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.
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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