Special purpose acquisition companies (SPACs), also known as blank-check firms, are struggling to complete announced mergers.
Indeed, SPAC M&A deals have been abandoned or cancelled because of poor deal fits, lack of investor interest and other market concerns. Moreover, the SEC in March 2022 proposed new rules that could eliminate SPAC advantages over traditional IPOs, MarketWatch reported.
The list further below, updated regularly, tracks the latest SPACs that are raising money, pursuing IPOs (initial public offerings) and/or completing technology company mergers.
But before we get to the list further below, here's some background on the SPAC market -- including some concerns that a SPAC market bubble could be forming.
What Is A SPAC?
A SPAC or “blank check” company is designed to raise funds in an initial public offering (IPO) with the aim of acquiring a private business. That private company then becomes public as result of the merger, Reuters notes. Or as Investopia puts it:
“The founder of a SPAC pools money from investors and he or she may contribute to the SPAC to form a blank check company with the sole purpose of acquiring another company—or companies. The money raised through the IPO of a SPAC is put into a trust. The funds are held until the SPAC successfully identifies a viable merger or acquisition opportunity to pursue with the invested funds.”
The SPAC trend helped to fuel $63 billion of IPO fundraising worldwide in January 2021, more than five times the proceeds from the same period a year earlier, Bloomberg reports.
Still, some pundits believe the SPAC bubble has now popped. Among those who raised caution flags:
Billionaire investor Sam Zell says some SPACs remind him of the speculation in Internet companies during the 1990s dot-com bubble. Although SPACs can be effective transactions, Zell is worried about the fundamental business prospects for some companies that go public via a SPAC, CNBC reports.
The SPAC trend mirrors the reverse-merger implosion from a decade ago, and SPACs will end in a bursted bubble, according to Ivana Naumovska, a professor at INSEAD, a business school with campuses in France, Abu Dhabi, and Singapore.
Moreover, the fast-growing SPAC industry may also attract closer scrutiny from the U.S. Securities and Exchange Commission (SEC), SEC Chairman Gary Gensler has indicated.
TheSEC in March 2022 proposed new rules that could eliminate SPAC advantages over traditional IPOs, MarketWatch reported.
The IPOX SPAC Index has lost more than 22% over the three quarters ended March 31, 2022. There are 610 special-purpose acquisition companies hunting for deals or racing the clock to find one, and some existing transactions are falling apart, Financial Advisor reported on April 1, 2022.
To be clear, ChannelE2E's view on the SPAC trend is this: SPACs aren't "all good" or "all bad." Much like the dot-com bubble (which ultimately produced giants like Amazon, Google, eBay and others), SPAC activity could give us some great tech companies. But there will surely be some losers as well. The key questions:
Just how big a SPAC bubble are we potentially facing?
How soon could it potentially pop?
And how many investors/companies could be impacted?
The answers to those questions were unknown when we first published this blog on February 10, 2021. In the meantime, here's the list of technology-focused SPACs -- which we update regularly.
Technology-Focused SPACs, IPOs and Mergers: 2021 Activity
Among the technology-focused SPACs we're tracking so far in 2021 (sorted alphabetically)...
5G Edge Acquisition Corp. The blank check company filed to go public in late March 2021. Source: Bloomberg, April 1, 2021.
A-A-AAcri Capital Acquisition: The blank check company plans to raise up to $75 million in an initial public offering. The company plans to target technology-enabled industries in North America, such as SaaS, AI, cloud computing, and IoT in a variety of service industries, particularly in the e-commerce, financial services, ed-tech services, and health information services industries. Source: Renaissance Capital, March 11, 2022.
Advancit Acquisition I:The blank check company, targeting media and technology, filed with the SEC to raise up to $350 million in an IPO. Source: Renaissance Capital, February 17, 2021.
Agile Growth: The blank check company, targeting technology, filed with the SEC to raise up to $300 million in an IPO. Source: Renaissance Capital, February 2, 2021.
Aeon Acquisition: The blank check company, formed by The Aeon Group, has filed to raise up to $125 million in an IPO. Aeon Acquisition will seek to acquire technology-focused businesses that have an aggregate enterprise value of $1 billion to $1.5 billion. Source: Renaissance Capital, January 25, 2021.
AfterNext HealthTech Acquisition: The blank check company -- formed by TPG targeting healthcare technology -- lowered the proposed deal size for its upcoming IPO. The Fort Worth, TX-based company now plans to raise $250 million. The company had previously filed to raise roughly $300 million. Source: Renaissance Capital, July 30, 2021.
Agile Growth: The blank check company, led by former Alfresco CEO and investor Jay Bhatt, raised $300 million. Agile Growth plans to focus on the technology industry, including pure software and software-enabled businesses such as infrastructure and application software, healthcare IT, fintech, robotics/automation, and education technology, as well as potential additional software and technology segments. Source: Renaissance Capital, March 10, 2021.
Alpha Capital Acquisition: The blank check company, targeting technology businesses in Latin America, filed with the SEC to raise up to $200 million in an IPO. Source: Renaissance Capital, January 29, 2021.
Alpha Partners Technology Merger: The company filed with the SEC to raise up to $250 million. Alpha Partners Technology Merger plans to identify, merge with, and partner with a technology business that will exhibit sustained, long-term growth and value creation, the company says. Source: Renaissance Capital, February 17, 2021.
Altimar Acquisition Corp. II:Fathom Digital Manufacturing Corporation, an on-demand manufacturing firm with 3-D printing expertise, will merge with Altimar Acquisition Corp. II. The deal values Fathom at $1.5 billion. Fathom is majority-owned by CORE Industrial Partners, a Chicago-based private equity firm focused exclusively on investing in North American manufacturing, industrial technology and services businesses. Source: Fathom, July 16, 2021.
Apollo Acquisition: a blank check company targeting the internet and technology sectors, filed with the SEC to raise up to $40 million. Source: Renaissance Capital, July 20, 2021.
Apollo Strategic Growth Capital I: Multiple updates...
Vista Equity Partners and Apollo Strategic Growth Capital are in discussions on a potential deal involving Solera, DealerSockt and Omnitracs. Source: Bloomberg, March 4, 2021.
Vista Equity Partners’ negotiations to merge three of its companies with acquisition firm Apollo Strategic Growth Capital in a $15 billion transaction have been halted. It isn’t clear when or if talks will be revived. The talks centered on a merger featuring Vista’s Solera Holdings Inc., DealerSocket Inc. and Omnitracs. Source: Bloomberg, March 17, 2021.
Apollo Strategic Growth Capital II: The new special purpose acquisition company is upsizing its planned IPO by 25% as the company’s first SPAC reportedly moves close to making a merger deal. Source: SeekingAlpha, February 5, 2021.
Apollo Strategic Growth Capital III: The SPAC plans to raise $400 million in an IPO. Source: Reuters, March 29, 2021.
Aquarius I Acquisition Corp. Lion Group Holding Ltd., operator of an all-in-one trading platform that offers a wide spectrum of products and services with a focus on Chinese investors, has signed engagement letters with Maxim Group LLC and Loeb & Loeb LLP to form a second SPAC company, Aquarius I Acquisition Corp. Source: Lion Group, March 8, 2021.
Archimedes Tech SPAC Partners: Multiple updates...
The company, targeting AI, cloud services, and auto-tech, filed with the SEC to raise up to $100 million in an IPO. Source: Renaissance Capital, February 16, 2021.
The company priced its upsized IPO ($ATSPU) and now expects to raise $120 million. While the Company may pursue an acquisition in any business industry or sector, it intends to concentrate its efforts on identifying businesses in the technology industry. Source: Archimedes Tech SPAC Partners Co., March 10, 2021.
The technology SPAC has completed a $120 million IPO. Source: Archimedes, March 15, 2021.
Aries I Acquisition: The blank check company has filed with the SEC to raise $175 million in an IPO. The company plans to target highly specialized fields within the technology sector across North America, Europe, and Asia, including: aerospace, satellites, and space exploration; quantum computing and chemistry; artificial intelligence and machine learning; cybersecurity; and blockchain and digital currencies. Source: Renaissance Capital, March 3, 2021.
Atlantic Coast Acquisition:Essentium, a maker of 3D printers for industrial applications, is in talks to go public through a merger with blank-check firm Atlantic Coastal Acquisition. Source: Bloomberg, November 24, 2021.
Athena Consumer Acquisition: The blank check company, targeting technology-enabled consumer products and services, filed with the SEC to raise up to $200 million in an IPO. Source: Renaissance Capital, July 20, 2021.
Athena Technology Acquisition: Multiple updates...
The blank check company targeting technology, direct to consumer, and fintech, filed with the SEC to raise up to $250 million in an IPO. Source: Renaissance Capital, February 5, 2021.
The company raised $250 million in an IPO. Source: Renaissance Capital, March 16, 2021.
The blank check company targeting fintech, enterprise, and health-tech industries, filed with the SEC to raise up to $250 million in an IPO. Source: Renaissance Capital, November 23, 2021.
Athena Technology Acquisition Corp. II is raising $250 million in an IPO. Athena Technology II is the third all-women Athena SPAC founded by Freidheim following Athena Technology Acquisition Corp., which was the first all-women SPAC to announce a business combination, and Athena Consumer Acquisition Corp., which closed on its initial public offering in October 2021. The SPAC will focus on a target business operating in the technology sector. Source: PR Newswire, December 9, 2021.
Continue to page two of five for more SPACs.
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B-B-BB Capital Technology Opportunities: The blank check company filed with the SEC to raise up to $300 million in an IPO. Source: Renaissance Capital, February 19, 2021.
Belong Acquisition: The blank check company is seeking to raise $150 million in an IPO. The SPAC plans to focus on high-growth technology and tech-enabled businesses in sectors such as e-commerce, software and digital media.
Big Sky Growth Partners:Mark Vadon, the Seattle e-commerce entrepreneur who co-founded Zulily and Blue Nile and served as chairman of Chewy, is joining the SPAC craze. Vadon has emerged as the chairman and CEO of Big Sky Growth Partners, a blank check company that’s looking to raise $300 million via an IPO. Source: GeekWire, March 2, 2021.
Black Dragon Acquisition I: The blank-check company plans to raise up to $250 million in an IPO. The SPAC will target the e-commerce, media technology, and FinTech sectors. Source: Renaissance Capital, April 5, 2021.
Build Acquisition Corp.: The company raised $200 million in an IPO, and plans to acquire SaaS, FinTech or another type of software business. Source: Austin Business Journal, March 18, 2021.
Byte Acquisition: The blank-check company raised $300 million. The company plans to target the Israeli technology industry, including cybersecurity, automotive technology, fintech, enterprise software, and cloud computing, among other focus areas. Source: Renaissance Capital, March 19, 2021.
C-C-CCAVU Technology Acquisition: The company is seeking to raise $100 million. Potential acquisition and merger targets include North American companies operating in technology, including in IT services, software, SaaS, and digital transformation. Source: Seeking Alpha, March 19, 2021.
Cerberus Telecom Acquisition Corp.: Kore Wireless Group has agreed to go public through a blank-check company backed by private equity firm Cerberus Capital Management. The deal with Cerberus Telecom Acquisition Corp. values the combined company at about $1 billion, including debt. Kore, which is owned by private equity firm Abry Partners, helps businesses connect IoT devices. Source: Bloomberg, March 12, 2021.
Crescent Acquisition Corp. The SPAC ($CRSA) has completed its previously announced merger with LiveVox Holdings, a cloud-based provider of customer services and digital engagement tools. Source: Nasdaq, June 21, 2021.
Corazon Capital V838 Monoceros: The company, incorporated in the Cayman Islands, is seeking to raise $200 million in an IPO. Corazon Capital will target businesses with “consumer-facing technology, subscription- or recurring-revenue models, marketplaces and networks, or those that operate in sectors such as education, social media and dating, and e-commerce.” Source: Crain's Chicago Business, March 1, 2021.
Cvent: The company, which develops cloud-based event-management software, is merging with a SPAC in a deal valued at $5 billion including debt. The SPAC is Dragoneer Growth Opportunities Corp. II. Private equity firm Vista Equity Partners acquired Cvent for $1.65 billion in 2016. Source: The Wall Street Journal, July 20, 2021.
D-D-DdMY Technology Group III:IonQ has entered into a definitive merger agreement with dMY Technology Group III. Upon closing of the transaction, IonQ shares will trade on the NYSE under the symbol “IONQ” as the first publicly traded pure-play hardware and software company in the quantum computing space, the companies say.
dMY Technology Group IV: Multiple updates...
The fourth blank check company formed by Niccolo de Masi and Harry You targets an app business. The company is seeking to raise $250 million in an IPO. Source: Renaissance Capital, February 17, 2021.
The SPAC raised $300 million, and plans to target companies in the consumer technology ecosystem that are either consumer-facing or support the infrastructure of consumer apps, with enterprise values between $1 billion and $3 billion. Source: Renaissance Capital, March 5, 2021.
Dragoneer Growth Opportunities Corp. II: The SPAC is merging with Cvent, which develops cloud-based event-management software. The deal is valued at $5 billion including debt. Private equity firm Vista Equity Partners acquired Cvent for $1.65 billion in 2016. Source: The Wall Street Journal, July 20, 2021.
E-E-EEC Assets: The Luxembourg-based team at EC Assets, led by Ludwig Klatzka, is preparing to list a $250 million SPAC in New York. The prospectus and the listing application for this are to be filed with the SEC in New York before the end of March. EC Assets will seek to acquire a late-stage, IPO-read tech company in Europe, the United Kingdom, and/or the United States. The focus: SaaS, WorkTech and FinTech. The target company is expected have a valuation between $900 million and $4 billion. Source: EC Assets, March 1, 2021.
Elliott Management's SPAC: Multiple updates...
The hedge fund, best known for its high-profile shareholder-activist campaigns, is looking to join the sizzling SPAC craze. The firm, founded by billionaire Paul Singer, has been meeting with bankers about raising more than $1 billion for a special purpose-acquisition company. They cautioned the process is at an early stage and plans could change. Source: The Wall Street Journal, February 7, 2021.
Elliott Opportunity I: The blank check company, formed by Elliott Management, will target technology opportunities. Elliott Opportunity I filed with the SEC to raise up to $1.0 billion in an IPO. Source: Renaissance Capital, February 19, 2021.
Endurance Acquisition: The blank check company, formed by Antarctica Capital, filed with the SEC to raise up to $200 million in an IPO. The company plans to target businesses within the space and wireless technologies industries, specifically sectors that support data infrastructure, data analytics, and big data, such as Platforms and Sensor, Mobile Communications, Internet of Things, and AI and Big Data. Endurance Acquisition intends to focus on companies in the Asia Pacific region. Source: Renaissance Capital, August 27, 2021.
Enterprise 4.0 Technology Acquisition: Multiple updates...
The blank check company -- targeting "Enterprise 4.0" businesses -- filed with the SEC to raise up to $250 million in an initial public offering. The SPAC plans to target Enterprise 4.0 companies, which it defines as cloud native companies that combine artificial intelligence, intelligent automation, and proprietary access to data to deliver actionable insights for enterprise businesses. Source: Renaissance Capital, September 24, 2021.
Enterprise 4.0 Technology Acquisition Corp. launched a $261 million IPO. Former 3Com CEO Eric Benhamou is leading the company. Source: Enterprise 4.0, October 19, 2021.
Evo Acquisition: The blank check company, formed by Evolution Capital Management targeting the tech and financial sectors, has raised $109 million. Evo Acquisition is seeking to merge with businesses in the technology and financial sectors with enterprise values between $250 million and $750 million. Source: Renaissance Capital, February 9, 2021.
F-F-FFalcon Acquisition: The company filed with the SEC to raise up to $250 million in an IPO. The company plans to target "the dis-intermediators," which it defines as forward-thinking and technology-driven businesses leading the disruption across the legacy incumbents, focusing on those across the media & entertainment, technology, financial services, wellness, infrastructure, and real estate industries. Source: Renaissance Capital, March 26, 2016.
FirstMark Acquisition II: The SPAC on March 12 filed with the SEC to raise up to $200 million in an IPO. Source: Renaissance Capital, March 12, 2021.
Founder SPAC: The SPAC has launched a $316.25 IPO. The blank check company will pursue M&A in the digital transformation market. Source: Founder SPAC, October 19, 2021.
Future Tech II Acquisition: The blank check company, targeting the disruptive technology sector in the US, filed with the SEC to raise up to $100 million in an initial public offering. Source: Renaissance Capital, December 23, 2021.
G-G-GGlobal SPAC Partners: The SPAC is merging with Gorilla Technology Group, a provider of edge artificial intelligence (AI) for security and other application. The combined company will be called Gorilla Technology Group Inc. and is expected to be publicly listed on Nasdaq under the symbol $GRRR. The deal values Gorilla at a pro forma enterprise value of approximately $708 million and provides up to $169 million in gross proceeds from cash held in Global’s trust account (assuming no redemptions), the companies said. Source: Gorilla, December 22, 2021.
Global Synergy Acquisition, a blank check company targeting technology services, raised $225 million, Renaissance Capital reports. The management team plans to acquire a business that can benefit from its operational and investing expertise in sectors such as IT Services and Business Process Outsourcing, or BPO, collectively defined as Technology Services or IT Enabled Services (ITES), Renaissance says.
Global Technology Acquisition I, a blank check company targeting SaaS-focused businesses, has filed to raise $150 million in an IPO. The company aims to leverage management's experience to target businesses in the marketplace, financial technology, and software-as-a-service verticals in Europe, Latin America, and North America. Source: Renaissance Capital, July 13, 2021.
Gores Technology Partners: The ninth blank check company formed by The Gores Group targeting a tech business, filed with the SEC to raise up to $240 million in an IPO. The company plans to target technology businesses in the consumer internet, enterprise software, fintech, digital health, proptech, gaming, agtech, and logistics industries. Source: Renaissance Capital, February 2, 2021.
Gorilla Technology Group: The provider of edge artificial intelligence (AI) for security and other applications, is merging with Global SPAC Partners. The combined company will be called Gorilla Technology Group Inc. and is expected to be publicly listed on Nasdaq under the symbol $GRRR. The deal values Gorilla at a pro forma enterprise value of approximately $708 million and provides up to $169 million in gross proceeds from cash held in Global’s trust account (assuming no redemptions), the companies said. Source: Gorilla, December 22, 2021.
Continue to page three of five for more SPACs.
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H-H-HHambro Perks Acquisition Company (HPAC): The British investment firm plans to list a SPAC on the London stock exchange, the first so-called "blank cheque" listing on the bourse since new rules came into force in August 2021. The SPAC vehicle, dubbed Hambro Perks Acquisition Company (HPAC), aims to raise up to 150 million pounds ($201 million) through the listing and will focus on "high-performing" technology companies. Source: Reuters, November 23, 2021.
Hennessy Capital Investment VI: The blank check company, targeting the US industrial technology sector, filed with the SEC to raise up to $200 million in an IPO. Source: Renaissance Capital, March 10, 2021.
HIG Acquisition II: This is the second blank check company formed by H.I.G. Capital. This SPAC targets technology, media, telecommunications (TMT) or healthcare deals. The blank-check company has fled to raise $300 million in an IPO. Source: Renaissance Capital, March 15, 2021.
I-I-IIndustrial Tech Acquisitions II: The blank check company -- targeting the industrial, energy, and communications technology space -- filed with the SEC to raise up to $150 million in an IPO. Source: Renaissance Capital, March 22, 2021.
Integral Acquisition I: The blank check company has filed to raise up to $100 million in an IPO. The company plans to target technology-oriented businesses in Australia and/or New Zealand, focusing on those operating in sectors such as artificial intelligence, cybersecurity, data analytics, Internet of Things, quantum computing, and software-as-a-service. Source: Renaissance Capital, June 14, 2021.
InterPrivate IV InfraTech Partners: The digital infrastructure SPAC went public and raised $250 million. Its leadership includes several seasoned data center industry executives, meaning it will likely be looking to merge with a large data center operator looking to raise capital to the public markets. Source: DataCenter Knowledge, March 8, 2021.
IronNet: The company completed its previously announced business combination with LGL Systems Acquisition Corp. Source: IronNet, August 27, 2021.
Israel Amplify Program: The company, targeting technology in Israel, filed with the SEC to raise up to $200 million in an IPO. Source: Renaissance Capital, March 26, 2021.
J-J-JJaws Spitfire Acquisition Corp: Velo3D, a 3D printing technology firm, is nearing a deal to go public at a valuation of $1.6 billion by merging with Jaws Spitfire Acquisition Corp SPFR.N, a blank-check firm that counts tennis star Serena Williams among its board directors. Source: Reuters, March 22, 2021.
K-K-KKeter1 Acquisition: The company is seeking to raise up to $250 million in an IPO. Keter1 Acquisition intends to focus on technology companies with a strong Israeli nexus, which management defines as technology companies established in Israel, founded by Israeli founders, has significant operations in Israel, and/or has significant Israeli investors. Source: Renaissance Capital, March 18, 2021.
Khosla Ventures: The company plans to raise $1.2 billion total via IPOs for three SPACs. Khosla's blank-check companies plan to use the money they raise to take public three yet-to-be-determined private operating companies in reverse mergers. Source: Silicon Valley Business Journal, February 13, 2021.
KnightSwan Acquisition Corp.: The female-led SPAC launched an IPO to raise $200 million. KnightSwan plans to focus on acquiring cloud, cybersecurity, and/or mission intelligence businesses. KnightSwan’s leadership team includes CEO of Brandee Daly, founder and former CEO of C2S Consulting; and Non-executive Chair Teresa Carlson, president and chief growth officer of Splunk. Source: KnightSwan, January 20, 2022.
L-L-LLGL Systems Acquisition: The company completed its previously announced business combination with LGL Systems Acquisition Corp. Source: IronNet, August 27, 2021.
Live Oak Mobility Acquisition: This is the third blank check company formed by Live Oak Merchant Partners. It targets the mobility and motion technology sectors, and is seeking to raise $200 million in an IPO. Source: Renaissance Capital, January 27, 2021.
M-M-MMagnum Opus Acquisition Limited: The SPAC raised $200 million in an IPO and is focused on global secular themes driving the convergence of consumer and technology industries. The SPAC is sponsored by L2 Capital, a private investment firm. Source: L2 Capital, March 25, 2021.
Maquia Capital Acquisition: The blank check company, targeting tech-focused middle market and emerging growth businesses in North America, filed with the SEC to raise up to $200 million in an IPO. Source: Renaissance Capital, February 16, 2021.
MCAP Acquisition: The SPAC, backed by Monroe Capital LLC, raised its IPO target to $275 million. MCAP "may pursue an initial business combination target in any business, industry or sector, but it intends to capitalize on the differentiated ability of the Sponsor’s manager to source, acquire and manage software, technology-enabled, and business services companies," the SPAC said. Source: MCAP, February 25, 2021.
Mistico Acquisition: Mistico Acquisition is the seventh blank check company formed by True Wind Capital. The SPAC filed with the SEC to raise up to $400 million in an IPO. The company plans to target private, high-growth, and high-quality technology businesses, specifically those with overall transaction values between $2 billion and $10 billion. Source: Renaissance Capital, March 15, 2021.
Moose Pond Acquisition Corp. (MPAC): RetailMeNot founder Cotter Cunningham and HomeAway co-founder Brian Sharples are leading the new SPAC. $MOOSU plans to raise $200 million for a future acquisition. The founders and board members have significant experience in travel, fintech, consumer services and software. Source: Austin Inno, March 10, 2021.
Michael Dell joins the SPAC crazeMSD Acquisition Corp: Michael Dell and executives involved in his family office have formed MSD Acquisition Corp., a SPAC that’s pursuing an IPO valued at roughly $575 million, and hunting for potential merger and acquisition (M&A) targets. Source: ChannelE2E, February 21, 2021.
N-N-NNERDY: Online learning platform Nerdy has merged with TPG Pace Tech Opportunities, SPAC. The business combination will trade on the New York Stock Exchange under the ticker symbol NRDY. Warrants will trade under the symbol NRDY WS. Source: Nerdy, September 21, 2021.
New Beginnings: Airspan Networks Inc. is going public through a blank check company merger with New Beginnings Acquisition Corp. to fund a push for business with phone carriers that are upgrading to 5G networks. The U.S. wireless equipment maker said it plans to merge with special purpose acquisition vehicle New Beginnings Acquisition Corp. The name is apt: Airspan went to the stock market once before at the height of the dotcom bubble. The shares collapsed and never fully recovered, and the Boca Raton, Florida-based company delisted in 2009. Source: Bloomberg, March 8, 2021.
NewHold Investment II: The second blank check company formed by NewHold Enterprises has filed with the SEC to raise $175 million in an IPO. The company plans to target industrial technology businesses with an aggregate enterprise value of $700+ million, focusing on those that are using advanced data analytics, software, artificial intelligence, and cutting edge instrumentation and process automation. Source: Renaissance Capital, March 24, 2021.
NextGen Acquisition II: The blank check company -- targeting the industrial, technology, and healthcare sectors -- raised $350 million. The company originally filed in early March to raise $400 million in its IPO. Source: Reuters, March 22, 2021.
Nextel: It's sounds like the classic Nextel brand will become publicly traded thanks to a SPAC deal. Source: Nextel, May 6, 2021.
Nightdragon Acquisition Corp: This SPAC, focused on the cybersecurity market, plans to raise $300 million. The firm is led by McAfee and FireEye veterans David DeWalt and Ken Gonzalez. Source: Silicon Valley Business Journal, February 10, 2021.
North Atlantic Acquisition, a blank check company targeting the consumer, industrials, and telecom sectors in North America and Europe, filed on January 4, 2021, with the SEC to raise up to $300 million in an initial public offering, Renaissance Capital reports.
Continue to page four of five for more SPACs.
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O-O-OONE: The SPAC merged with 3-D printing company Markforged. Source: ChannelE2E, February 25, 2021.
Osprey Technology Acquisition The SPAC is merging with BlackSky, a real-time geospatial intelligence, imagery and data analytics company. The pro-forma value of the merger is expected to be nearly $1.5 billion. The resulting company is expected to be listed on the New York Stock Exchange, using the symbol $BKSY. Source: Business Wire, February 18, 2021.
P-P-PParabellum Acquisition: The blank check company, targeting Internet of Things (IoT) opportunities, filed on with the SEC to raise up to $125 million in an IPO. Source: Renaissance Capital, March 26, 2021.
Pathfinder Acquisition: Multiple Updates...
The blank check company, formed by HGGC and Industry Ventures targeting technology, initially filed with the SEC to raise up to $275 million in an IPO. But the target rose to $300 million on February 17, 2020, the company announced. The Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols "PFDR" and "PFDRW," respectively. The Company, which is jointly sponsored by affiliates of HGGC and Industry Ventures, and is led by Chairman Richard Lawson, CEO David Chung, and Chief Investment Officer Lindsay Sharma, expects to focus on growth-oriented or technology-enabled targets that are at a key inflection point in their business evolution, according to a statement from the firm. Sources: Renaissance Capital, January 28, 2021, and Pathfinder Acquisition, February 16, 2021.
Pathfinder is merging with ServiceMax, a field service management software provider owned by Silver Lake, Salesforce Ventures and GE. Source: ChannelE2E, July 16, 2021.
Perception Capital Corp. II: The blank check company plans to raise about $250 million, and plans to pursue industrial technology businesses. Source: SEC filing, April 7, 2021.
Q-Q-QQuiet Plus Acquisition: The SPAC is seeking to raise $250 million in an IPO. The company will potentially focus on opportunities involving the digitization of healthcare, financial technology, and digital marketplaces, among others. Source: Renaissance Capital, March 18, 2021.
R-R-RReinvent Technology Partners X, a blank check company formed by Reid Hoffman and Mark Pincus targeting the tech sector, filed with the SEC to raise up to $220 million in an IPO. Source: Renaissance Capital, May 5, 2021.
Reinvent Technology Partners Y: Multiple updates...
The SPAC has filed to raise $850 million in an IPO of its Class A units. The SPAC, focused on consumer Internet and mobile gaming, is the third to be created by co-lead directors Reid Hoffman and Mark Pincus. Source: SeekingAlpha, February 17, 2021.
The SPAC plans to target a business in a tech sector or subsector, including consumer internet, online marketplaces, ecommerce, payments, gaming, artificial intelligence, SaaS, digital healthcare, autonomous vehicles, and transportation, among others. Source: Renaissance Capital, March 16, 2021.
Rigetti: Quantum computing startup Rigetti & Co. is merging with Supernova Partners Acquisition Company (Supernova II) (NYSE:SNII), a publicly traded SPAC. The resulting stock symbol, once the deal closes, will be RGTI. Source: Righetti, October 6, 2021.
Robot Acquisition Corporation (RoboSPAC): The SPAC, formed by BOTS, Inc. is seeking to raise the necessary capital to acquire an advanced, profitable, robotics enterprise. Source: BOTS, January 28, 2021.
Rocket Internet Growth Opportunities: Multiple updates...
The blank check company, formed by Rocket Internet, targets the technology sector. The SPAC filed with the SEC to raise up to $250 million in an IPO. Source: Renaissance Capital, February 9, 2021.
The SPAC raised $250 million in an IPO and will focus on the technology sector. Source: Renaissance Capital, March 23, 2021.
Rosecliff Acquisition I: The blank check company, backed by Rosecliff Venture Management, is targeting technology and seeking to raise $200 million in an IPO. Source: Renaissance Capital, January 27, 2021.
S-S-SScience Strategic Acquisition Bravo: The company, targeting the consumer technology industry, has filed with the SEC to raise up to $200 million in an IPO. Source: Renaissance Capital, March 26, 2021.
SEP Growth Holdings: Formed by Sumeru Equity Partners, the SPAC plans to raise $250 million in an IPO. The company plans to target high-quality growth businesses in the enterprise technology sector, with a focus on SaaS, data and analytics, cybersecurity, and other enterprise technology. Source: Renaissance Capital, March 12, 2021.Skydeck Acquisition: The blank check company targets the media, technology, communications, and digital health sectors. The SPAC plans to raise up to $250 million in an IPO. Source: Renaissance Capital, March 16, 2021.
Skyline Acquisition Corp: Lion Wealth Management Limited, Constant Epoch Technology Development Limited and Ruoxi are forming Skyline I Acquisition Corp. Source: Lion, March 1, 2021.
SOAR Technology Acquisition: Multiple updates...
The New York-based SPAC plans to raise $250 million via IPO. SOAR is seeking to align with a "tech-enabled, scalable growth company that benefits from secular tailwinds, has a competitive market position, attractive unit economics, and a proven management team," the black-check company says. Source: Renaissance Capital, February 18, 2021.
SOAR Technology Acquisition Corp. has closed an IPO valued at $230 million. Team member have held boardroom seats and/or executive positions at AirBnB, Google, Twitter and Expedia, among other firms. Source: SOAR Technology Acquisition, September 21, 2021.
Softbank SPACs: Multiple updates...
SVF Investment Corp 2 is $200 million and SVF Investment Corp 3 is a $350 million vehicle. Both SPACs have a standard roughly 15% over-allotment option, which means that their final sizes will likely end up at $230 million and $400 million respectively assuming that the underwriters take their option (number three has a slightly smaller over-allotment if you’re checking my math). Source: TechCrunch, February 6, 2021.
SVF Investment Corp. 3, cut the size of its initial public offering to $280 million from $350 million, a regulatory filing showed. The firm, which did not give a reason for cutting the size of its IPO, said it will seek a target in the technology space. Source: NIKKEI Asia, March 1, 2021.
Symbotic will go public through a merger with a SoftBank Group Corp, a blank-check firm, in a deal offering the robotics and automation startup a pro-forma equity value of $5.5 billion. Source: Reuters, December 13, 2021.
Starboard Value Acquisition Corp (SVAC): Co-location data center provider Cyxtera Technologies completed its merger with Starboard Value Acquisition Corp (SVAC). The deal was announced in February 2021. Cytera's stock will now trade on the Nasdaq under the symbol CYXT. Source: Cyxtera, July 29, 2021.
Stillwater Growth I: The blank check company filed with the SEC to raise up to $300 million in an IPO. The company plans to target high-quality, growing businesses in the technology industry with large total addressable markets. Source: Renaissance Capital, April 16, 2021.
Stratim Cloud Acquisition Corp.: The company plans to raise $250 million. The shares of Class A common stock and redeemable warrants are expected to be listed on Nasdaq under the symbols “SCAQ” and “ SCAQW”, respectively. The Company intends to focus on businesses operating in the technology sector. Source: Stratim Cloud Acquisition Corp., March 11, 2021.
Supernova Partners Acquisition Company II: Quantum computing startup Rigetti & Co. is merging with Supernova II, a publicly traded SPAC. The resulting stock symbol, once the deal closes, will be RGTI. Source: Righetti, October 6, 2021.
Supernova Partners Acquisition Company III: The third blank check company formed by a Zillow co-founder and other entrepreneurs and investment veterans priced an IPO to raise $250 million. Source: Renaissance Capital, March 22, 2021.
Symbotic: The robotics and automation company will go public through a merger with a SoftBank Group Corp, a blank-check firm, in a deal valuating the startup at a pro-forma equity value of $5.5 billion. Source: Reuters, December 13, 2021.
Continue to page five of five for more SPACs.
Welcome to page five of five.
T-T-TTailwind Acquisition Corp.:Qomplx, a risk analytics provider that helps companies protect against cyber security threats, has agreed to go public through Tailwind Acquisition Corp. The equity value of the deal is $1.4 billion. As part of the deal, Qomplx will buy two other private companies: Risk analytics company Sentar and insurance modeling platform Tyche. Source: Bloomberg, March 1, 2021.
Tailwind Two Acquisition: This is the third blank check company formed by Casper CEO Philip Krim. The SPAC, targeting a technology business, is seeking to raise $300 million in an IPO. Source: Renaissance Capital, February 17, 2021.
Tech & Energy Transition: The company raised $385 million in an IPO. The SPAC plans to focus on companies that use or facilitate disruptive, differentiated technology to build, enable, service, or manage businesses or infrastructure undergoing transformation. A particular focus will be placed on software, technology enabled services, communications, internetworking, clean energy and industrial technology, and any other sectors that enable or support digital transformation. Source: Renaissance Capital, March 17, 2021.
Technology & Telecommunication Acquisition: Multiple updates...
The blank check company, targeting the telecom and tech sector in Malaysia, has filed with the SEC to raise up to $100 million in an IPO. Source: Renaissance Capital, December 22, 2021.
Technology & Telecommunication Acquisition Corp expects to launch an IPO on the Nasdaq Global Market on January 18, 2022. Source: The Star, January 16, 2022.
TG Venture Acquisition: The blank check company, targeting the space technology, FinTech, and TMT (telecommunications, media and technology) industries, filed on Friday with the SEC to raise up to $100 million. The SPAC will focus on businesses with enterprise values of less than $1.25 billion. Source: Renaissance Capital, August 13, 2021.
Thimble Point Acquisition: The blank check company, targeting high-growth software and technology, raised $240 million by offering 24 million units at $10.The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with anchor investor KLP SPAC 1. Source: Renaissance Capital, February 2, 2021.
Thoma Bravo Advantage: Multiple updates...
This is a blank check company formed by private equity firm Thoma Bravo in late December 2020. The SPAC filed a form with the SEC indicating that it plans to raise up to $900 million for an initial public offering (IPO) and an associated software company investment/acquisition. In preparation for that potential acquisition, The Thoma Bravo Advantage IPO was completed on January 20. Parent Thoma Bravo already has private equity stakes in such MSP-friendly technology businesses as Barracuda, ConnectWise, Solarwinds and Sophos, among many others. Source: ChannelE2E, January 20, 2021.
Thoma Bravo Advantage will take IronSource public through a merger, the companies have confirmed. The deal values ironSource at a pro forma equity value of $11.1 billion. Source: ChannelE2E, March 21, 2021.
Tio Tech A: The blank check company raised $300 million in an IPO, and plans to pursue technology-enabled businesses in Europe. Source: Renaissance Capital, April 8, 2021.
TPG Pace Tech Opportunities II Corp, TPG Pace Beneficial II Corp and TPG Pace Solutions Corp: The three SPACs have filed to raise $450 million, $350 million and $250 million, respectively, by selling ordinary shares on the New York Stock Exchange. Source: Reuters, March 8, 2021.
Tribe Capital Growth I: Multiple updates...
The SPAC, formed by Tribe Capital and Arrow Capital, has filed for a $200 million IPO and plans to acquire "top-decile private technology companies that are experiencing inflection points in their growth." Source: Renaissance Capital. January 25, 2021.
The SPAC raised the proposed deal size for its IPO to $240 million. Source: Renaissance Capital, February 26, 2021.
Tribe Capital Growth II: The company filed to raise up to $300 million in an IPO. The company plans to pursue opportunities with "top-decile private technology companies that are exhibiting inflection points in their growth." Source: Renaissance Capital, March 29, 2021.
Truth Social: Former U.S. President Donald Trump will launch his own social media app, TRUTH Social, that he said would "stand up to Big Tech" companies such as Twitter and Facebook that have barred him from their platforms, Reuters reported. The TRUTH Social strategy involves a SPAC (special purpose acquisition company) merger. Source: Trump Media & Technology Group and Digital World Acquisition Corp., October 20, 2021.
TVC Acquisition: The SPAC has filed with the SEC to raise up to $350 million in an IPO. TCV Acquisition intends to pursue an initial business combination with a high-quality growth company that has the potential to become a market leader in the software, internet, and/or financial technology (FinTech) sectors. Source:Renaissance Capital, March 19, 2021.
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V-V-VVahanna Tech Edge Acquisition I: The blank check company, targeting tech businesses with connections to India, raised $174 million. The company plans to target businesses with strong connections to India and catering to large addressable market opportunities in India or other developed geographies such as the Americas and Europe, focusing on those with enterprise values between $750 million and $1+ billion. It plans to focus on broad categories within the technology sector. Source: Renaissance Capital, November 23, 2021.
Vector Acquisition II: The second blank check company formed by Vector Capital is targeting the tech industry. Vector Acquisition II has raised $450 million, and plans to leverage its management team's experience to target the technology and technology-enabled services sectors. Source: Renaissance Capital, March 10, 2021.
Vector Acquisition III: This is the third blank check company formed by Vector Capital targeting the tech industry. The SPAC has filed with the SEC to raise up to $250 million in an IPO. Management's previous SPACs include Vector Acquisition II (VAQC), which went public earlier this month, and Vector Acquisition (VACQ), which went public in September 2020 and has a pending merger agreement with launch and space system developer Rocket Lab. Source: Renaissance Capital, March 15, 2021.
Vector Acquisition IV: This is the fourth blank check company formed by Vector Capital targeting the tech industry. The SPAC has filed with the SEC to raise up to $350 million in an IPO. Source: Renaissance Capital, March 15, 2021.
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Y-Y-YYotta Acquisition: The blank check company targeting high-tech industries plans to raise up to $60 million in an initial public offering. The company plans to target high technology, blockchain, software and hardware, e-commerce, social media and other general business industries globally. Source: Renaissance Capital, March 10, 2022.
Z-Z-ZZ-Work Acquisition: The blank check company, targeting work technology businesses, raised $200 million. Source: Renaissance Capital, January 29, 2021.
Blog originally published February 10, 2021. Check back regularly for updates on new SPACs, related IPOs and associated technology mergers.
Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.
GreatAmerica's M&A program focuses on MSP acquisitions where the target has $100,000 to $1 million in EBITDA. Total investments will be $250,000 to $2.5 million.
