SPAC IPOs Mixed, DCRN Deal Slightly Rises, IPOE/SoFi Up Next
IPOE fell ahead of its vote tomorrow, while DCRN rose slightly on its deal with Tritium. Of today s SPAC IPOs: 1 rose, and 2 fell.
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This morning
Decarbonization Plus II (DCRN) announced a deal to take Tritium, an Australian EV charge company, public in a $1.4B SPAC deal. The deal has no PIPE and they currently have $403M in trust. The market was, somewhat, pleased with the deal as DCRN rose modestly +1.4%, though it still trades at a sizable discount to NAV at $9.79. This represents
a potential ~6% yield opportunity if you believe that the deal vote (when an investor could redeem its shares) happens within ~4-6 months.
A Sad May for SPACs thestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreet.com Daily Mail and Mail on Sunday newspapers.
15 SPAC Mergers in 30 Days thestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreet.com Daily Mail and Mail on Sunday newspapers.
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Dealmaking within the PMB sector enjoyed an impressive start as companies across the globe embarked on their post-pandemic recovery
The global pharma, medical and biotech (PMB) sector saw US$95.4 billion in deal activity over the first quarter, almost three times the US$33 billion in deals announced in Q1 2020. Deal volume, meanwhile, increased 28% year on year, with 466 deals announced.
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This strong activity is carrying on from the momentum generated by deal activity in H2 2020, reversing the steady 2019 decline. While initially hit hard by the global pandemic, dealmaking within the PMB sector witnessed an impressive rebound over the course of 2020. Global deal value within the sector more than tripled from US$66.4 billion in the first half of the year to US$220.2 billion in the second, while volume increased by 28% over the same time frame.
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ATI Physical Therapy is set to go public via the special purpose acquisition company
Fortress Value Acquisition Corp II (NYSE: FAII) in a deal with an enterprise value of $2.5 billion.
CEO of ATI Physical Therapy Labeeb Diab and CFO of ATI Physical Therapy Joe Jordan appeared on Benzinga s YouTube show SPACs Attack for an exclusive interview Wednesday.
Fortress has been a partner and supporter of ATI Physical Therapy for over 10 years, Diab said.
The opportunity to go public via SPAC with a familiar company coupled with the increased speed to market made the SPAC route the right choice for the company, the CEO told Benzinga.