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The Daily Dish (1/7/21)

Welcome to the Daily Dish. Every morning in your inbox subscribers receive some Dishes that we find interesting and we think that you should know more about.

We’ll try to lob ‘em up to you in a simple, clean format that you can read in 5 minutes before the market opens. (Trust me, we know what it’s like to wake up at 9:23am).

Here’s the first assist 👇

Entertainment industry SPAC Led By Allen Shapiro & John Howard Goes Public With Ciara, Peter Guber As Board Members

Skims
  • A high-profile SPAC with Hollywood ties, Bright Lights Acquisition Corp $BTLS, has been priced and will begin trading today. Bright Lights says it will target companies ‘with enterprise valuations in the range of US$500 million to US$1.5 billion…that can benefit from celebrity ownership and/or partnership’.

  • Just a few months ago Allen Shapiro and long-time investor John Howard launched Celebrands, a company that creates, acquires and grows consumer facing brands with celebrity owners and partners. They started a business with principal investments in three celebrity brands, Ryan Reynolds’ Aviation American Gin, Khloe Kardashian’s clothing line Good American and Kim Kardashian West’s intimate apparel venture, Skims. (Hey Kim 😉)

  • As well as Shapiro and Guber, who is a minority owner of the National Basketball Association’s (NBA) Golden State Warriors and Major League Baseball’s (MLB) LA Dodgers, the new SPAC will be led by a team of board members including Michael Mahan, the vice-chair of Dick Clark Productions who also owns part of Fortnite maker Epic Games, and singer-songwriter Ciara Wilson.

Clover Health Merger Approved By Shareholders

Clover Health, Sparkle Ponies and Milkshake
  • Clover Health $CLOV is a healthcare technology company with a deeply rooted mission of helping its members live their healthiest lives. Clover uses its proprietary technology platform to collect, structure, and analyze health and behavioral data to improve medical outcomes and lower costs for patients.

  • The transaction also includes a $400 million PIPE investment at $10 per share. These funds include $100 million from Chamath Palihapitiya, the founder and CEO of Social Capital Hedosophia.

  • San Francisco-based Clover Health had $338 million in revenue in the first 2 quarters of 2020, a 35% year-on-year increase compared to same period in 2019. But with a $23 million net loss.

    Clover’s largest venture stockholder is Greenoaks Capital with 28% of voting shares. CEO and founder Vivek Garipalli owns 27% of voting shares.

Billionaire Moelis funds new SPAC with eye on gaming sector

Billionaire Ken Moelis Suggests Sports Betting as Target in New SPAC
  • Investment banking billionaire Ken Moelis has founded a new special purpose acquisition company (SPAC), Atlas Crest Investment II $ACII, which will seek to merge with a business in a range of sectors including sports betting.

    Atlas Crest filed a prospectus revealing plans to raise $250m in an initial public offering (IPO), with 25m units – consisting of a share and one third of an exercisable warrant – valued at $10 each.

  • It will then attempt to acquire a business in “high growth sectors including media, online gaming/sports betting, fintech/payments, healthcare, business services and disruptive consumer, food and beverage”, allowing that business to trade on the New York Stock Exchange.

  • Moelis – whose investment business, Moelis & Company, brought in revenue of almost $750m in 2019 and helped broker Bally’s integration deal with Sinclair Broadcast Group – will serve as Atlas Crest Investment II’s chairman. Michael Spellacy, Accenture’s senior managing director for capital markets, will be its chief executive and also serve as a director.

If you enjoyed today’s dish please gift it to a friend (or Kim) 👇

There’s No I In Trade

My goal is to create a community where people can educate themselves through the world of investing. I can’t do that alone, we need to build this community together. So tell me what you’re loving, tell me what you want to see more of tomorrow.

Disclaimer: This is not financial advice and should not be interpreted as such. I am not a financial advisor. I may currently own or have owned many of the SPACs mentioned above – but that does not mean I am invested now. My investing method is highly risky swing trading which means I am constantly in and out of positions. Please do your own research or hit up the #SPACsquad on Twitter to learn more about SPACs.

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