D and Z reportedly in merger talks with ad tech platform Simplifi
In SPAC news this week, Grab Holdings announced it intends to go public in the U.S. in partnership with Altimeter Growth in "what is expected to be the largest-ever U.S. equity offering by a Southeast Asian company." Meanwhile, Surrozen and SPAC Consonance-HFW Acquisition announced this week they have entered into a definitive business combination agreement. Vicarious Surgical also said it is coming public through D8 Holdings Corp.
GRAB/ALTIMETER GROWTH COMBO: Grab's journey to becoming a U.S.-listed public company will be facilitated by a definitive business combination agreement between Grab and Altimeter Growth (AGC), a special purpose acquisition company. Pursuant to the proposed transactions, Altimeter Growth and Grab will become wholly-owned subsidiaries of a new holding company. The combined company is expected to have an equity value on a pro-forma basis of approximately $39.6B. At closing, the combined company is expected to receive approximately $4.5B in cash proceeds, including more than $4B from a fully committed PIPE offering that was upsized due to significant investor interest. Furthermore, Altimeter has also committed up to $500M to a contingent investment to be equal to the aggregate dollar amount of redemptions from Altimeter Growth's shareholders. The combined company expects its securities will be traded on NASDAQ under the symbol "GRAB" in the coming months.
SURROZEN, CONSONANCE-HFW COMBINATION: Surrozen and and Consonance-HFW Acquisition Corp. (CHFW), a special purpose acquisition company sponsored by entities affiliated with Consonance Capital Management, announced they have entered into a definitive business combination agreement. On the day of closing of the business combination, Consonance-HFW will redomicile as a Delaware corporation and will be renamed Surrozen and its common stock is expected to be listed on the Nasdaq under the ticker symbol "SRZN." Surrozen is advancing novel antibody-based approaches to selectively and potently activate the Wnt pathway for tissue repair and regeneration across a broad range of serious diseases. Its lead programs SZN-1326, a bi-specific antibody targeting Fzd5/8 and Lrp6 for the treatment of inflammatory bowel disease, and SZN-043, a hepatocyte-targeted R-spondin mimetic for severe alcoholic hepatitis, are expected to enter clinical development in 2022.
VICARIOUS TO BECOME PUBLIC VIA SPAC: Vicarious Surgical and D8 Holdings Corp. (DEH), a special purpose acquisition company, announced that they have entered into a definitive business combination agreement. Upon the closing of this transaction, the combined company will operate as Vicarious Surgical and will be listed on the NYSE under the new ticker symbol (RBOT). Vicarious Surgical is a robotics company developing a technology with the goal of increasing the efficiency of surgical procedures, improving patient outcomes and reducing healthcare costs.
D AND Z, SIMPLIFI IN MERGER TALKS: Special purpose acquisition company D and Z Media Acquisition (DNZ), which is co-sponsored by Intercontinental Exchange (ICE), is in discussions to combine with Simplifi Holdings, an advertising technology platform, Bloomberg's Gillian Tan and Crystal Tse reported earlier this week, citing people with knowledge of the matter. The blank check company is seeking to raise new equity to support a deal that values the combined company at $1.5B ore more, the authors said, noting that terms are not finalized and it's possible discussions could fall apart.