Despite an Icy SPAC Market, S-1s Keep Coming

by | May 27, 2022

Third automotive DA of the week. And the rest of the day’s news in SPACs.

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Two new SPAC S-1s filed

SPAC IPOs have slowed considerably, with only 6 IPOs this month, down from 19 a year ago. Two new S-1s filed:

  • Mars Acquisition Corp (MARXU). Filed for a $75M IPO and will target businesses in crypto-currency and block-chain, electronic vehicles, healthcare technology, financial technology, cleantech, specialty manufacturing, big data and artificial intelligence, and other related technologies. The SPAC is led by CEO, CFO, and Director Karl Brenza, former Senior Managing Director of Investment Banking for Paulson Investment Company; COO and Director Iris Zhao, the CIO of Future Fintech Group (FTFT); and Chairman Shanchun Huang, the CEO of Future Fintech Group. Zhao and Huang are spouses.
  • ESH Acquisition Corp (ESHU).Filed for a $300M IPO. ESH includes industry veterans in entertainment, sports, and hospitality. The SPAC is led by CEO and Director James Francis, founder and former CEO of Chesapeake Lodging Trust and Highland Hospitality, Chairman Allen Weiss, former consultant at Apollo Investment and President of World Wide Operations for the Walt Disney Parks and Resorts business, and Vice Chairman Magic Johnson, former NBA player and founder and CEO of investment firm Magic Johnson Enterprises. ESH intends to target the global entertainment, sports, and hospitality sectors. Areas of focus include professional sports franchises, luxury resorts, destination and regional theme parks, record labels, and music and television streaming services.
Source: Boardroom Alpha

SPAC Deal: Aesther Healthcare Acquisition + United Gear & Assembly

Aesther Healthcare Acquisition (AEHA) announces a DA with United Gear & Assembly. Limited information on this one; $107M in trust. United Gear & Assembly designs and manufactures high precision gears for electric vehicles, construction and mining and agriculture end markets. Customers include Lucid Group (LCID), Volvo, HUSCO, Dana and GM, among others.

GBTG / American Express Global Business Travel  Closes

American Express Global Business Travel  (GBTG) to begin trading on the NYSE 5/31. Still no word on redemptions.

Elsewhere in SPACs

  • SPAC liquidation: Trepont Acquisition Corp I (TACA) on 6/10. $10.10 redemption.

SPAC Calendar

Source: Boardroom Alpha

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<a href="" 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.

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