SPAC Deals in Plant-Based Proteins and Med Tech

by | Jun 15, 2022

Cannabis SaaS player SpringBig already running on fumes, losing 47% in its first day of trading. Grove Collaborative gets the green light. And the rest of the day’s news in SPACs.

————————————————-
Free Investor Resources from Boardroom Alpha
—————————————————-
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing

SPAC Deal: FHLT/ Excelera

Future Health ESG Corp. (FHLT) announces DA with Excelera, a “leading accountable care organization and AI platform.” The transaction values Excelera at $459 million and includes a $100M PIPE priced at $11. Trust size $201M.

SPAC Deal: LJAQ / Moolec

LightJump Acquisition Corp. (LJAQ) announces DA with Moolec, a “science-based food ingredient company.” The transaction values the company at a $504M equity value and includes a $10M backstop. $138M in trust.

SBIG Drops 50% in its First Day of Trading

SaaS-based cannabis marketing platform Springbig (SBIG) deSPAC’d from Tuatara Capital Acquisition Corp. today. Shares traded down 47% to close at $4.50.

VGII/ Grove Collaborative: Merger approved

Virgin Group Acquisition Corp. II (VGII) approves merger with sustainable household products supplier Grove Collaborative. No information on redemptions. Grove Collaborative will trade on the NYSE as GROV on 6/17.

ACKIT Extension

Ackrell SPAC Partners (ACKIT) to add $0.043 / share or $200k each month it extends past June to Sept. Vote on 6/21.

DUNE Extension

Dune Acquisition Corp. (DUNE) gets an 18 month extension to December 22, 2023. Shares redeemed: 16,409,033 (95.1%). $8.4M in trust.

SPAC Daily Movers

Source: Boardroom Alpha

SPAC Calendar

Source: Boardroom Alpha

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

<a href="https://www.boardroomalpha.com/author/joanna/" 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.

Know Who Drives Return

Objective, data-driven assessments for every public company director and officer.

SPAC Analytics & Database

Comprehensive research and analytics on every SPAC, sponsor, and deal. Real-time alerts, yields, red flags, filings, investors, and much more. API access to institutional grade SPAC database.

Monthly SPAC Review

SPAC Market Review – May 2022

Inflation, rising interest rates, and reduced corporate earnings across the board have led to persistent market gyrations which prove its too early for bottom fishing. The stampede out of deSPACs now makes it ‘deal-or-die’ time for those without targets.

SPAC Market Review – April 2022

The market is a mess right now. A hawkish Fed and even more cautious SEC are slowing deals….but may raise the bar for more quality SPACs down the line.

SPAC Market Review – March 2022

Despite increased scrutiny and apparent investor fatigue, deals are getting done and SPACs remain an attractive path to the public markets.

SPAC Research & Analysis

Alvotech Puts Iceland on the SPAC Map

Icelandic biopharma Alvotech deSPACs today. DHAC announces DA with VSee Lab. Deal termination for AKIC and visual effects company DNEG. A flurry of extension votes. And the rest of the day’s news in SPACs.

Know Who Drives Return Podcast

NYC Pension Funds Want Amazon Accountable for Human Capital

AMZN stock is performing, but are warehouse workers paying the price? We talk to Assistant NYC Comptroller Michael Garland on the NYC Pension Funds’ move to unseat two Amazon board members responsible for human capital management at the tech giant.

Boardroom Alpha Daily Read

Board blow-up at Redbox Entertainment. Mill Road Capital Pushing for a Sale of Big Lots. Happy Earth Day! A perfect time to tune into our latest ESG podcast.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon. 

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.  

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.  

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.