable (AP) software with order-to-cash credit solutions to improve cashflow and eliminate paper invoicing.
It reported $40.2 million in net revenue in the second quarter of 2022 with -$4.2 million EBITDA, while bumping up its full year guidance slightly to $197 million to $207 million in net revenue with -$14 million to -$16 million in EBITDA losses.
Globa Terra Acquisition Corporation (NASDAQ:GTERU) has filed for a $152.2 million SPAC to find an agriculture or food-tech target company The new SPAC is overfunded to 100.5% and is set to have both a 3/4 warrant and right to a 1/20 share in each of its units. This vies for the most investor-friendly unit coverage of...
EGH Acquisition Corp. (NASDAQ:EGHAU) has filed for a $150 million SPAC to continue the work of the Tortoise serial SPAC team under a fresh name. The new SPAC is not overfunded and will have one right to a 1/10 share in each of its units. It will have 24 months to initially close a business...
Yorkville Acquisition Corp. has filed for a $150 million SPAC to bring the sponsor’s experience in SPAC investing to a search for a technology, media or telecom target. The new SPAC is overfunded to 100.5% with $10.05 per unit in trust initially. Each unit is set to contain a 1/3 share and it will have...
At the SPAC of Dawn This week’s trading comes to an end later today as the US exchanges will observe the Good Friday holiday (but the SEC’s EDGAR filing system will not). Dow futures ahead of this session remain in the red although both the S&P 500 and Nasdaq look to make up some losses...
This week, we return to another episode from 2021, when we spoke with Will Marshall, Co-founder and CEO of Planet Labs (NYSE:PL). Planet provides data services drawn from its fleet of about 200 satellites that generate a complete image of the earth’s surface every day. It just celebrated its first quarter of EBITDA profitability, but at...