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Posts by Eric Weidemann
2021-04-22 at 9:23pm

SPACs on Sale SPAC new issuance has ground to a halt with the change in accounting treatment of warrants and inquiry into SPAC merger projections initiated by the SEC. Alongside this, the market has also cooled and term changes for new SPACs have been slightly negative to flat as many teams would rather wait out...

2021-04-15 at 10:38am

D8 Holdings Corp. (NYSE: DEH) announced this morning that it will combine with surgical robot company Vicarious Surgical, Inc. at a proforma enterprise value of $1.119 billion, or 3.1x 2025 Revenue. Founded in 2014, Charleston, Massachusetts based Vicarious is a next generation robotics company developing a technology with the goal of increasing the efficiency of...

2021-03-29 at 11:17am

CM Life Sciences II (NASDAQ:CMIIU) announced this morning that it will combine with proteomics firm SomaLogic at an enterprise value of $1.23 billion, or 14.6x its 2022E revenue. SomaLogic provides a technology platform for use both in proteomics research and medical diagnostics. The deal is expected to close in the third quarter, with SomaLogic trading...

2021-03-26 at 7:50am

Getting into the 4th week of the most recent SPAC selloff, there are now quite a few searching and announced SPACs that are trading marginally above or even under trust value. Trading under trust value means that an investor could purchase the share prior to a shareholder vote and have the ability to redeem for...

2021-03-24 at 12:55am

SPACDex for March 12 through March 19, 2021 Overall this was a tougher week for SPACs with the market cap weighted return calculation falling from 1.43 to 1.3 and the equal weight calculation falling from 1.19 to 1.14. The market cap weighted return still leads the broader market, but not by much. The equal weight...

2021-03-12 at 9:40am

Empower Ltd. (NYSE: EMPW) announced this morning that it will combine with auto-systems company Holley at a proforma enterprise value of $1.64 billion, or 10.3x 2021 EBITDA. Founded more than 115 years ago, Bowling Green KY based Holley makes and sells parts, including fuel-injection systems, carburetors, engine products and exhaust systems, for high-performance cars. It...

2021-02-24 at 2:06pm

Reinvent Technology Partners (NYSE: RTP) announced this morning that it had entered into a definitive agreement to combine with electric vertical takeoff and landing (“eVTOL”) company Joby Aviation at an enterprise value of $4.629 billion, which is 2.3x EV/2026E Revenue. Founded in 2009, Santa Cruz, CA based Joby Aviation is a transportation company developing an all-electric...

2021-02-18 at 10:45am

Osprey Technology Acquisition Corp. (“SFTW”) announced this morning that it had entered into a definitive agreement to combine with satellite imaging company BlackSky Holdings, Inc. (“BlackSky”) at an enterprise value of $1.106 billion. Founded in 2014, Herndon V.A. based BlackSky is a a real-time Earth observation company leveraging the innovative performance and economics of small...

2021-02-17 at 12:56am

Alpha Healthcare Acquisition Corp. (“AHAC”) announced this morning that it had entered into a definitive agreement to combine with biotech company Humacyte, Inc. (“Humacyte”) at an enterprise value of $849 million. Durham N.C. based Humacyte is a a clinical-stage biotechnology platform company developing universally implantable bioengineered human tissue at commercial scale. The combined company is...

2021-02-10 at 2:48pm

FG New America Acquisition Corp. (FGNA) announced this morning that it had entered into a definitive agreement to combine with fintech lender Opportunity Financial (OppFi) at an enterprise value of $909 million. Chicago-based OppFi provides short-term credit to underbanked borrowers, having processed about 1.5 million loans to about 594,000 customers to date. The combined company...

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