Carsharing Play Getaround Strikes $1.2B DA

by | May 11, 2022

Troubled video game rental player Redbox is acquired. And the rest of the day’s news in SPACs.

————————————————-
Free Investor Resources from Boardroom Alpha
—————————————————-
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing

Chicken Soup to Acquire Redbox

Chicken Soup for the Soul Entertainment (CSSE) is acquiring video games rental player Redbox Entertainment (RDBX) for $375M. The consideration includes assumption of $325M debt and $50M in stock. Notably, RDBX just deSPAC’ed in October with a ~$700M EV, although 89% redemptions and bad performance pummeled the stock, which is down ~60% since deSPAC. Chicken Soup, one of the largest players in the advertising-supported video-on-demand (AVOD) streaming services industry, intends to create an ad-supported media platform. The acquisition comes at a time when competition is heating up in the streaming service sector, as evidenced by the recent struggles at Netflix (NFLX).  The transaction is expected to close in the second half of 2022.

SPAC Deal: IPVA + Getaround

InterPrivate II Acquisition Corp (IPVA) announces a DA with Getaround, “the world’s leading fully digital and global carsharing marketplace.” The transaction values the carsharing company at an enterprise value of $1.2B. $259M in trust. No PIPE.

SPAC IPO: MCACU

Monterey Capital Acquisition Corp. (MCACU) prices $80M IPO. Unit = Share + Warrant + 1/10 Right. $10.10 cash in trust. Monterey Capital is led by CEO and Chairman of the Board Bala Padmakumar, EVP Vivek Soni, and CFO Daniel Davis. The SPAC has an energy focus.

OACB / Alvotech merger vote set

Oaktree Acquisition Corp. II (OACB) sets merger vote date of 6/7 for specialty biopharma Alvotech.

AGBA Extends Deadline to August, Adds to Trust

AGBA Acquisition Limited (AGBA) confirms its $0.15 trust contribution for August extension. The SPAC has another $0.15 option from August – November.

Elsewhere in SPACs

  • Americas Technology Acquisition Corp. (ATA) gets an extension from June to September. No vote date set. No incremental trust contribution.
  • Boardroom Alpha SPAC market review for April.

Upcoming Events

Source: Boardroom Alpha

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 – June 2022

Boardroom Alpha’s June 2022 SPAC market review looks at the latest trends in SPACs, where the market is heading a recap of activity.

SPAC Market Review – May 2022

Inflation, rising interest rates, and reduced corporate earnings across the board have led to persistent market gyrations which prove its too early for bottom fishing. The stampede out of deSPACs now makes it ‘deal-or-die’ time for those without targets.

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 Research & Analysis

SPAC Market Review – June 2022

Boardroom Alpha’s June 2022 SPAC market review looks at the latest trends in SPACs, where the market is heading a recap of activity.

SPAC Daily: AMAO Strikes Royalty Management Deal

AMAO, with just $16M left, announced a post close business DA. Podcast: Know Who Drives ReturnDaily SPAC NewsletterFull SPAC Listing American Acquisition Opportunity Inc. (AMAO) provided some late afternoon fireworks in announcing a $111M EV SPAC deal for Royalty...

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.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.