Bowlero Gets a $2.6B SPAC Deal

ISOS Acquisition (ISOS) made official its deal with bowling alley operator Bowlero. Plus we look at June's last deal votes and look ahead to July.
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Are SPAC IPOs Back?
16 SPACs have IPO'ed over the last 2 weeks, including another 3 this morning. However, today's deals appear to have had more of a struggle pricing than Chamath's that priced yesterday. 2/3 deals today were downsized, by $100M and $50M respectively, and one had to offer more attractive warrant coverage. 

The recent IPOs had generally been trading above NAV (with a few exceptions), though the set is now more mixed with a seeming premium for better known sponsors: Chamath, Elliott (despite being their first SPAC), and Cohen. 

Jun 30 | $ 10.11 | DNAA - Social Capital Suvretta Holdings Corp. I
Jun 30 | $ 10.12 | DNAB - Social Capital Suvretta Holdings Corp. II
Jun 30 | $ 10.11 | DNAC - Social Capital Suvretta Holdings Corp. III
Jun 30 | $ 10.10 | DNAD - Social Capital Suvretta Holdings Corp. IV
Jun 29 | $ 10.01 | EOCW - Elliott Opportunity II Corp.
Jun 29 | $ 9.99 | SHQA - Shelter Acquisition Corporation I
Jun 29 | $ 9.93 | MCAF - Mountain Crest Acquisition Corp. IV
Jun 29 | $ 9.85 | GOBI - Gobi Acquisition Corp.
Jun 29 | $ 9.93 | THCP - Thunder Bridge Capital Partners IV, Inc.
Jun 23 | $ 10.09 | FTVI - FinTech Acquisition Corp. VI
Jun 23 | $ 10.13 | NLIT - Northern Lights Acquisition Corp.
Jun 22 | $ 9.88 | MITA - Coliseum Acquisition Corp.
Jun 22 | $ 10.07 | GPCO - Golden Path Acquisition Corporation

Given the uptick in SPAC IPOs, some SPAC investors will be nervous that sponsors are getting greedy and pushing too much back into an already oversupplied market. If the pace accelerates, they will more likely than not be right to be worried.

ISOS Acquisition Strikes Deal with Bowlero

ISOS Acquisition (ISOS) made official its deal with bowling alley operator Bowlero valuing the company at a post-money valuation of $2.6B EV (though pay attention to the footnotes on that one). The transaction includes $450M in PIPE financing comprised both of equity and a mandatory convertible pref

There are a lot of interesting details in the footnotes of the Transaction Overview slide in the deck. A few of note:

  • The deal includes a $39M transaction bonus for Bowlero management ($25M in cash, $14M  in stock). 
  • The pro forma ownership excludes an earnout equivalent to 20.75M shares issued to the Bowlero shareholders triggered in two parts equally at prices of $15.00 and $17.50 per share
  • Up to 1.34M of sponsor shares are subject to forfeiture pro rata with the first $80mm of redemptions

SPAC Deal Votes

June closed out with 4 SPACs voting on deals -- all passed, but WPF had significant redemptions:

July SPAC Votes 
July is getting set to be another big month of deal votes as well. There will be a bit of a break during the July 4th holiday week, but then we'll start seeing votes happening regularly throughout the month.

Jul 08 | $ 9.99 | SPRQ - Spartan Acquisition Corp II --> Sunlight Financial LLC
Jul 12 | $ 22.97 | RSVA - Rodgers Silicon Valley Acquisition Corp --> Enovix Corp
Jul 12 | $ 9.98 | ASPL - Aspirational Consumer Lifestyle Corp --> Wheels Up Partners Holdings LLC
Jul 13 | $ 9.98 | AONE - one --> Markforged
Jul 13 | $ 12.40 | LCY - Landcadia Holdings III Inc --> The Hillman Group, Inc.
Jul 14 | $ 10.01 | EMPW - Empower Ltd --> Holley
Jul 15 | $ 10.31 | DCRB - Decarbonization Plus Acquisition Corp --> Hyzon Motors Inc.
Jul 16 | $ 13.63 | THCB - Tuscan Holdings Corp. --> Microvast, Inc.
Jul 19 | $ 10.31 | ANDA - Andina Acquisition Corp. III --> Stryve Foods, LLC
Jul 20 | $ 15.58 | PSAC - Property Solutions Acquisition Corp --> Faraday Future
Jul 20 | $ 9.97 | RAAC - Revolution Acceleration Acquisition Corp --> Berkshire Grey

Wednesday's SPAC Movers 

Biggest Gainers
13.20% ~ $ 16.21 | GHVI - Gores Holdings VI Inc (Announced)
9.50% ~ $ 28.82 | CCIV - Churchill Capital Corp IV (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
4.73% ~ $ 12.63 | TDAC - Trident Acquisitions Corp (Announced)
4.72% ~ $ 13.97 | SRAC - Stable Road Acquisition Corp. (Announced)
3.78% ~ $ 14.01 | CMLF - CM Life Sciences Inc (Announced)
3.36% ~ $ 11.38 | BCTG - BCTG Acquisition Corp. (Announced)
3.31% ~ $ 12.18 | PDAC - Peridot Acquisition Corp (Announced)
2.85% ~ $ 18.05 | RICE - Rice Acquisition Corp. (Announced)
2.30% ~ $ 12.46 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
2.19% ~ $ 10.27 | RACA - Therapeutics Acquisition Corp (Announced)
2.10% ~ $ 10.20 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
1.91% ~ $ 22.97 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
1.81% ~ $ 10.69 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.43% ~ $ 22.76 | PSTH - Pershing Square Tontine Holdings (Announced)
1.40% ~ $ 10.14 | RACB - Research Alliance Corp. II (Pre-Deal)
1.33% ~ $ 10.69 | DMYI - dMY Technology Group Inc III (Announced)

Biggest Losers
-7.35% ~ $ 12.35 | HOL - Holicity Inc (Announced)
-7.20% ~ $ 9.28 | FCAC - Falcon Capital Acquisition Corp (Announced)
-2.65% ~ $ 12.32 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-2.54% ~ $ 12.26 | CMII - CM Life Sciences II Inc. (Announced)
-2.21% ~ $ 15.02 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-2.08% ~ $ 13.63 | THCB - Tuscan Holdings Corp. (Announced)
-1.96% ~ $ 9.76 | AFAQ - AF Acquisition Corp. (Pre-Deal)
-1.83% ~ $ 15.58 | PSAC - Property Solutions Acquisition Corp (Announced)
-1.71% ~ $ 9.77 | WPF - Foley Trasimene Acquisition Corp. (Announced)
-1.68% ~ $ 9.96 | TPGS - TPG Pace Solutions Corp. (Pre-Deal)
-1.58% ~ $ 11.81 | FST - FAST ACQ CP (Announced)
-1.41% ~ $ 9.81 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
-1.32% ~ $ 9.75 | SPGS - Simon Property Group Acquisition Holdings, Inc. (Pre-Deal)
-1.20% ~ $ 9.84 | MAQC - Maquia Capital Acquisition Corporation (Pre-Deal)
-1.20% ~ $ 9.88 | ISOS - Isos Acquisition Corp. (Pre-Deal)
-1.20% ~ $ 9.91 | ALUS - Alussa Energy Acquisition Corp (Announced)
-1.11% ~ $ 9.77 | DMYQ - dMY Technology Group, Inc. IV (Pre-Deal)
-1.11% ~ $ 9.78 | LVRA - Levere Holdings Corp (Pre-Deal)
-1.02% ~ $ 9.70 | SCOB - ScION Tech Growth II (Pre-Deal)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)