In SPAC news this week, Packable announced it will become public through a merger agreement with Highland Transcend Partners I.
PACKABLE TO GO PUBLIC: Packable, the holding company for Pharmapacks, a technology-led e-commerce marketplace enablement platform, announced that the company has entered into a definitive agreement to merge with Highland Transcend Partners I (HTPA). Upon completion of the transaction, Packable is expected to be listed on NYSE under the new ticker symbol (PKBL). Founded in 2010 as Pharmapacks, Packable is a multi-marketplace e-commerce enablement platform providing brands with the services needed to enable online marketplace sales. The company will operate under the new holding company name Packable but will continue to operate on marketplaces as Pharmapacks. The combined company will have a pro forma enterprise value of $1.55B, with an implied pro forma equity value of $1.91B, assuming a $10.00 per share PIPE price and no shareholder redemptions.
As a result of the transaction, Packable expects to add approximately $434M in cash on its balance sheet to support the company's current market leadership and enable opportunities to enhance growth, profitability and geographic and multi-marketplace expansion assuming no shareholder redemptions. This includes a $180M oversubscribed PIPE and convertible offering that was upsized due to investor interest. The combined company will have a pro forma ownership of approximately 71% existing shareholders, 19% SPAC and founder shares and 11% PIPE and convert investors. As part of the transaction, existing Packable shareholders will be eligible to receive up to 12M additional earnout shares, based on Packable's future stock performance. The transaction, which has been approved by the boards of directors of both Packable and Highland Transcend, is expected to close in several months, subject to shareholder approvals, and other customary closing conditions.
ENERGY VAULT, NOVUS CAPITAL CORP. II IN TALKS: Energy Vault plans to go public via a merger with Novus Capital Corporation II (NXU), a special-purpose acquisition company, The Wall Street Journal's Amrith Ramkumar reported. The deal would value Energy Vault at approximately $1.6B, the author noted.
SPAC IPOS THIS WEEK:
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