Encouraging earnings results from 2 SPACs on tap: Voltus, Swvl

by | Mar 21, 2022

Encouraging Q4 results from 2 SPACs on tap: Voltus and Swvl . And all the day’s news in SPACs.

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PPGH / Gogoro upsizes PIPE

Poema Global Holdings Corp. (PPGH) / Gogoro upsized its PIPE by $37.5M to total of $295M. Transaction is expected to close in early April. Taiwanese battery swapping tech supplier Gogoro is expected to trade as GGR. Vote is 3/31. Gogoro announced it had exceeded its prior 2021 revenue projection of $326.9M by approximately 10%. The company says it’s tracking well against its previous 2022 revenue projection of $500.2M. 

SCLE / Voltus reports Q4 results; investor update tomorrow

Voltus, which is expected to merge Broadscale Acquisition Corp. (SCLE), reported Q4 and full year results. The company will hold its investor day tomorrow. The merger is on track to close in Q2 2022.

GMBT / Swvl reports Q4 results

Dubai-based ride sharing platform Swvl, which is expected to merger with women-led SPAC Queen’s Gambit (GMBT), reported Q4 results. The company reported 12.6 million in bookings for Q4 2021 (+92% YoY), outperforming full-year projections by 17%. Swvl’s bus-hailing service enables users to make intra-state journeys by booking seats on buses running a fixed route– saving money and reducing emissions. The company offers inter-city rides, car ride-sharing, and corporate services across the 10 cities it operates in across Africa and the Middle East. Merger vote 3/30.

Elsewhere in SPACs

  • Ackrell SPAC Partners I Corp. (ACKIU) extends. Confirms $0.10 trust funding and June-22 deadline. $10.20 in trust. The SPAC has only a single 3-month extension option left.
  • Viveon Health Acquisition Corp. (VHAQ), which has a deal announcement with regenerative esthetics company Suneva Medical— confirmed its extension to 6/28, and added $720k to trust. VHAQ can extend (without a vote) in 1-month increments for up to 6 months, or 12/28.

SPAC Calendar

SPAC Deal Votes

  • Mar 22 | TWNT –> TERRAN ORBITAL Corp
  • Mar 29 | HTPA –> Packable
  • Mar 31 | HLXA –> MoonLake Immunotherapeutics AG

SPAC Extension Votes

  • AMAO extension vote today. March 22 liquidation date.
  • Mar 18 | BRLI
  • Mar 22 | THCA

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