The Daily Dish (7/01/21)

Bowlero Announces $2.6 Billion SPAC Merger 

Bowlero Corporation, an owner and operator of bowling centers announced that it has agreed to an SPAC merger with Isos Acquisition Corp with a deal valuing the company at $2.6 billion.

The shares are expected to be listed on the New York Stock Exchange under the ticker symbol ‘BOWL’.

The company owns the Professional Bowlers Association and 300 bowling centers, which is eight times more than the closest competitor. 

Bowlero expects revenues to exceed pre-pandemic levels, despite restrictions surrounding the capacity with revenues expected to be around $859 million for the current fiscal year.

The merger includes a private investment of $450 million from investors including Wells Fargo Asset Management, Apollo Global Management Inc, Brigade Capital Management and Soros Fund Management. 

Isos raised $225 million through an IPO earlier in the year. JP Morgan Securities and LionTree Advisors to Bowlero and Isos respectively. 

Investors Grow Skeptical Over EV SPACS

EV Startups, which have gone public through SPAC mergers earlier this year are trying to prove their worth to Wall Street as investors continue to grow skeptical of their future.

Following a shakeup in executives, inquiries from the SEC and Significant declines in shares, EV makers Canoo and Lordstown Motors are holding in-person investor days to tout their products and technologies. 

While most deals were initially celebrated by investors, sending shares through the roof and making founders millionaires overnight, the tides have recently turned against them.

This includes crackdown from the SEC, including investigations, warnings to investors and potential changes to accounting guidelines. 

Astra Starts Trading after SPAC Merger 

Space launch company Astra will begin trading on Nasdaq today following an SPAC merger with Holicity. The deal is expected to raise $500 million in cash for the shareholders and the company.

The company will use the proceeds to scale up its operations, starting with launches. Astra last launched its Rocket 3 Vehicle in December 2020, and just fell short of reach orbit in the test flight. 

The company expects to perform 3 launches this year, 15 in 2022 and as many as 300 by 2025.

The company is also moving into the small satellite business, developing spacecraft custom-designed to launch on its rockets and carry a wide range of payloads for customers.

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