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The SPACs Attack Show will be broadcast live on Benzinga YouTube Monday through Friday at 11 a.m. EST. She analyzes SPAC news and deals and interviews CEOs. Here’s a look back at some of the major SPAC news for the week ending January 8th.
SPAC-Deals
The big deal of the week was SoFi’s announcement, with Social Capital Hedosophia Holdings Corp V (NYSE: IPOE) to merge. The show confirmed the deal live on the air on Thursday. SoFi offers credit refinancing, mortgages, personal loans, credit cards, insurance, investments and deposit accounts. The company expects to reach 3 million customers in 2021, a 66% year-over-year growth.
SoFi also includes Galileo, a back-end solution for financial service providers. Galileo has over 50 million accounts and counts Robinhood among its customers. Chamath Palihapitiya, CEO of Social Capital, called Galileo the “AWS of fintechs”. The deal values the company at an equity value of $ 8.65 billion. SoFi expects sales of $ 980 million for fiscal 2021 and $ 3.67 billion by fiscal 2025.
Achronix, a semiconductor company, merges with Ace Convergence Acquisition (NASDAQ: ACEV). The deal values Achronix at an enterprise value of $ 1.76 billion. The company is projected to generate revenue of $ 157.6 million in fiscal 2021, up 50% year over year. Achronix has a backlog of $ 160 million and $ 1.1 billion of identified opportunities in the pipeline.
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GX Acquisition Corp (NASDAQ: GXGX) announced a merger with Celularity, an allogeneic cell therapy company. Celularity shareholders include Sorrento Therapeutics (NASDAQ: SRNE) and Bristol-Myers Squibb (NYSE: BMY). The deal values the company at $ 1.7 billion. Shares rose sharply on Thursday evening, but gave way on Friday and ended the session in the red.
Completed mergers: Clover Health (NASDAQ: CLOV) began trading under the ticker symbol CLOV on Friday after it completed its merger with Social Capital Hedosophia Corp III of Palihapitiya.
Rumors
Bakkt, a cryptocurrency platform that operates a Bitcoin futures market, is in talks to merge with VPC Impact Acquisition Holdings (NASDAQ: VIH). Rumors are circulating on Twitter thatSocial Capital Hedosophia IV (NYSE: IPOD) Autogrid, a power grid software company, might be targeting.
Supernova Partners Acquisition (NYSE: SPNV) is in talks to acquire Buzzfeed, according to The Information. Bloomberg reported on the mixed signals from Hyundai about working with Apple Inc (NASDAQ: AAPL) in autonomous electric vehicles.
On SPAC’s Attack, we discussed two electric vehicle SPACs who have investments from Hyundai and who could benefit from the rumors. Canoo (NASDAQ: GOEV) and Arrival, which merges with CIIG Merger Corp (NASDAQ: CIIC), to have both Hyundai investments. Arrival has microfactories that can build smaller auto production lines in existing warehouse properties, which could be a way for Apple to scale production quickly.
New SPACs
The common shares of dMY Technology Group III (NYSE: DMYI) began trading on January 4th. The company has been highlighted in the program in the past, including an interview with dMY Technology CEO Niccolo de Masi. The team brought Rush Street Interactive (NYSE: RSI) publicized and has an upcoming merger with dMY Technology Group II (NYSE: DMYD) for Genius Sports.
Northern Star Investment Corp II was featured on the show this week. The second SPAC from Joanna Coles and Jonathan Ledecky has no announced ticker symbol yet. The SPAC targets beauty, wellness, self-care, fashion, e-commerce, subscriptions and digital media. It’s the same team that recently merged with Barkbox’s parent company, Bark Northern Star Investment Corp (NYSE: STIC) announced in one of the fastest-to-announce SPAC deals in 2020.
Different headlines
The shares of QuantumScape Corporation (NYSE: QS) fell during the week as a major stock lock expired. Shares fell over 25% this week. The shares ofNorthern Genesis Acquisition (NYSE: NGA) rose over 30% for the week. The company that is bringing Lion Electric public released a filing that it has partnered with Amazon.com, Inc. (NASDAQ: AMZN) for up to 2,500 electric vehicles and a possible equity investment.
Momentus, which plans to merge with Stable Road Acquisition (NASDAQ: SRAC), is postponing an IPO. The company will postpone it until later in 2021 and has booked multiple launches with SpaceX between June and December. Skillz Inc (NYSE: SKLZ) became a den Ark Next Generation Internet ETF (NYSE: ARKW), which is directed by Cathie Wood. The fund owns nearly 500,000 shares after buying stocks on Monday and Tuesday.
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ArcLight Clean Transition Corp (NASDAQ: ACTC) was held in strong volume on Friday when it hit an all-time high of $ 12.10. The company aims for clean energy and has Audrey Lee as a member of SPAC. Lee is co-chair of Clean Energy for Biden and former vice president of SunRun Inc (NASDAQ:RUN).
Lordstown Motors Corp (NASDAQ: RIDE) received a “major order” for the endurance pickup truck, according to the Business Journal Daily. The order from Mike Albert Fleet Solutions joins several recently announced major orders.
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