Gogoro (GGR) deSPACs today. Black Rifle Coffee (BRCC) takes a hit on warrant redemption. Another deal cancellation. And the rest of the day’s news in SPACs.
Gogoro (GGR) Has a Successful Debut
Taiwanese battery swapping player Gogoro (GGR) deSPACed today from Poema Global Holdings (PPGH). The company gives drivers of electric motorbikes and other EVs new batteries in exchange for their used ones for a monthly fee. Gogoro, which maintains more than 10,000 battery-swapping stations in Taiwan, also makes “high-speed” electric scooters. F2021 revenue was $325M. GGR has guided to F2022 revenue of $500 million. Shares closed in the green at $14.02.
Deal Cancellation: MDH / Olive.com
MDH Acquisition Corp. (MDH) and Olive.com call off merger (DA in July). MDH has until Feb-2023 to find another target.
Elsewhere in SPACs
- Dilution for holders of Black Rifle Coffee / BRC Inc. (BRCC), which announced a cashless redemption all of its outstanding warrants at $0.10 per warrant. Shareholders have until May 4, 2022 to redeem their warrants. Shares closed down 15% today at $24.10. Short interest is high on this one, at 11.3%.
- Moonlake Immunotherapeutics AG closed its merger with Helix Acquisition Corp. (HLXA). Shares trade tomorrow as MLTX.
- Nocturne Acquisition Corp. (MBTCU) extends to July and adds $0.10 to trust. Two extension options left.
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