'SPACs Attack' Recap: Looking Back At 5 SPAC Deals, Rumors And Top Headlines
SEAH ONLINE BETTING
4:43 pm ET May 2, 2021 (Benzinga) Print
The week kicked off with a large SPAC deal announced on Sunday, bringing a new global sports betting and online casino company public. Several other SPAC deals were announced throughout the week along with a couple rumors that could be worth a watch this week. 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
On Sunday, online sports betting and gaming company Super Group Holding, the owner of Betway and Spin, announced a SPAC deal with Sports Entertainment Acquisition Corp (NYSE: SEAH) valuing the company at $4.75 billion. Super Group is licensed in 23 jurisdictions with plans to use its scale and technology to expand into additional territories. In the 12-month period ending March 2021, Super Group had over $42 billion of wagers and 2.5 million monthly unique active customers.
The company plans to expand the Betway brand in the United States. Super Group entered into an agreement with Digital Gaming Corporation for the rights to 10 US states. Betway has over 60 brand partnerships including the NBA’s Chicago Bulls, Golden State Warriors, Brooklyn Nets and Los Angeles Clippers.
Super Group had net gaming revenue of $1.1 billion in 2020 and EBITDA of $259 million. The company is estimating revenue to be $1.6 billion in fiscal 2021 and $1.8 billion in fiscal 2022.
Clarus Therapeutics announced a SPAC deal with Blue Water Acquisition Corp (NASDAQ: BLUW) valuing the company at $379 million. The pharmaceutical company develops metabolic therapies for men and women. Clarus said the acquisition will help accelerate the commercialization of JATENZO, a oral testosterone replacement therapy. Going public will also help the company fund additional items in its pipeline.
Enjoy Technology announced a $1.2 billion SPAC merger with Marquee Raine Acquisition Corp (NASDAQ: MRAC). Enjoy has multi-year commercial relationships with customers including AT&T (NYSE: T) in the United States, BT Group in the United Kingdom, Rogers Communication (NYSE: RCI) in Canada and select Apple Inc (NASDAQ: AAPL) stores in the United States. Enjoy is led by founder and CEO Ron Johnson, who helped develop Apple’s retail stores and transform an omnichannel approach for Target (NYSE: TGT).
The company says it has an edge on reaching customers in their homes that e-commerce brands cannot deliver.
End-to-end digital manufacturing company Shapeways announced a SPAC merger with Galileo Acquisition Corp (NYSE: GLEO) valuing the company at $410 million. Desktop Metal (NYSE: DM) invested in the PIPE on the deal and has a partnership with Shapeways. Targeting industries like medical, industrial, automotive and aerospace, Shapeways has 11 technologies for 90 materials.
The company has delivered over 21 million parts to 1 million customers in 160 countries. Fiscal 2020 revenue for Shapeways was $32 million. Estimates from the company call for revenue to hit $44 million in fiscal 2021 and $86 million in fiscal 2022. The company estimates revenue of $400 million in fiscal 2025 with less than 1% of the total addressable market.
Next-gen hospitality company Sonder announced a SPAC deal with Gores Metropoulos II (NASDAQ: GMII) valuing the company at $2.2 billion. Sonder operates more than 300 properties across 35 markets in eight countries. The company works with property owners to offer rentals to customers on a daily, weekly or monthly basis.
Sonder had revenue of $116 million in fiscal 2020. The company estimates revenue to hit $173 million in 2021 and hit $4 billion by the year 2025 led by a travel market recovery worldwide.
Related Link: 5 Long Term SPACs For Investors To Consider
SPAC Rumors
Self-driving truck company Plus is in talks to merge with Hennessy Capital Investment Corp V (NASDAQ: HCIC), according to Bloomberg.
Financial media company Forbes is exploring a SPAC deal, Reuters reports. The company could also be sold in a bidding process that has attracted several companies. Forbes reaches an estimated audience of 140 million people with its digital platform.
Israeli cleantech company Tipa is considering a SPAC deal to go public. Calcalist reports the deal could value the company that develops compostable flexible packaging at $500 million.
Headline News
Shares of Skillz (NYSE: SKLZ) started the week off strong with a defensive call coming from Ark Funds, which owns shares of the former SPAC. Skillz has been the target of several short reports. Ark is not bothered by the claims and believes the NFL partnership is a major catalyst for the company.
Luminar Technologies (NASDAQ: LAZR) announced a partnership with Airbus to test technologies for autonomous flight and obstacle detection. The two companies will work together on aircraft sensing and perception.
Landry’s CEO Tilman Fertitta said his restaurant group, which is merging with Fast Acquisition Corp (NYSE: FST), will accept Bitcoin and other digital currencies. The CEO said 80% to 90% of the restaurants will accept cryptocurrency in the next 90 days.
Latch, which is merging with TS Innovation Acquisition Corp (NASDAQ: TSIA), announced preliminary first quarter revenue. The company sees first quarter revenue growing 135% to 140% and bookings to be up 86% to 88% year-over-year.
The merger between Star Peak Energy Transition Corp (NYSE: STPK) and Stem was approved. Shares of the newly merged company now trade as ticker STEM.
The launch of Ultium Charge 360 by General Motors Company (NYSE: GM) saw the automotive giant partner with seven charging network companies. Among the partners are ChargePoint Holdings (NYSE: CHPT) and EVgo, which is going public with Climate Change Crisis Real Impact I Acquisition (NYSE: CLII).
Apex Clearing announced first quarter net revenue growth of 98% year-over-year. The company saw customer accounts grow 85% year-over-year in the first quarter, hitting more than 14.4 million. The company is merging with Northern Star Investment Corp II (NYSE: NSTB).
Be sure to tune into "SPACs Attack," Monday through Friday, 11 a.m. EST. Here are the links to the past week’s shows.
Monday: How Lottery.com Is Capitalizing
Tuesday: Review The Best SPAC Picks, Giveaway
Wednesday: ATI Physical Therapy SPAC
Thursday: Start Your Engines With EMPW SPAC
Friday: How Shapeways Is A Leader In 3D Manufacturing
Disclosure: Author is long shares of CHPT and options of SEAH.
Photo by Pavel Danilyuk from Pexels
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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