Cannabis SaaS Play springbig Gets Valuation Haircut

by | May 2, 2022

Valuation haircut for SaaS cannabis play springbig. 2 SPAC deals today. And the rest of the day’s news in SPACs.

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TCAC / springbig Amends Valuation

Tuatara Capital Acquisition Corp. (TCAC ) amends transaction terms associated with its combination with SaaS cannabis marketing play springbig. Adds $16M convert, $50M equity facility, 1M shares bonus pool for non-redeemers. Cuts valuation by 8% to $275M.

SPAC deal: MCAF / CH-AUTO

Mountain Crest Acquisition Corp. IV. (MCAF) announces a DA with CH-AUTO,  a Chinese Electric Vehicle manufacturing and design service company. The transaction values CH-AUTO at an enterprise value of $1.25B. The transaction is expected to close in the fourth quarter of 2022. The company expects to release its second model, the Qiantu K20, a sports car targeting young Gen-Z customers with an affordable price in the second half of 2022.

SPAC deal: FRLA / VCV Digital Technology

Fortune Rise Acquisition Corporation (FRLA) announces a DA with VCV Digital Technology. The transaction values VCV Digital Technology at an enterprise value of $294 million. No PIPE. The company provides computing infrastructure for Crypto/Web3 networks to help accelerate adoption of digital asset mining solutions. Expected completion in the third quarter of 2022.

SMR debut tomorrow

Uranium bulls rejoice. NuScale (SMR), which makes Advanced Small Modular Reactors or SMRs, is expected to trade tomorrow, May 3rd.

Boardroom Alpha SPAC Market Review- April 2022

Today, we released our SPAC market review for April. Quick take: a hawkish Fed and even more cautious SEC are slowing, downsizing, and cancelling deals.

Elsewhere in SPACs

This week’s votes:

  • 5/3 (HK) AGBA extension
  • 5/3 LNFA extension
  • 5/5 BREZ extension
  • 5/5 ACEV / Temp Automation
  • 5/6 ZNTE / Eve

BA Podcast: Innoviz (INVZ) CEO Omer Keilaf on LiDAR, Trust, and Commercial Production

Today, deSPAC LiDAR maker Innoviz (INVZ) announced a six-figure contract win with an undisclosed vehicle manufacture across its multiple brands. Good news for the EV and related technology ecosystem has been harder to find, with even bellwether Tesla (TSLA) stock down 26% YTD. We hope to hear more about this relationship during Innoviz’s upcoming earnings call on May 11. Until then, listen to our recent conversation with INVZ CEO Omer Keilaf. And check out our detailed overview of the Innoviz story here.

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

<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.

Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Monthly SPAC Review

SPAC Market Review – April 2022

The market is a mess right now. A hawkish Fed and even more cautious SEC are slowing deals….but may raise the bar for more quality SPACs down the line.

SPAC Market Review – March 2022

Despite increased scrutiny and apparent investor fatigue, deals are getting done and SPACs remain an attractive path to the public markets.

SPAC Research & Analysis

Starting the Week with 2 DAs

Starting the week off with 2 DAs– oil & gas and battery tech. And the rest of the day’s news in SPACs.

Comera Gets Approval, with Over 98% Redemptions

Squeeze alert: OTRA approves its merger with Comera Life Sciences, albeit with some of highest redemptions we’ve seen in a while (98.4%). And the rest of the day’s news in SPACs.

Know Who Drives Return Podcast

NYC Pension Funds Want Amazon Accountable for Human Capital

AMZN stock is performing, but are warehouse workers paying the price? We talk to Assistant NYC Comptroller Michael Garland on the NYC Pension Funds’ move to unseat two Amazon board members responsible for human capital management at the tech giant.

Boardroom Alpha Daily Read

Board blow-up at Redbox Entertainment. Mill Road Capital Pushing for a Sale of Big Lots. Happy Earth Day! A perfect time to tune into our latest ESG podcast.

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