In SPAC news this week, Gogoro, Prenetics and Forge Global announced they are going public via SPAC mergers.
GOGORO GOING PUBLIC: Gogoro and Poema Global (PPGH), a publicly traded special purpose acquisition company, announced a definitive agreement for a business combination that would result in Gogoro becoming a publicly listed company. The combined company will focus on accelerating the global expansion of Gogoro's subscription-based battery swapping service along with its electric vehicle and component sales business. Upon the transaction closing, the combined company will be named Gogoro and will be listed on the Nasdaq under the ticker symbol (GGR). As part of its growth strategy, Gogoro will be introducing its battery swapping in China in late 2021, and is partnering with Yadea, an electric two-wheel maker, and Dachangjiang Group, a gas-powered two-wheel maker in China. The company has also announced a joint venture with Hero MotoCorp, a two-wheel vehicle maker in India, to build its battery swapping ecosystem in India. In addition, Gogoro has established partnerships with other companies in two-wheel mobility, including Yamaha, Tailing eReady, AeonMotor, PGO and CMC eMOVING. The Gogoro-Poema Global business combination sets Gogoro's enterprise value at $2.35B. The business combination is expected to provide approximately $550M in proceeds to Gogoro's balance sheet including an oversubscribed PIPE over $250M and $345M currently held in trust by Poema Global. The transaction is expected to be completed in the first quarter of 2022.
PRENETICS, ARTISAN ACQUISITION MERGER: Prenetics Group and Artisan Acquisition Corp. (ARTAU), a special purpose acquisition company privately founded by Adrian Cheng, announced they have entered into a definitive merger agreement. Through combining with Artisan, Prenetics will draw upon Adrian's well-diversified business portfolio across retail, hospitality, healthcare, property and other strategic businesses, providing tremendous opportunities for closely aligned partnerships and allowing Prenetics to substantially expand its platform. The transaction values Prenetics at an enterprise value of $1.25B with a combined equity value of approximately $1.7B, making Prenetics the first unicorn from Hong Kong to be publicly listed in any market. Upon completion of the transaction, estimated to be in the fourth quarter of 2021 or the first quarter of 2022, the combined company's securities will be traded on the Nasdaq under the ticker symbol "PRE."
FORGE GLOBAL TO GO PUBLIC: Forge Global, a global private securities marketplace, announced it has entered into a definitive business combination agreement with Motive Capital Corp (MOTV), a special purpose acquisition company sponsored by affiliates of Motive Partners, a financial technology specialized private equity firm. Forge will become a publicly traded company upon the closing of the transaction, currently expected in the fourth quarter of 2021 or first quarter of 2022. The transaction reflects a $2.0B approximate valuation for the pro forma combined company. The transaction is subject to customary closing conditions, including approval by shareholders of Motive Capital Corp and Forge, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission in connection with the transaction and the approval of the South Dakota Division of Banking for the change in control of Forge's subsidiary trust company. Upon completion of the transaction, the combined company is expected to have a fully diluted equity value on a pro forma basis of approximately $2.0B, assuming redemptions are no greater than $90M by existing Motive Capital Corp shareholders.
NEXTDOOR TO LIST ON NYSE: Nextdoor and Khosla Ventures Acquisition Co. II (KVSB), a special purpose acquisition company sponsored by an affiliate of Khosla Ventures announced that they intend to list the Class A common stock of Nextdoor Holdings on the New York Stock Exchange upon closing of their proposed business combination transaction. Upon closing of the proposed transaction, KVSB will de-list from the Nasdaq and the Class A common stock of Nextdoor Holdings, Inc. will begin trading on the NYSE under the ticker symbol "KIND". The listing on NYSE will be subject to application by KVSB and Nextdoor to list the shares on NYSE and approval by NYSE of such application.
SPAC IPOS THIS WEEK:
"On the Fly: The Week in SPAC News" is The Fly's new recurring series of stories on the latest SPAC initial public offerings, SPAC deal news, and associated analyst commentary.
Pacifico Acquisition
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Sierra Lake Acquisition
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Winvest Acquisition
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Aesther Healthcare Acquisition
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CIIG Capital Partners II
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Endurance Acquisition
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Soar Technology Acquisition
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Nextdoor
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Khosla Ventures Acquisition Co. II
+0.225 (+2.24%)
Motive Capital
+ (+0.00%)
Artisan Acquisition
+ (+0.00%)
Gogoro
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Poema Global
+0.02 (+0.20%)