SPAC Deal for Diamond Retailer Blue Nile and Online Travel Booker Holisto

by | Jun 13, 2022

Deal termination for BIOT/Blade Therapeutics. Two merger votes this week. And the rest of the day’s news in SPACs.

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BIOT / Blade Therapeutics Deal Termination

Biotech Acquisition Corp. (BIOT) terminates deal with biopharma Blade Therapeutics. BAC will continue to look for another target.

Deal Announcement: MACA / Holisto

Moringa Acquisition Corp. (MACA) announces DA with Holisto, “a technology based online travel booking platform.” Implied pro forma equity value is approximately $405M. No PIPE; $30M convertible. Expected close during the fourth quarter of 2022. Slide deck here.

Deal Announcement: MUDS / Blue Nile

Mudrick Capital Acquisition Corp. II (MUDS) announces DA with Blue Nile, an online retailer of conflict-free natural diamonds. The transaction values Blue Nile at a pro forma implied equity value of $873M and is expected to generate approximately $450 million of capital before expenses (assuming no redemptions). $321M in trust. Includes an $80M PIPE (~$50M of which has been pre-funded by MUDS). Existing Blue Nile shareholders will retain 39% of the combined company’s pro forma equity.

Two merger votes this week

Merger votes for Virgin Group Acquisition Corp. II (VGII) and sustainable consumer products company Grove Collaborative and EJF ACquisition Corp. (EJFA) and AI infrastructure player Pagaya Technologies.

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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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Boardroom Alpha Digest: Wed, Feb 1

Fedex Corp. (FDX) announced it would be laying off ~10% of its corporate workforce and Ryan McInerney officially takes over at Visa (V).

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