In SPAC news this week, AgiiPlus and Goldenbridge Acquisition announced a merger agreement while Billy Beane's RedBall confirmed it is in talks to potentially bring SeatGeek public.
REDBALL CONFIRMS TALKS WITH SEATGEEK: After Bloomberg's Gillian Tan reported that RedBall Acquisition (RBAC), the special purpose acquisition company led by Billy Beane and RedBird Capital Partners' Gerry Cardinale, is in advanced discussions to combine with SeatGeek and bring it public, the company confirmed that it is in exclusive discussions with SeatGeek in connection with a possible business combination. "There is no assurance that a definitive agreement will be signed. The company will not comment further unless and until a transaction is agreed or discussions are terminated," RedBall stated in a press release following an earlier report from Bloomberg regarding the talks.
AGIIPLUS, GOLDENBRIDGE ACQUISITION MERGER: AgiiPlus announced that it has entered into a definitive merger agreement on September 30 for a business combination with Goldenbridge Acquisition (GBRG), a British Virgin Islands special purpose acquisition company. Upon consummation of the transaction contemplated by the Merger Agreement, Goldenbridge will reincorporate to the Cayman Islands by merging with AgiiPlus Global, a Cayman Islands exempted company and wholly owned subsidiary of Goldenbridge, and concurrently with the reincorporation merger, AgiiPlus Corporation, a Cayman Islands exempted company and wholly owned subsidiary of AgiiPlus Global, will be merged with and into AgiiPlus, resulting AgiiPlus being a wholly owned subsidiary of AgiiPlus Global. Upon the closing of the transactions, the combined company is expected to remain NASDAQ-listed under a new ticker symbol "AGII." The proposed transactions contemplated by the Merger Agreement valued the combined company at an estimated equity value on a pro-forma basis of approximately $578 million assuming no redemptions from the trust account.
WALLBOX DEAL DONE: Wallbox (WBX) announced it has completed its business combination with Kensington Capital Acquisition Corp. II (KCAC), a special purpose acquisition company. The business combination was approved by Kensington stockholders in a special meeting held on September 30, 2021 and formally closed on October 1, 2021. Wallbox shares will start trading today on the NYSE under the ticker symbol "WBX" and warrants will trade under the ticker symbol "WBX.WS." Wallbox offers EV charging and energy management solutions for residential, semi-public and public use. The company's product line-up includes Quasar, the world's first DC bidirectional charger for home use; Supernova and Hypernova, DC fast and ultrafast chargers for public use; and a suite of AC charging solutions and smart energy management software.
ANALYST COVERAGE INITIATIONS:
DA Davidson analyst Brent Thielman initiated coverage of QualTek Services (QTEK) with a Buy rating and $13 price target ahead of its business combination with its SPAC sponsor Roth CH Acquisition III (ROCR) expected to close in the third quarter of this year. The analyst is positive on the company's position as an "established telecom infrastructure service provider" ahead of a nearing "more robust" telecom spending environment. Thielman added that this should support investment around major FCC auctions, increased carrier and customer competition, as well as accelerating equipment demand and industry bookings.
Lake Street analyst Troy Jensen started coverage of Altimar Acquisition Corp. II (ATMR) - which has signed a merger agreement with Fathom Digital Manufacturing and will trade under the symbol "FDMG" upon deal closing - with a Buy rating and $12.50 price target. Corporations' supply chain disruptions over the past two years due to COVID, the Suez Canal blockage and adverse weather conditions has helped accelerate a trend towards digital manufacturing and he believes Fathom has "one of the broadest manufacturing service offerings in the industry." Jensen sees Fathom as poised to continue to grow faster than the overall market by "consistently taking share from the fragmented world of small, regional machine shops."
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.
RedBall Acquisition
+0.06 (+0.61%)
Goldenbridge Acquisition
-0.01 (-0.10%)
AgiiPlus
+
Wallbox
-0.39 (-3.94%)
Kensington Capital Acquisition
+ (+0.00%)
QualTek Services
+
Roth CH Acquisition III
-0.01 (-0.10%)
Altimar Acquisition Corp. II
+ (+0.00%)
Fathom Digital Manufacturing
+
Schultze Special Purpose Acquisition Corp. II
+ (+0.00%)
Maxpro Capital Acquisition
+
Hawks Acquisition
+
Learn CW Investment
+
IX Acquisition
+
Avalon Acquisition
+
Parsec Capital Acquisitions
+
Phoenix Biotech Acquisition
+
Enphys Acquisition
+
Crixus BH3 Acquisition
+ (+0.00%)
Mount Rainier Acquisition
+