Tims China gets a haircut in SLCR SPAC Deal

by | Mar 9, 2022

Amidst SPAC meltdown, LBBB prices $60M IPO. SLCR cuts valuation on Tims China, GLAQ extends. And all the day’s news in SPACs.

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SLCR/Tims China cut valuation 

Silver Crest Acquisition Corp. (SLCR) announced a significant update to merger terms with TH International Ltd. — Tims China – re-cutting the merger valuation to $1.4B from $1.7B previously. The deal involves a new $94.5M PIPE from Cartesian, RBI, and Silver Crest (at $10 + warrants), as well as a $100M committed share facility. SLCR has also extended the merger termination date to June-30. 

Tims China holds the exclusive master franchise rights for Tim Hortons in China and currently operates ~400 stores.

GLAQ Extends Deadline

Globis Acquisition Corp. (GLAQ) extended its deadline date to June-15-2022 and added $0.10 to trust (~$10.30 now). This is their second (and last) extension without a vote. The company has not yet set a vote date for its merger with African agribusiness Forafric (AFRI) .

Forafric provides agribusiness lifecycle operations, from sourcing to processing, for sales and distribution of branded products. It would be the first African agribusiness company to list on a U.S. exchange.

Elsewhere in SPACs

  • Pan-European charger network Allego provided a business update ahead of its SPAQ merger with Spartan Acquisition Corp. III (SPAQ) next week. Key points: total unique users on Allego’s network reached nearly 730,000 at the end of February 2022 (+63% YoY and +10% QoQ). Allego’s network has an approximate 80% recurring rate per month.
  • Getty Images (GETY) to hold virtual investor day 3/17. SPAC sponsor CC Neuberger Principal II (PRPB) is holding up well in a tough market, closing at $9.90. Transaction close 1H21.
  • New filing from Polestar/GGPI with a detailed look at product roadmap. 
  • CF Acquisition Corp VIII (CFFE) saw 2.9M (11%) redemptions in its extension vote, and their new deadline is now 9/30/2022. They added $0.20 per share to trust for the non-redeemers
  • FirstMark Horizon Acquisition Corp (FMAC) put in place a non-redemption agreement for 2.5M shares

Today’s Price Action

Biggest Gainers

1.30% ~ $ 11.66 | CFVI – CF Acquisition Corp. VI (Announced)
.89% ~ $ 10.15 | IPOF – Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
.81% ~ $ 75.74 | DWAC – Digital World Acquisition Corp. (Announced)
.72% ~ $ 9.85 | INAQ – Insight Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.85 | SLCR – Silver Crest Acquisition Corporation (Announced)
.71% ~ $ 9.96 | IVCB – Investcorp Europe Acquisition Corp I (Pre-Deal)
.61% ~ $ 9.88 | LCW – Learn CW Investment Corp (Pre-Deal)
.60% ~ $ 10.05 | DTRT – DTRT Health Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.76 | BRIV – B. Riley Principal 250 Merger Corp. (Pre-Deal)
.51% ~ $ 9.80 | RCAC – Revelstone Capital Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.91 | ARTE – Artemis Strategic Investment Corporation (Pre-Deal)
.50% ~ $ 9.97 | HHGC – HHG Capital Corporation (Pre-Deal)
.50% ~ $ 9.98 | ARGU – Argus Capital Corp. (Pre-Deal)
.49% ~ $ 10.24 | GLAQ – Globis Acquisition Corp. (Announced)
.48% ~ $ 10.43 | GRCY – Greencity Acquisition Corp (Pre-Deal)
.45% ~ $ 11.10 | GGPI – Gores Guggenheim, Inc (Announced)
.44% ~ $ 10.19 | ADOC – Edoc Acquisition Corp (Announced)
.41% ~ $ 9.78 | KIII – Kismet Acquisition Three Corp. (Pre-Deal)
.41% ~ $ 9.82 | RCLF – Rosecliff Acquisition Corp I (Announced)
.40% ~ $ 9.98 | LMACA – Liberty Media Acquisition Corporation (Pre-Deal)

Biggest Losers

-14.47% ~ $ 9.93 | SPAQ – Spartan Acquisition Corp. III (Announced)
-.92% ~ $ 9.71 | HPLT – Home Plate Acquisition Corp (Pre-Deal)
-.90% ~ $ 9.95 | MCAF – Mountain Crest Acquisition Corp. IV (Pre-Deal)
-.80% ~ $ 9.88 | VCXB – 10X Capital Venture Acquisition Corp. III (Pre-Deal)
-.80% ~ $ 9.97 | GACQ – Global Consumer Acquisition Corp. (Announced)
-.61% ~ $ 9.83 | BNNR – Banner Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.86 | PPYA – Papaya Growth Opportunity Corp. I (Pre-Deal)
-.51% ~ $ 9.84 | SAGA – Sagaliam Acquisition Corp (Pre-Deal)
-.41% ~ $ 9.72 | SEDA – SDCL EDGE Acquisition Corp (Pre-Deal)
-.41% ~ $ 9.73 | JUGG – Jaws Juggernaut Acquisition Corporation (Pre-Deal)
-.41% ~ $ 9.82 | MEAC – Mercury Ecommerce Acquisition Corp (Pre-Deal)
-.34% ~ $ 9.87 | PGSS – Pegasus Digital Mobility Acquisition Corp. (Pre-Deal)
-.33% ~ $ 9.97 | PCX – Parsec Capital Acquisitions Corp. (Pre-Deal)
-.31% ~ $ 9.61 | TPBA – TPB Acquisition Corporation I (Pre-Deal)
-.31% ~ $ 9.70 | TWLV – Twelve Seas Investment Company II (Pre-Deal)
-.31% ~ $ 9.71 | CSLM – Consilium Acquisition Corp I, Ltd. (Pre-Deal)
-.31% ~ $ 9.77 | ASAX – Astrea Acquisition Corp. (Pre-Deal)
-.30% ~ $ 9.83 | RJAC – Jackson Acquisition Co (Pre-Deal)
-.30% ~ $ 9.85 | LGTO – LEGATO MERGER CORP. II (Pre-Deal)
-.30% ~ $ 9.90 | IRRX – Integrated Rail and Resources Acquisition Corp. (Pre-Deal)

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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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