VectoIQ Acquisition Corporation II priced its $300mm IPO last week. They will be targeting an industrial technology, transportation and smart mobility business. While a specific price range was not announced, VectoIQ stated a middle-market business will be ideal.
The VectoIQ Team
VectoIQ returns the same team from the Nikola deal, led by Girsky.
Stephen Girsky: Girsky is the CEO of VectoIQ Acquisition. He is currently a managing partner of VectoIQ, and has previous leadership experience at General Motors Company and Centerbridge Industrial Partners.
Mary Chan: Chan is President and COO of VectoIQ Acquisition. She is also a managing partner at VectoIQ, and has previous leadership experience at General Motors Company and Dell.
Steve Shindler: Shindler is CFO of VectoIQ Acquisition. He currently is a director of NII Holdings, and has previous leadership experience at NII and Nextel Communications.
In addition to management, VectoIQ has assembled four knowledgeable nominees for the SPAC’s board.
Sarah Hallac: Hallac is retired investment banker, who has expeience consulting for BlackRock. She served on the board of the first VectoIQ SPAC.
Richard Lynch (D): Lynch is president of consulting firm FB Associated, and has previous leadership experience at Verizon. He served on the board of the first VectoIQ SPAC.
Sherwin Prior : Prior is Director of U.S. ventures at Orbia, a venture capital firm. He has previous leadership experience at numerous other VC firms.
Marc Sulam: Sulam is Managing Member of Healy Circle, a hedge fund.
Round 1: VectoIQ Acquisition Corporation
The first VectoIQ SPAC took alternative fuel source automobile company Nikola (NKLA) public.
- The first VectoIQ Acquisition Corporation raised $200mm
- The deal was announced March 3rd
- Valued Nikola at an enterprise valuation of $3.3b, for a multiple of 16.6x EV/IPO
- Included a $525m PIPE
Investor intrigue shot Nikola shares up to $80, resulting in a new market cap more than 10x its SPAC valuation. The hot streak was short-lived, with subsequent analyst downgrades and warrant controversy dragging down returns. Then the bodyblow came: a damning short seller report from September accusing Nikola of “Fraud”, resulting in the departure of co-founder and executive chairman Trevor Milton from the company. Current share prices of $17 give the company a market capitalization of $6.56b.
The VectoIQ team has shown that they can find a deal and get it done. However, given the major issues around Nikola post-merger and the absolute glut of SPACs in and coming to the market, investors may be much more cautious the second time around.