It was another busy week for the SPAC market with numerous deal announcements and rumored deals. Benzinga’s “Spacs Attack” covered the deals and news of the week.
Here is a look back at the announced deals, rumors and some top headlines.
SPAC Deals
Last-mile telehealth company Ambulnz is going public in a $1.1 billion deal with Motion Acquisition Corp (NASDAQ: MOTN). Ambulnz will rebrand as DocGo as part of the deal. The company operates with a business-to-business model serving hospital networks, insurance providers, municipalities and large commercial enterprises.
Ambulnz provides services such as testing, vaccination, bloodwork, IV/hydration, wound care and mobile imaging. The company operates in 23 states in the US and has operations in the UK. Additional states have been approved or are pending in the company’s expansion plan.
The 5G technology company Airspan Networks is going public in a SPAC merger with New Beginnings Acquisition Corp (NYSE: NBA). The deal is expected to help the company in its global 5G network infrastructure buildout. The company is estimating revenue of $245 million in fiscal 2021 and $338 million in fiscal 2022, for year-over-year growth of 47% and 33%, respectively.
Evolv Technology provides touchless security that it says identifies weapons and other items more quickly than metal detectors. It is going public in a merger with SPAC NewHold Investment Corp (NASDAQ: NHIC). Evolv is backed by investments from Bill Gates, Motorola Solutions (NYSE: MSI) and others. New investors in the PIPE include a handful of athletes and sports executives such as Peyton Manning, Andre Agassi, Steffi Graf and Joe Torre. A PIPE is a private investment in public equity — a way to attract investment from accredited investors.
Evolv has screened over 50 million people, which it says is second only to the Transportation Security Administration in the number of people screened in the U.S. The company lowers the physical footprint and reduces costs of additional security guards at entrances. A new software-as-a-service product could bring growth for Evolv. The company is also exploring options to grow through biometrics, health screening and ticketing.
Quantum computing company IonQ is going public in a SPAC merger with dMY Technology Group III (NYSE: DMYI). IonQ is backed by investments from Fidelity, Hyundai, Kia Corporation, Google Ventures (NASDAQ: GOOG)(NASDAQ: GOOGL), Amazon.com (NASDAQ: AMZN), Lockheed Martin (NYSE: LMT), HP Inc (NYSE: HPQ), Airbus and Samsung.
IonQ is seeking to build quantum computers that address some of the world’s biggest problems through solutions such as sustainable living, curing diseases and efficiently moving people and goods. The company sees revenue ramping up in fiscal 2025 to an estimated $237 million. Revenue is forecast to grow at a compounded annual growth rate of 150% from fiscal 2021 to fiscal 2025.
Auto parts maker Holley is going public with SPAC Empower (NYSE: EMPW). The company is estimating revenue of $624 million in fiscal 2021 and $665 in fiscal 2022. Holley is known for its carburetors and other automotive performance parts.
Related Link: SPACs Attack Weekly Recap: Looking Back On 9 Deal Announcements, Rumors And Headlines News
SPAC Rumors
BuzzFeed may be in talks to go public with 890 5th Avenue Partners (NASDAQ: ENFA). Shares of the SPAC popped on the rumor, but are now trading under $10. BuzzFeed has been a rumored SPAC target before.
Velo3D, a 3D printing company that counts SpaceX as a customer, is in talks to go public with Jaws Spitfire Acquisition Corp (NSYE: SPFR). Velo3D sells printers and licenses design software. SpaceX uses 3D printing for engines and other components. Other aerospace companies are among the customers that use Velo3D printers.
Grab Holdings, a large ride-share and food delivery company in Asia, is in talks to go public via a SPAC, reports The Wall Street Journal. A deal could value Grab at $40 billion. Altimeter Growth Corp (NASDAQ: AGC) was mentioned as a company that could land Grab.
Boxed, an online retailer of bulk groceries and household products, is in talks to go public with the SPAC Seven Oaks Acquisition (NASDAQ: SVOK).
Headlines
SoFi, which is merging with Social Capital Hedosophia Holdings Corp V (NYSE: IPOE), acquired Golden Pacific Bancorp in its push to land a national bank charter. The acquisition could help SoFi accept deposits and make loans using its members’ deposits, avoiding the high costs of offering loans as a non-bank.
Online car seller Shift Technologies (NASDAQ: SFT) reported fourth quarter sales of $73.4 million, which came in ahead of Street estimates. The company is guiding for fiscal 2021 sales of $450 million versus Street estimates of $392 million.
Waitr Holdings (NASDAQ: WTRH) reported fourth quarter earnings per share and revenue that came in below Street estimates. The company announced an acquisition of Delivery Dudes and entered a partnership with Flow Payments to create a cannabis delivery platform.
DraftKings Inc (NASDAQ: DKNG) held an investor day where it shared company updates and announced a new total addressable market estimate of more than $60 billion.
XL Fleet Corp (NYSE: XL) was the target of a short report from Muddy Waters during the week.
Rush Street Interactive (NYSE: RSI) announced fourth quarter revenue of $100 million, which beat the Street estimate of $94 million. Real money monthly active users of the online casino company were up 116% year-over-year in the fourth quarter. Full fiscal 2020 revenue was $278.5 million, up 337% year-over-year. The company is guiding for fiscal 2021 revenue to come in at a range of $420 million to $460 million, up from a prior guided estimate of $320 million.
Be sure to tune into SPACs Attack, Monday through Friday, 11 a.m. EST. Here are links to the past week’s shows:
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