us spac monitor · 2021. 1. 3. · 525 7.6x 14-dec 24.40 collective growth corporation cgro innoviz...

US SPAC MONITORJan 4, 2021www.spacalpha.com

DISCLAIMER

This Presentation (the “Presentation”) is provided on a strictly informational basis only. By reviewing or reading this Presentation, you will bedeemed to have agreed to the obligations and restrictions set out below. Without the express prior written consent of SPAC Alpha LLC, the Presentation andany information contained within it may not be (i) reproduced (in whole or in part), (ii) copied at any time, (iii) used for making investment decisions. ThisPresentation does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for securitiesnor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This Presentation does notconstitute either advice or a recommendation regarding any securities. This Presentation shall not constitute an offer to sell or the solicitation of an offer tobuy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualificationunder the securities laws of any such state.

No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in nocircumstances will SPAC Alpha, or any of its respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisersor agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents (includingeconomic models or any other materials from SPAC Alpha), its omissions, reliance on the information contained within it, or on opinions communicated inrelation thereto or otherwise arising in connection therewith. The information contained in this Presentation has not been independently verified. Recipientsof this Presentation are not to construe its contents, or any prior or subsequent communications from or with SPAC Alpha or its representatives asinvestment, legal or tax advice. In addition, this Presentation does not purport to be all-inclusive or to contain all the information related to the subjectmatter. Recipients of this Presentation should each make their own evaluation of the subject matter and of the relevance and adequacy of the informationand should make such other investigations as they deem necessary.

This Presentation contains illustrative returns, projections, estimates and beliefs and similar information (“Forward Looking Information”). ForwardLooking Information is subject to inherent uncertainties and qualifications and is based on numerous assumptions, in each case whether or not identified inthe Presentation. Forward Looking Information is provided for illustrative purposes only and is not intended to serve as and must not be relied on by anyinvestor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Nothing in this Presentation should be construed as aprofit forecast. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Some important factors that couldcause actual results to differ materially from those in any Forward-Looking Information could include changes in domestic and foreign business, market,Financials, political, and legal conditions. There can be no assurance that any Forward-Looking Information will be realized, and the performance may bematerially and adversely different from the Forward-Looking Information. The Forward-Looking Information speaks only as of the date of this Presentation.SPAC Alpha expressly disclaims any obligation or undertaking to release any updates or revisions to any Forward Looking Information to reflect any change inSPAC Alpha’s expectations with regard thereto or any changes in events, conditions or circumstances on which any Forward Looking Information is based.Accordingly, undue reliance should not be placed upon the Forward-Looking Information.

The communication of this Presentation is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where suchdistribution or use would be contrary to local law or regulation. This Agreement supersedes and replaces all previous oral or written agreements,memoranda, correspondence, or other communications between the parties hereto relating to the subject matter hereof.

2

3

US SPACs VERSUS ALL OTHER US IPOs

1% 3% 2%

12%16%

22% 19% 23%

53%

2012 2013 2014 2015 2016 2017 2018 2019 2020

IPO count exclude SPACs, Reg A+ IPOs, closed end funds, non-operating trusts, best efforts offerings and companies with market cap below $50mData: Renaissance Capital, SPAC Research

Market Share by Number of US-listed SPACs vs all US IPOs

27 3 5

10 7

1926

35

53

32

47

9 133 4 6

29 29

18

34 36

10

27

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

SPAC IPO

SPAC IPO & MERGER ACTIVITY

4

413 23

28

64

51

2016 2017 2018 2019 2020

Number of SPAC Mergers

$7.0$15.6 $23.6 $25.2

$89.0

$99.0

2016 2017 2018 2019 2020

Value of SPAC Mergers, $billion

Data source: SPAC Research. Merger is Initial Business Combination.

1334 46 59

248

81

2016 2017 2018 2019 2020

Number of SPAC IPOs

$3.5$10.0 $10.8 $13.6

$83.4

$18.8

2016 2017 2018 2019 2020

Value of SPAC IPOs, $billion

Filed but pendingIPO Priced/Mergers Closed

CURRENT SPAC PIPELINE

5

Current SPAC Pipeline Number Value, $billion

S-1 filings 81 18.8

Total Active SPACs 279 88.1

- Searching for Mergers 228 73.6

- Live Mergers 51IPO: 14.5

EV: 99.0

Closed SPAC Mergers 64 89.0

Liquidated SPACs 2 0.2

Data source: SPAC Research

WEEKLY SPAC ACTIVITY

6

SPAC Activity Last Week Number Value, $million

S-1 Filings 13 3,655

IPOs Priced 0 0

New Mergers Announced 1IPO: 230

EV: 975

Mergers Closed 5IPO: 1,022

EV: 4,586

SPACs Liquidated 0 0

Data source: SPAC Research

SPAC IPOs PRICED: LAST WEEK

7Data source: SPAC Research

SPAC TickerIPO Size,

$MIPO Unit Focus Sponsor(s)

Pricing

DateFri Price, $

N/A

SPAC S-1 FILINGS: LAST WEEK (I)


SPAC TickerFiled IPO

Size, $MIPO Unit Focus Sponsor(s)

Filing

Date

Bridgetown 2 Holdings Ltd BTNB 200 STech/Media &

Entertainment, Asia2nd SPAC by

Bridgetown team31-Dec

Centricus Acquisition Corp. CENHU 250 S+W/3 General, Europe 1st time SPAC team 31-Dec

Biotech Acquisition Company BIOTU 200 S+W/2 Healthcare, USSPRIM Global Investments

31-Dec

Hudson Executive Investment Corp. II HCIIU 200 S+W/4 Technology, US2nd SPAC by Hudson

Executive team31-Dec

Oyster Enterprises Acquisition Corp. OSTRU 200 S+W/2 General, US Alden Global 30-Dec

Ark Global Acquisition Corp. ARKIU 250 S+W/3 Technology, US1st time SPAC team, Jonathan Huberman

30-Dec

Class Acceleration Corp. CLAS.U 225 S+W/2 Technology, US 1st time SPAC team 30-Dec

Virtuoso Acquisition Corp. VOSOU 180 S+W/2Media &

Entertainment, US1st time SPAC team 29-Dec

Queen’s Gambit Growth Capital GMBT.U 225 S+W/2 General, USAgility Public Warehousing

Company29-Dec

TZP Strategies Acquisition Corp. TZPSU 250 S+W/2 Tech/Consumer, US TZP Group 28-Dec

SPAC S-1 FILINGS: LAST WEEK (II)


SPAC TickerFiled IPO

Size, $MIPO Unit Focus Sponsor(s)

Filing

Date

Thoma Bravo Advantage TBA.U 900 S+W/5 Technology, US Thoma Bravo 28-Dec

Pontem Corporation PNTM.U 375 S+W/3 Industrial/Tech, USQVIDTVM

Management28-Dec

Edify Acquisition Corp. EACU 200 S+W/2 General, USColbeck Capital Management

28-Dec

LIVE MERGERS (I)


SPAC Ticker Target Focus EV, $M EV/IPOMergers

AnnouncedFri Price, $

FinTech Acquisition Corp. IV FTIVPerella Weinberg

PartnersFinancial,

US975 4.2x 30-Dec 11.59

Altimar Acquisition Corporation

ATACOwl Rock Capital/Dyal

CapitalFinancial,

US12,702 46.2x 23-Dec 11.59

Colonnade Acquisition Corp. CLA OusterIndustrial,

US1,570 7.9x 22-Dec 16.25

Juniper Industrial Holdings, Inc.

JIHJanus International

GroupIndustrial,

US1,930 5.6x 22-Dec 10.71

Deerfield Healthcare Technology Acquisitions Corp.

DFHTCareMax Medical/IMC

MedicalHealthcare,

US692 4.8x 18-Dec 15.60

FinServ Acquisition Corp. FSRV KatapultTechnology,

US993 4.0x 18-Dec 12.50

Northern Star Acquisition Corp.

STIC BARKConsumer,

US1,642 6.5x 17-Dec 14.56

New Providence Acquisition Corp.

NPA AST SpaceMobileTechnology,

US1,392 6.0x 16-Dec 13.58

Thunder Bridge Acquisition II, Ltd.

THBR indie SemiconductorTechnology,

US982 2.8x 15-Dec 13.22

Experience Investment Corp. EXPC BladeIndustrial,

US450 1.6x 15-Dec 11.08

LIVE MERGERS (II)




Big Rock Partners Acquisition Corp.

BRPA NeuroRxHealthcare,

US525 7.6x 14-Dec 24.40

Collective Growth Corporation

CGRO InnovizIndustrial,

US1,033 6.9x 11-Dec 14.29

Forum Merger III Corporation FIII Electric Last MileIndustrial,

US1,196 4.8x 11-Dec 13.54

TPG Pace Beneficial Finance Corp.

TPGY EVBoxIndustrial,

Europe969 2.8x 10-Dec 25.87

GigCapital3, Inc. GIK Lightning eMotorsAutomotive,

US651 3.2x 10-Dec 13.18

Silver Spike Acquisition Corp. SSPK WM Holding CompanyConsumer,

US1,398 5.6x 10-Dec 12.77

Vesper Healthcare Acquisition Corp.

VSPR HydraFacialConsumer,

US1,140 2.5x 9-Dec 11.31

Foley Trasimene Acquisition Corp. II

BFT PaysafeFinancial,General

9,000 6.1x 7-Dec 15.10

Star Peak Energy Transition Corp.

STPK StemIndustrial,

US829 2.2x 4-Dec 20.46

CF Finance Acquisition Corp. II CFII ViewTechnology,

US1,628 3.3x 30-Nov 11.02

LIVE MERGERS (III)




Northern Genesis Acquisition Corp.

NGA Lion ElectricAutomotive,

US1,505 4.7x 30-Nov 17.78

INSU Acquisition Corp. II INAQ MetromileTechnology,

US956 4.2x 24-Nov 15.55

GigCapital2, Inc. GIXUpHealth/Cloudbreak

HealthHealthcare,

US1,350 7.8x 23-Nov 10.95

Apex Technology Acquisition Corporation

APXT AvePointTechnology,

US1,738 5.0x 23-Nov 15.01

Longview Acquisition Corp. LGVW Butterfly NetworkHealthcare,

US1,500 3.6x 20-Nov 19.79

CIIG Merger Corp. CIIC ArrivalAutomotive,

US5,400 20.8x 18-Nov 28.12

Roth CH Acquisition I Co. ROCH PureCycleIndustrial,

US826 10.7x 16-Nov 16.12

Newborn Acquisition Corp. NBAC NuvveIndustrial,

US132 2.3x 12-Nov 17.22

Jaws Acquisition Corp. JWS Cano HealthHealthcare,

US4,400 6.4x 12-Nov 13.41

InterPrivate Acquisition Corp. IPV AevaIndustrial,

US1,803 7.5x 2-Nov 14.54

LIVE MERGERS (IV)




Alberton Acquisition Corporation

ALAC SolarMaxEnergy,US/Asia

300 2.6x 28-Oct 11.41

dMY Technology Group, Inc. II DMYD Genius SportsTechnology,

General1,500 5.4x 27-Oct 17.59

Longevity Acquisition Corporation

LOAC 4D pharmaHealthcare,

Europe38 0.9x 22-Oct 11.92

Acamar Partners Acquisition Corp.

ACAM CarLotzTechnology,

US827 2.7x 22-Oct 11.20

Panacea Acquisition Corp. PANA Nuvation BioHealthcare,

US1,319 9.2x 21-Oct 11.70

South Mountain Merger Corp. SMMC BilltrustFinancial,

US1,293 5.2x 19-Oct 16.13

FS Development Corp. FSDC Gemini TherapeuticsHealthcare,

US266 2.2x 15-Oct 11.00

CC Neuberger Principal Holdings I

PCPL E2OpenTechnology,

US2,565 6.2x 14-Oct 10.84

Churchill Capital Corp II CCXSkillsoft & Global

KnowledgeTechnology,

General1,037 1.5x 13-Oct 10.35

AMCI Acquisition Corp. AMCI Advent TechnologiesEnergy,

US358 1.6x 13-Oct 14.93

LIVE MERGERS (V)




Replay Acquisition Corp. RPLA Finance of AmericaFinancial,

US2,012 7.0x 13-Oct 10.40

Stable Road Acquisition Corp. SRAC MomentusIndustrial,

US1,200 6.9x 7-Oct 17.96

Social Capital Hedosophia Holdings Corp. III

IPOC Clover HealthHealthcare,

US3,702 4.5x 6-Oct 16.77

Oaktree Acquisition Corp. OAC HimsConsumer,

US1,592 7.9x 1-Oct 14.60

Mountain Crest Acquisition Corp

MCAC PlayboyConsumer,

US413 7.2x 1-Oct 10.51

Novus Capital Corporation NOVS AppHarvestIndustrial,

US550 5.5x 29-Sep 15.65

Switchback Energy Acquisition Corporation

SBE ChargePointIndustrial,

US2,400 7.6x 24-Sep 40.08

East Stone Acquisition Corporation

ESSC UfinFinancial,

Asia450 3.2x 23-Sep 10.06

Gores Holdings IV, Inc. GHIVUnited Wholesale

MortgageFinancial,

US15,125 37.9x 23-Sep 13.13

LF Capital Acquisition Corp. LFAC Landsea HomesReal Estate,

US631 4.1x 31-Aug 10.62

LIVE MERGERS (VI)




Megalith Financial Acquisition MFAC BankMobileFinancial,

US140 0.8x 6-Aug 14.04

CLOSED MERGERS IN 2020 (I)


SPACNew

TickerTarget Focus EV, $M EV/IPO

Mergers

ClosedFri Price, $

RMG Acquisition Corp. RMO Romeo PowerIndustrial,

US993 4.2x 30-Dec 22.49

Tottenham Acquisition I Limited

CLNN Clene NanomedicineHealthcare,

US543 11.8x 30-Dec 9.01

dMY Technology Group RSIRush Street Interactive

Media & Entertainment,

US1,780 7.7x 29-Dec 21.65

Landcadia Holdings II GNOGGolden Nugget Online Gaming

Media & Entertainment,

US745 2.4x 29-Dec 19.70

Live Oak Acquisition Corp. DNMR Danimer ScientificIndustrial,

US525 2.6x 29-Dec 23.51

PropTech Acquisition PRCH Porch.comReal Estate,

US523 3.0x 23-Dec 14.27

LifeSci Acquisition Corp. VINC Vincera PharmaHealthcare,

US77 1.2x 23-Dec 20.91

Monocle Acquisition ASLE AerSaleIndustrial,

US370 2.1x 22-Dec 13.39

Haymaker Acquisition Corp. II ARKO ARKO HoldingsConsumer,

US2,000 5.0x 22-Dec 9.00

Hennessy Capital Acquisition Corp. IV

GOEV CanooAutomotive,

US1,840 6.1x 21-Dec 13.80

CLOSED MERGERS IN 2020 (II)


SPACNew


Mergers

ClosedFri Price, $

Pivotal Investment Corporation II

XL XL FleetAutomotive,

US1,087 4.7x 21-Dec 23.73

Social Capital Hedosophia Holdings Corp. II

OPEN OpendoorReal Estate,

US4,768 11.5x 18-Dec 22.73

Schultze Special Purpose Acquisition

CLVR Clever LeavesCannabis,

US206 1.6x 18-Dec 8.90

Opes Acquisition BFI BurgerFiConsumer,

US143 1.2x 16-Dec 13.69

Flying Eagle Acquisition Corp. SKLZ SkillzTechnology,

US3,500 5.1x 16-Dec 20.00

Tenzing Acquisition RVPHReviva

PharmaceuticalsHealthcare,

US119 1.9x 14-Dec 8.74

Trine Acquisition Corp. DM Desktop MetalIndustrial,

US1,800 6.0x 10-Dec 17.20

HL Acquisitions HTOO Fusion FuelEnergy, Europe

97 1.7x 9-Dec 18.43

Gores Metropoulos, Inc. LAZR LuminarAutomotive,

US2,900 7.3x 2-Dec 34.00

Kensington Capital Acquisition Corp.

QS QuantumScapeAutomotive,

US3,321 14.3x 27-Nov 84.45

CLOSED MERGERS IN 2020 (III)


SPACNew


Mergers

ClosedFri Price, $

Legacy Acquisition Corp. ID OnyxTechnology,

US331 1.1x 20-Nov 6.36

Fortress Value Acquisition MP MP MaterialsMaterials,

US1,000 2.9x 18-Nov 32.17

CF Finance Acquisition GCMG GCM GrosvenorFinancial,

US2,175 7.7x 17-Nov 13.32

Orisun Acquisition UK UcommuneReal Estate,

Asia765 17.3x 17-Nov 6.32

B. Riley Principal Merger Corp. II

EOSE Eos Energy StorageEnergy,

US550 3.1x 16-Nov 20.84

Netfin Acquisition TRIT TriterrasFinancial,

Asia674 2.7x 11-Nov 11.03

KBL Merger IV ATNF 180 Life SciencesHealthcare,

US175 1.5x 6-Nov 2.73

Healthcare Merger Corp. TLMD SOC TelemedHealthcare,

US720 2.3x 30-Oct 7.84

Spartan Energy Acquisition Corp.

FSR FiskerAutomotive,

US1,900 3.4x 29-Oct 14.65

Conyers Park II Acquisition Corp.

ADV Advantage SolutionsConsumer,

US5,200 11.6x 28-Oct 13.17

CLOSED MERGERS IN 2020 (IV)


SPACNew


Mergers

ClosedFri Price, $

ARYA Sciences Acquisition Corp II

CERE Cerevel TherapeuticsHealthcare,

US847 5.7x 27-Oct 16.58

DiamondPeak Holdings Corp. RIDE Lordstown MotorsAutomotive,

US965 3.4x 23-Oct 20.06

FinTech Acquisition III PAYA PayaFinancial,

US1,300 3.8x 16-Oct 13.58

Forum Merger II TTCF IttellaFood,

US482 2.4x 15-Oct 22.89

Software Acquisition Group CURI CuriosityStreamTechnology,

General331 2.2x 14-Oct 13.95

Insurance Acquisition SFT Shift TechnologiesTechnology,

US416 2.8x 13-Oct 8.27

Churchill Capital Corp III MPLN MultiPlanHealthcare,

US11,138 10.1x 8-Oct 7.99

Tortoise Acquisition Corp. HYLN HyliionAutomotive,

US1,097 4.7x 1-Oct 16.48

8i Enterprises Acquisition Corp

EQOS DiginexFinancial,

Asia296 5.1x 30-Sep 16.14

Graf Industrial Corp. VLDR Velodyne LidarIndustrial,

US1,566 6.4x 29-Sep 22.82

CLOSED MERGERS IN 2020 (V)


SPACNew


Mergers

ClosedFri Price, $

Far Point Acquisition Corporation

GB Global BlueTechnology,

Europe2,600 4.1x 28-Aug 13.00

Collier Creek Holdings UTZ UtzFood,

US1,560 3.5x 28-Aug 22.06

Pure Acquisition Corp. HPK HighPeak EnergyEnergy,

US845 2.0x 21-Aug 15.97

Leo Holdings DMSDigital Media

SolutionsTechnology,

US757 3.8x 15-Jul 12.04

Gordon Pointe Acquisition HOFV HOF VillageReal Estate,

US421 3.2x 1-Jul 1.23

Arya Sciences Acquisition IMTXImmatics

BiotechnologiesHealthcare,

Europe315 2.2x 1-Jul 10.79

Act II Global Acquisition FREE Whole Earth BrandsConsumer, US/General

439 1.5x 25-Jun 10.90

Proficient Alpha Acquisition LGHL Lion Financial GroupFinancial,

Asia125 1.1x 16-Jun 1.94

Nebula Acquisition LPRO Open LendingFinancial,

US1,080 3.9x 10-Jun 34.96

VectoIQ Acquisition NKLA NikolaAutomotive,

US3,324 14.5x 3-Jun 15.26

CLOSED MERGERS IN 2020 (VI)


SPACNew


Mergers

ClosedFri Price, $

Mudrick Capital Acquisition HYMC Hycroft MiningMaterials,

US615 8.6x 29-May 7.85

Wealthbridge Acquisition SJ ScienjoyTechnology,

Asia187 3.3x 7-May 8.66

Diamond Eagle Acquisition DKNG DraftKingsTechnology,

US2,700 6.8x 24-Apr 46.56

Pensare Acquisition AVCTAmerican Virtual

Cloud TechTechnology,

US65 0.2x 7-Apr 7.20

EdtechX Holdings Acquisition METX Meten EducationConsumer,

China614 9.7x 30-Mar 2.00

Tiberius Acquisition IGICInternational General

InsuranceFinancial,

EEMEA550 3.2x 17-Mar 8.08

DD3 Acquisition BWMX BetterwareConsumer,

LatAm366 6.6x 12-Mar 34.15

ChaSerg Technology Acquisition

GDYN Grid DynamicsTechnology,

US407 1.9x 5-Mar 12.60

TKK Symphony Acquisition GSMG Glory StarTechnology,

Asia529 2.1x 15-Feb 2.75

Boxwood Merger ATCXAtlas Technical

ConsultantsIndustrial,

US654 3.3x 14-Feb 7.03

CLOSED MERGERS IN 2020 (VII)


SPACNew


Mergers

ClosedFri Price, $

B. Riley Principal Merger ALTG Alta EquipmentIndustrial,

US540 3.8x 14-Feb 9.88

Gores Holdings III PAE PAEIndustrial,

US1,551 3.9x 10-Feb 9.18

GS Acquisition Holdings VRT VertivIndustrial,

US5,318 7.7x 7-Feb 18.67

Mosaic Acquisition VVNT Vivint Smart HomeIndustrial,

US4,197 12.2x 17-Jan 20.75

IPO UNDERWRITERS: LEAGUE TABLE YTD

23

Rank by

Vol SoldUnderwriters

Bookrunner Volume,

$M1% Share

Bookrunner

Count% Share

1 Credit Suisse 13,324 16.0% 41 10.5%

2 Citigroup 10,481 12.6% 40 10.3%

3 Goldman Sachs 7,813 9.4% 31 8.0%

4 Cantor Fitzgerald 6,455 7.8% 25 6.4%

5 Jefferies 5,688 6.8% 23 5.9%

6 UBS 5,299 6.4% 22 5.7%

7 Morgan Stanley 4,920 5.9% 23 5.9%

8 Deutsche Bank 4,571 5.5% 23 5.9%

9 JP Morgan 3,617 4.3% 17 4.4%

10 BofA Securities 3,394 4.1% 18 4.6%

11 Barclays 2,075 2.5% 14 3.6%

12 Wells Fargo 1,637 2.0% 7 1.8%

13 Cowen 1,482 1.8% 9 2.3%

14 EarlyBirdCapital 1,439 1.7% 11 2.8%

15 B. Riley FBR 1,254 1.5% 6 1.5%

16 BTIG 1,230 1.5% 8 2.1%

17 Chardan 1,148 1.4% 11 2.8%

18 Evercore 828 1.0% 2 0.5%

19 Mizuho 779 0.9% 3 0.8%

20 RBC Capital Markets 745 0.9% 6 1.5%

1. Credit for Bookrunner Volume is awarded to the sole bookrunner or split equally among joint bookrunnersData source: SPAC Research

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