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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Recent Analysis

Daily SPAC: GUAC, IDAC IPOs Add $400M in SPAC Capital – May 15, 2026

2 SPAC IPOs priced today, with Berto Acquisition Corp. II (GUAC) raising $250M and Iron Dome Acquisition I Corp (IDAC) raising $150M; IDAC funded trust at 100.5% of par. May MTD totals 9 IPOs / $1,425M through 15 days vs. 5 / $725M over the same span last month. Separately, RAAQ advanced its IQM merger with an F-4 filing.

Daily SPAC: SIMA, CAEP-Air Redemptions – May 14, 2026

SIM Acquisition I (SIMA) lost $242M from trust on its extension approval to Jul. 12, 2027, and Cantor Equity Partners III (CAEP) cleared its Air deal after $234M in redemptions. Separately, GSR V Acquisition (GSRV) priced a $200M IPO, taking May MTD to 7 SPAC IPOs / $1,025M through 14 days.

Daily SPAC: BREZ $125M IPO, GPAT Non-Redemption Agreements – May 13, 2026

GP-ACT III Acquisition (GPAT) disclosed non-redemption agreements tied to extension and trust-amendment votes, with investors pledging support and no redemptions alongside sponsor share transfers. Breeze Acquisition Corp. II (BREZ) priced a $125M IPO today with 100.2% initial trust funding; May MTD is 6 IPOs for $825M through 13 sessions vs. 2 IPOs / $350M at the same point last month.

Daily SPAC: CAEP Forward Purchase, AIR-Pubco – May 12, 2026

Cantor Equity Partners III (CAEP) announced a forward purchase with Harraden Circle to fund the CAEP-AIR-Pubco business combination. Columbus Acquisition (COLA) issued a convertible extension note to WISeSat.Space. MTD: 5 SPAC IPOs raised $700M through the first 12 sessions of May vs. 2 IPOs / $350M over the same span in April.

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