SPAC Daily: LION With a New Merger

by | Jul 26, 2022

This morning Lionheart III (LION) announced a unique SPAC deal to take Australian listed Securities Matters Limited (ASMX) public in the US by virtue of a transfer that would see the company be listed on NASDAQ. The company was trading at a valuation of ~$28M and, at the current merger agreement, would value that enterprise ~$244M. The agreement doesn’t seem to include any additional financing (aside from trust).

Head scratcher, to say the least. However it is not necessarily unsurprising from the Lionheart Capital team, the same SPAC sponsors that brought the (infamous) MSP Recovery Deal to the market. MSPR have seen a precipitous fall in value following some of the “creative” financing maneuvers seen by the team.

MSPR stock has cratered

Safe to say that the investing community wasn’t exactly jazzed about this deal either, making for an entertaining morning. The market agrees, as LION commons didn’t move and the warrants actually fell 1c to close at just 17c. At least, unlike a deal yesterday, they were able to produce an investor deck during the “Summer Holiday” ūüėČ

Elsewhere in SPACs

  • International Media Acquisition Corp. (IMAQ) successfully amended its trust charter to lower its cost for 2 3month extensions to just $350k per. However, over 20M shares redeemed and just ~$20M remains in its trust
  • Ventoux CCM (VTAQ) and Presto Automation announced a $100M private raise consisting of $60M equity and $40M from “other sources.” In addition the two parties reduced the target valuation down to $525M.
  • East Resources Acquisition Corp. (ERES) shareholders approved its extension, yet 72% of the SPAC redeemed as part of the vote.

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Today’s SPAC Market Movers

Biggest SPAC Gainers

4.35% ~ $ 9.83 | CHWA РCHW Acquisition Corp (Announced)
3.52% ~ $ 10.30 | BCAC РBrookline Capital Acquisition Corp. (Pre-Deal)
2.49% ~ $ 10.29 | TRON РCorner Growth Acquisition Corp. 2 (Pre-Deal)
1.79% ~ $ 10.25 | NOVV РNova Vision Acquisition Corp (Pre-Deal)
.90% ~ $ 10.10 | IMAQ РInternational Media Acquisition Corp. (Pre-Deal)
.79% ~ $ 10.25 | ACEV РACE Convergence Acquisition Corp (Announced)
.71% ~ $ 9.91 | TRIS РTristar Acquisition I Corp. (Pre-Deal)
.61% ~ $ 9.91 | VBOC РViscogliosi Brothers Acquisition Corp (Pre-Deal)
.60% ~ $ 10.05 | SHAP РSpree Acquisition Corp. 1 Ltd (Pre-Deal)
.60% ~ $ 10.08 | SPK РSPK Acquisition Corp. (Announced)
.52% ~ $ 9.75 | IPAX РInflection Point Acquisition Corp. (Pre-Deal)
.50% ~ $ 9.99 | SUAC РShoulderUP Technology Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.14 | TOAC РTalon 1 Acquisition Corp (Pre-Deal)
.41% ~ $ 9.70 | JAQC РJupiter Acquisition Corporation (Pre-Deal)
.41% ~ $ 10.19 | LNFA РL&F Acquisition Corp (Announced)
.41% ~ $ 9.74 | DALS РDA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.76 | FICV РFrontier Investment Corp (Pre-Deal)
.41% ~ $ 9.79 | GFGD РGrowth for Good Acquisition Corp (Pre-Deal)
.40% ~ $ 9.92 | MCAC РMonterey Capital Acquisition Corp (Pre-Deal)
.40% ~ $ 9.95 | MEKA РMELI Kaszek Pioneer Corp (Pre-Deal)

Biggest SPAC Losers

-5.29% ~ $ 8.78 | WALD РWaldencast Acquisition Corp. (Announced)
-4.18% ~ $ 9.63 | DSAC РDuddell Street Acquisition Corp (Announced)
-3.06% ~ $ 9.19 | NLIT РNorthern Lights Acquisition Corp. (Announced)
-2.68% ~ $ 30.17 | DWAC РDigital World Acquisition Corp. (Announced)
-1.06% ~ $ 10.26 | FOXW РFoxWayne Enterprises Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.87 | LCW РLearn CW Investment Corp (Pre-Deal)
-.51% ~ $ 9.77 | FWAC РFifth Wall Acquisition Corp. III (Pre-Deal)
-.41% ~ $ 9.71 | ALCC РAltC Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.83 | LCAA РL Catterton Asia Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.93 | EVE РEVe Mobility Acquisition Corp (Pre-Deal)
-.40% ~ $ 9.93 | SIER РSierra Lake Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.98 | PHYT РPyrophyte Acquisition Corp. (Pre-Deal)
-.40% ~ $ 9.99 | ROC РROC Energy Acquisition Corp. (Pre-Deal)
-.31% ~ $ 9.79 | LCA РLandcadia Holdings IV, Inc. (Pre-Deal)
-.31% ~ $ 9.79 | AMCI РAMCI Acquisition Corp. II (Announced)
-.30% ~ $ 9.81 | RACB РResearch Alliance Corp. II (Pre-Deal)
-.30% ~ $ 9.85 | SSAA РScience Strategic Acquisition Corp. Alpha (Pre-Deal)
-.30% ~ $ 9.85 | YOTA РYotta Acquisition Corp (Pre-Deal)
-.30% ~ $ 9.85 | CLAA РColonnade Acquisition Corp. II (Pre-Deal)
-.30% ~ $ 9.86 | PACX РPioneer Merger Corp. (Pre-Deal)

<a href="" target="_self">David Drapkin</a>

David Drapkin

Spent his formative years at Goldman Sachs and now embraces the start-up life in NYC. A long suffering Oakland (Las Vegas) Raiders fan and graduate of the Wharton School at the University of Pennsylvania. Semi-professional go-kart racer waiting for his shot.

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