SPAC Mergers: GLEO and MRAC Strike Deals

Nice pickup in SPAC M&A momentum as (at least) two new deals were announced this morning. Both MRAC and GLEO are trading near NAV and are low risk plays.
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Marquee Raine Acquisition (MRAC) and Enjoy Technology

MRAC, a $374M SPAC co-sponsored by The Raine Group and Marquee Sports (Ricketts family / Chicago Cubs owners), struck a deal to take home shopping company Enjoy Technology public in a $1.18B EV SPAC deal.
Enjoy is an in-person shopping experience at your home (order online, in-person setup/instruction) - despite business getting  hurt during the pandemic they are projecting huge revenue growth and expect to cross $1B by 2025.

Source: Enjoy Technology Investor Presentation

Source: Enjoy Technology Investor Presentation

MRAC stock is still trading sub-nav $9.92 - meaning it's a cheap play if you have confidence in Enjoy Technology's business, or conviction that the market will respond well to this deal. The transaction terms also include an $80M PIPE (didn't disclose the participation)

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Galileo Acquisition (GLEO) and Shapeways

GLEO, sponsored by 4-time Italian SPAC veterans, struck a $410M EV deal to take digital manufacturing company Shapeways public. The deal includes $75M of PIPE financing with some interesting participants: Miller Value, XN, Lux Capital, Union Square Ventures, INKEF Capital and Andreesen Horowitz and Desktop Metal. 

Desktop Metal (DM), if you recall, is a De-SPAC from Trine Acquisition (HPS Investment Partners) and has been on a bit of a rollercoaster ride in its De-SPAC journey. 

DM share price over time

DM share price over time

Similarly to MRAC, GLEO shares can be scooped up cheap as well currently trading ~$10.12 pre-market

Recently Announced SPAC Mergers

Apr 27 | .6% ~ $ 10.06 | BLUW - Blue Water Acquisition Corporation
Apr 25 | 2.3% ~ $ 10.23 | SEAH - Sports Entertainment Acquisition Corp
Apr 22 | .3% ~ $ 10.03 | HZAC - HORIZON ACQ CP
Apr 22 | 5.8% ~ $ 10.58 | FWAA - Fifth Wall Acquisition Corp. I
Apr 19 | 1.4% ~ $ 10.14 | DBDR - Roman DBDR Tech Acquisition Corp.
Apr 15 | -.9% ~ $ 9.91 | DEH - D8 Holdings Corp.
Apr 15 | -1.7% ~ $ 9.83 | CHFW - Consonance-HFW Acquisition Corp
Apr 14 | 13.4% ~ $ 11.34 | BCTG - BCTG Acquisition Corp.
Apr 14 | -.2% ~ $ 9.98 | ROCC - Roth CH Acquisition II Co.

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