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The Latest SPAC News and Rumors: March 9, 2022
by Marlena Haddad on 2022-03-09 at 12:04am

 


Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Games Global in talks with Tailwind International SPAC, AST SpaceMobile sings multi-launch agreement with SpaceX, and Eni and Livestream raise $230M in Green SPAC listing in London

Games Global in Talks With Tailwind International SPAC

Games Global is in talks to go public through a merger with a SPAC, according to Bloomberg.

Games Global and Tailwind International Acquisition Corp. (NYSE:TWNI) have signed a letter of intent regarding a transaction that values the combined entity at more than $3 billion.

Founded in 2021, Games Global is led by Chief Executive Officer Walter Bugno, a former International Game Technology Plc executive. The company describes itself as a supplier to the online gaming industry. It offers over 3,000 gaming titles made by more than 50 firms including Gameburger Studios, All41 Studios and Slingshot Studios, its website shows.

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AST SpaceMobile Announces Multi-Launch Agreement With SpaceX for Planned Direct-to-Cell Phone Connectivity 

AST SpaceMobile, Inc. (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, today announced it has signed a multi-launch agreement with Space Exploration Technologies Corp. In addition to the planned summer launch of the BlueWalker 3 test satellite (BW3), the agreement covers the launch of the first BlueBird satellite and provides a framework for future launches.

New Providence Acquisition Corp. entered a business combination agreement with space-based telecom company AST SpaceMobile on December 16.

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Eni and Livestream to Raise $230M in Green SPAC Listing in London

Eni and Livestream LLC plan to float their New Energy One Acquisition (NEOA) Corporation on the London Stock Exchange to raise up to 175 million pounds ($230 million) to invest in energy transition, the Italian oil company said on Wednesday.

As part of the IPO, Eni has committed to underwrite 17.5 million pounds of the capital increase, with an option to go up to 25 million pounds. LiveStream and Eni are financial backers of NEOA which will be the UK’s largest SPAC focused on the energy transition.

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Loeb Pushing Cano to Sell Because Markets Dislike SPAC Mergers

Dan Loeb, whose firm Third Point was a sponsor of a SPAC, Far Point Acquisition Corp., is pushing Cano Health Inc. (NYSE:CANO) to explore a sale in what may be the first time a prominent activist investor has targeted a company that went public via a blank-check deal in recent years.

Loeb’s Third Point disclosed a 6.4% stake Wednesday in the senior-care facility operator, saying it should put itself on the block due to “the market’s largely unfavorable view” of companies that merged with SPACs. This is despite Third Point previously sponsoring their own SPAC, which combined with Global Blue, and having invested in the PIPEs of numerous other SPACs. Third Point is currently listed as one of the PIPE investors of Fintech Acquisition Corp. V (Nasdaq: FTCV) which intends to combine with eToro.

Cano Health has fallen about 57% since closing its merger in June 2021 with Jaws Acquisition Corp., a SPAC backed by billionaire Barry Sternlicht. The stock soared 43% to $6.54 at 10:11 a.m. in New York trading Wednesday, giving it a market value of about $3.1 billion.

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Acorns Squirrels Away $300M Series F After Scrapping SPAC, Now Worth Nearly $2B

Savings and investing app Acorns has raised $300 million in a Series F funding round that values the company at nearly $2 billion.

The announcement of the raise comes about six weeks after the consumer fintech startup said it was shelving its plans for its $2.2 billion SPAC with Pioneer Merger Corp. (NASDAQ:PACX) in favor of an eventual traditional IPO. New York-based Acorns had last raised more than three years ago — a $105 million Series E round in January of 2019 at an $860 million valuation.

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Lordstown Backers Lose Bid to Halt SPAC Suit Over Novel Issues

Lordstown Motors Corp.’s (NASDAQ:RIDE) leaders and backers lost their bid to pause investor litigation over the blank-check merger that took the electric truck maker public, when a Delaware judge ruled that the lawsuit involves too many novel legal issues to be paused pending the outcome of a parallel case.

Vice Chancellor Lori W. Will denied a motion to suspend proceedings in Delaware’s Chancery Court while a proposed federal securities fraud class action involving similar allegations plays out in a Youngstown, Ohio, federal court.

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Aquila Acquisition Gets HKEX Approval, Moving Hong Kong’s First Blank-Check Listing Closer to Reality

Hong Kong stock exchange has approved the first IPO by a SPAC under its new listing regime.

The approval for Aquila Acquisition Corp, sponsored by the asset management arm of Chinese brokerage CMB International, was reflected in an updated draft prospectus published on website of Hong Kong Exchanges and Clearing (HKEX) on Wednesday.

While the company did not say how much it plans to raise from the share sale, SPACs in Hong Kong must raise a minimum of HK$1 billion (US$128 million).

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Genius Sports and Mid-American Conference Agree to Inaugural Fan Engagement, Official Data, and Integrity Partnership

Genius Sports Limited (NYSE: GENI), the official data and technology partner that powers the ecosystem connecting sports, betting, and media, has secured a first-of-its-kind official sports data, fan engagement and integrity partnership with the Mid-American Conference, a National Collegiate Athletic Association  Division I Conference that sponsors championships in 24 sports.

dMY Technology Group, Inc. II announced in an 8-K filing in mid-April that its shareholders have approved its merger with Genius Sports with minimal shares redeemed.

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Eos Energy Enterprises Secures Record-Breaking Order from Bridgelink Commodities, LLC

Eos Energy Enterprises, Inc. (NASDAQ: EOSE), a leading provider of safe, scalable, efficient, and sustainable zinc-based energy storage systems, today announced it entered into a master supply agreement with Bridgelink Commodities, LLC for proposed storage projects across Texas.

Bridgelink has committed to purchase 240 MWh of energy storage capacity provided by Eos’s Znyth™ zinc-based technology, accompanied by an option to purchase long-term maintenance support, with an additional option to expand to a total of 500 MWh over a term of 3 years, representing a total order value of up to $150 million.

B. Riley Principal Merger Corp. II entered into a definitive agreement to merge with Eos Energy Storage at an initial enterprise value of $550M on September 8, 2020.

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