SPAC Deal: Another Deal for the True Wind team as TWC Tech Holdings II (TWCT) to take Cellebrite Public in a $2.4B Deal
Cellebrite, an Israeli Digital Intelligence provider, agrees to a deal with True Wind Capital SPAC, TWC Tech Holdings II. The company generated $195mm in revenues in 2020 and projects that number to grow to $283mm this year.
PIPE Financing
The transaction is supported by a $300M PIPE, with participation from Light Street Capital and Makena Capital, and strategic investor Axon Enterprise, Inc. The proceeds from the PIPE will largely be to buy out certain existing shareholders of Cellebrite.
The stock is expected to trade on NASDAQ under the symbol CLBT when the transaction closes.
Sponsor History - True Wind Capital
True Wind Capital, led by CEO Adam Clammer, has had a (mostly) successful track record to date. Open Lending (LPRO), product of their first SPAC Nebula Acquisition, has been a home run, up over 280% from the original SPAC IPO.
Their second, Nebula Caravel Acquisition (NEBC) has struck a deal with Rover, which is waiting to close. Shares are trading sub $10, so time will how that story shakes out but remember we've seen some big post-deal moves on strong execution/announcements (see: DMYD).
More from Boardroom Alpha
- SPAC Wrap: Is it time to Buy IPOs again? CMLT Rises Big. 2 new M&A Deals (CAHC, MCAD)
- CA Healthcare Acquistion to acquire LumiraDX
- SPAC Wrap: SPAC Mergers Return, Mudrick "Topps" the daily M&A Pop
- Do Chamath's SPACs Make Money? All About the Entry Point
- Biggest SPAC Discounts for Tuesday & Two Morning SPAC Deals (ROT and MUDS)
- SPAC Wrap: Not Another Merger Monday. Vice Media May be Getting SPAC'ed
- Is Shane Smith's Vice Media Getting SPAC'ed?
- SPAC Weekly Wrap: Stock Issuance Grinds to a Halt. Time for Deals
For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.