SPAC Wrap: Full Steam Ahead
December 11, 2020

Boardroom Alpha provides in-depth analytics and tracking of all public company executives and officers. Below is a rundown of select CEO moves made in November. Get a demo today to see how you can receive real-time alerts and in-depth analytics.

A rundown of notable SPAC happenings this week:

Desktop Metal Completes Combo with Trine Acquisition Corp

  • The 3D printing company officially listed on the NYSE this week (DM) following the completion of their merger with Trine Acquisition Corp
  • Leo Hinderey, CEO of the SPAC, will stay on as a member of the company’s board
  • The deal financing included a $275M PIPE from a group of investors including the SPAC-master himself Chamath Palihapitiya
  • Credit Suisse Securities LLC and Stifel Financial Corp advised

Collective Growth Corporation (CGRO) goes for LiDAR with Innoviz Technologies

  • Sponsored by Antara Capital and Perception Capital, will list on NASDAQ with ticker INVZ
  • All Innoviz stockholders will retain the entirety of their existing equity
  • Innoviz, just founded in 2016 and having raised $251M, is making LiDAR tech targeting autonomous driving
  • $200M PIPE with Antara the largest investor, Estimated equity value of $1.4B
  • Goldman advised

Cantor Fitzgerald Files for 4th SPAC – CF Finance Acquisition IV

  • Team of Howard Lutnick, Anshu Jain, and Paul Pion are back again, this time seeking ~$400M
  • CFI completed its combination with GCM Grosvenor in November, shares are now up over 30% over $14
  • As noted last week, CFII announced View, a smart-glass maker, as its target for an acquisition. That deal includes a $300M PIPE and values Stem at $1.6B
  • CF III is waiting in the wings, having raised $200M in its IPO earlier in November

Brent Saunders Gets his Deal with HydraFacial

  • Vesper Healthcare Acquisition, led by former Allergan CEO Brent Saunders, agreed to combine with skin care company HyrdaFacial. The deal values HydraFacial at $1.1B
  • The deal financing includes a $350M PIPE. Goldman is running as exclusive financial advisor and private placement agent 
  • Saunders was CEO of Allergan from July 2014 until its acquisition by AbbVie in May 2020. He had a career annualized TSR of -1%, concluding in the sale

Forum Merger (FIII) goes green and names Electric Last Mile (ELMS) as target

  • Will be listed as ELMS and called Electric Last Mile Solutions, Inc, $1.4B implied value
  • Focusing on delivering it Urban Delivery van in Q3 2021 – over 30k pre-orders – and meeting the last mile challenge
  • $155M PIPE with BNP Paribas Asset Management Energy Transition Fund and Jennison Associates anchoring
  • “The demand for cost effective solutions to support the e-commerce ecosystem is overwhelming. This industry promises rewards to first movers who can deliver value-driven solutions,” said James Taylor, CEO of ELMS
  • No details yet on whether ELMS insiders will fully their investments fully into the new company

Big Rock Runs is running out of time…Again

  • Big Rock Acquisition led by Richard Ackerman has been seeking a target in senior housing since Nov 2017 when they raised $69M in their IPO
  • They are now seeking a 6th(!) extension to grab a deal, now out until April 2021
  • They only have $5.9M remaining in the trust. Shareholders will vote next on December 18

We were not able to consummate an initial business combination by such date and on each of August 21, 2019, November 21, 2019, March 23, 2020 and July 23, 2020, our stockholders approved an amendment to the charter to provide that we would have until November 22, 2019, March 23, 2020, July 23, 2020 and December 23, 2020, respectively, to complete a business combination.”

Big Rock Proxy

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