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.

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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.

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<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.

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January saw the SPAC market fall quickly alongside the broader market as a revolt against “spec tech” and overall sentiment drove it lower.

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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.

DWAC Can’t Seem to Stay out of Trouble

DWAC shares plunge 28% on news of a second SEC subpoena. Important merger vote for Sir Richard Branson today: VGII / Grove Collaborative. Tomorrow, EJFA / Papaya. And the rest of the day’s news in SPACs.

Know Who Drives Return Podcast

Boardroom Alpha Daily Read

We take a closer look at fundamentals at baby and children’s apparel retailer Carter’s (CRI) on the heels of the company’s ESG announcement.

Boardroom Alpha Daily Read

We take a look at the day’s news, ESG trends and special situations. Mastercard (MA) ties executive bonuses to ESG goals. Ingevity (NGVT) is a discounted specialty chemicals story with an ESG twist.

Boardroom Alpha Daily Read

We take a look at the day’s news, ESG trends and special situations. WindAcre increases its stake and opposes NSLN takeover bid. Activist Jana Partners brings lessons learned at ConAgra (CAG) to Treehouse Foods (THS). And other notable special situations.

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