All Eyes on Swvl, Gogoro Gets Approval.

by | Mar 31, 2022

Shared mobility player Swvl (SWVL) makes its debut. PPGH approves its merger with battery-swapping tech provider Gogoro. Deal making isn’t easy as 3 SPACs get extensions. And the day’s news in SPACs.

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All eyes on Swvl (SWVL)

Mass transit and shared mobility provider Swvl (SWVL) had its debut today after deSPAC from women-led Queen’s Gambit Growth Capital (GMBT). Swvl is the first company launched from Africa and the second Middle Eastern company to list on the NASDAQ via SPAC merger. Abu Dhabi-based music streaming platform Anghami (ANGH) was the first (last February). SWVL shares closed at $9.90.

PPGH approves merger with Gogoro

Poema Global Holdings Corp. (PPGH) approved its merger with Taiwanese battery swapping provider Gogoro. The transaction, which officially closes on April 4, 2022 , is expected to generate at least $335M in cash for the company. Gogoro will trade on the NASDAQ as “GGR” on April 5, 2022.

Elsewhere in SPACs

Extension for LNFA

L&F Acquisition Corp. (LNFA) filed for an extension from May out to August. No vote date as of yet. The SPAC has a pending deal with cybersecurity provider ZeroFox.

Extension for MPAC

Model Performance Acquisition Corp. (MPAC) will use first of 2 extension options and add $0.10 trust to extend from April to July. The SPAC has a pending deal with Hong-Kong-based animation and gaming company MultiMetaVerse.

Extension for THCA

The extension trend continues, as Tuscan Holdings Corp. II (THCA) gets an extension to June. Low float alert: only 2.7M public shares are remaining: 17.25M at IPO, 2.5M redeemed in April 2021, 2.3M in September 2021, 3.1M in December and 6.65M now. SPAC has ~$10.30 in trust. Originally a cannabis-focussed SPAC, THCA seems to have shifted its focus to real estate, although no DA has been announced. It’s also one of the rare pre-DA SPACs trading above $10 ($11 currently). Recall that the SPAC was rumored to be looking at a deal with freight startup Transfix back in late 2020.

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<a href="https://www.boardroomalpha.com/author/joanna/" target="_self">Joanna Makris</a>

Joanna Makris

Joanna has been analyzing and investing in emerging technologies for over two decades, having led the Technology, Media, and Telecom research at several global investment banks, including Mizuho Securities and Canaccord Genuity. Navigating stock market volatility since it all began in 2000. Banjo player, artist, and frittata-maker.

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