Rotor Acquisition Corp (ROT) taking Sarcos Public
Rotor is led by former Credit Suisse USA executive Brian Finn. The deal is valued at $1.3 billion and will include a PIPE of $220 million with funds managed by BlackRock Inc, Millennium Management, Palantir Technologies Inc, CAT Ventures, and Sarcos CEO Ben Wolff participating.
Sarcos is based in Utah and develops of wearable robotics equipment designed to help public and private sector workers lift heavy items and reduce injuries at the workplace. Existing investors including Microsoft Corp, CAT Venture arm, and General Electric's venture arm.
This is another example of recent SPAC deals that require sponsors to be involved in the PIPE to get the deal done. It continues to reinforce the fact that the SPAC market is saturated at the moment and needs to clear out.
Also, this deal continues the SPAC trend of aggressive financial forecasts. The official investor deck shows 2020-2026 revenue projected to grow at an eye-popping 161% CAGR going from $8m in 2020 revenues to $2.74b in 2026.
Mudrick II (MUDS) taking Topps Public via $1.3B SPAC Merger
Many SPAC investors will look fondly on this deal as it brings back memories of their youth trading baseball cards and sticking them into their bike's spokes to make it sound like an engine. The deal values Topps @ 12.5x 2021 projected adjusted EBITDA.
The $250mm PIPE, priced at $10.15 (not the typical $10), is yet another example of the sponsor participating as Mudrick Capital leads it with GAMCO and Wells Capital also participating.
A bullish signal for investors will be Topps' chairman, and former Disney CEO, Michael Eisner rolling his entire Topps equity into the combined company and staying on in as chairman.
The deal is expected to close towards the start of the 3rd quarter and will trade on NASDAQ as "TOPP".
Biggest SPAC Discounts for Tuesday
The SPAC market continues to be bogged down in oversupply -- witness the ROT team participating in their own PIPE -- and that is creating opportunity for patient, strategic SPAC investors. Here are the SPACs trading at the biggest discount as of yesterday's close.
-5.20% ~ $ 9.48 | RPLA - Replay Acquisition Corp.
-4.20% ~ $ 9.58 | CPTK - Crown PropTech Acquisitions
-4.00% ~ $ 9.60 | ITQ - Itiquira Acquisition Corp.
-4.00% ~ $ 9.60 | CENH - Centricus Acquisition Corp.
-3.60% ~ $ 9.64 | AGAC - African Gold Acquisition Corporation
-3.50% ~ $ 9.65 | SDAC - Sustainable Development Acquisition I Corp.
-3.50% ~ $ 9.65 | SLCR - Silver Crest Acquisition Corporation
-3.50% ~ $ 9.65 | ITHX - ITHAX Acquisition Corp.
-3.50% ~ $ 9.65 | SHAC - SCP & CO Healthcare Acquisition Company
-3.40% ~ $ 9.66 | OSTR - Oyster Enterprises Acquisition Corp.
-3.40% ~ $ 9.66 | ROCR - ROTH CH ACQUISITION III CO
-3.30% ~ $ 9.67 | NRAC - Noble Rock Acquisition Corporation
-3.30% ~ $ 9.67 | ENVI - Environmental Impact Acquisition Corp.
-3.25% ~ $ 9.68 | BIOT - Biotech Acquisition Company
-3.20% ~ $ 9.68 | PNTM - Pontem Corp
-3.20% ~ $ 9.68 | MDH - MDH Acquisition Corp.
-3.20% ~ $ 9.68 | TZPS - TZP Strategies Acquisition Corp.
-3.10% ~ $ 9.69 | FINM - Marlin Technology Corp
-3.10% ~ $ 9.69 | GCAC - Growth Capital Acquisition Corp.
-3.00% ~ $ 9.70 | AEAC - Authentic Equity Acquisition Corp.
-3.00% ~ $ 9.70 | EQHA - EQ Health Acquisition Corp
-3.00% ~ $ 9.70 | DNZ - D and Z Media Acquisition Corp.
-3.00% ~ $ 9.70 | ADEX - ADIT EDTECH ACQUISITION CORP.
-3.00% ~ $ 9.70 | CAHC - CA Healthcare Acquisition Corp.
-3.00% ~ $ 9.70 | BLTS - Bright Lights Acquisition Corp.
-3.00% ~ $ 9.70 | COVA - Crescent Cove Acquisition Corp.
-2.80% ~ $ 9.72 | BLUA - BlueRiver Acquisition Corp
-2.80% ~ $ 9.72 | GPAC - Global Partner Acquisition Corp II
-2.80% ~ $ 9.72 | MIT - Mason Industrial Technology, Inc.
-2.80% ~ $ 9.72 | EUSG - European Sustainable Growth Acquisition Corp.
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- SPAC Weekly Wrap: Stock Issuance Grinds to a Halt. Time for Deals.
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