SUBSPAC

First Esports Unicorn Courtesy of a SPAC

Today we cover $BRPM, $CCV, $LEV and more…

In today’s dish, a large Esports platform is looking to capitalize its popularity at a hefty premium. Also, Thrasio more than doubles it’s valuation after falling out of a SPAC deal and digital currency adoption continues to expand quickly. Read on to find the latest about all things SPAC.


FaZe Clan Closes $1 Billion SPAC Merger 

  • E-Sports-focused online platform FaZe Clan is merging with SPAC B. Riley Principal 150 Merger Corp, in a deal that reportedly values the firm at $1 billion. 

The deal is expected to close in the first quarter of 2022 and the company will raise approximately $290 million (assuming no redemptions), which includes a $120 million PIPE investment. FaZe Clan markets itself as a brand that targets millennials and Gen Z consumers, with its business including esports, merchandise, and digital content. Founded in 2010, the company suggests that it has a reach of 350 million customers across all its socials.

FaZe has partnerships with McDonald’s, G Fuel, gaming accessory makers SteelSeries & HTC Gaming, England Football Club Manchester City, and others, who hope to reach younger customers through the platform. FaZe clan expects to generate $50 million this year (forecasted to grow to $651 million by 2025), which it plans to bolster through improved fan monetization, expanding to other regions, and acquiring new companies. 


After Failed SPAC Deal, Thrasio Raises $1 Billion from Silver Lake

  • Amazon Aggregator Thrasio Holdings has raised its valuation to $5 billion, after raising $1 billion in a private round led by Silver Lake. 

Thrasio was last valued at around $2 billion when it had announced plans to merge with Michael Klein’s Churchill Capital Corp V, but the merger fell through amidst a departure of top executives and accounting issues. Thrasio has rapidly grown, with the company’s Series C valuing the firm at $1 Billion in July 2020. Last month, Thrasio had announced closing a $650 million debt facility with JP Morgan. Other investors who joined the Series D funding with Silver Lake include Advent International, Upper90, Oaktree Capital Management, and Peak6.

Thrasio, which began operations three years ago, is expected to generate $1 billion in revenue in 2021. While the company currently operates on Amazon’s platform in the US, Japan, and Europe, it plans to expand to India and explore other online retail platforms. Cracking the Indian market will be challenging for the aggregator as there are fewer private label brands on Amazon India compared to the US and Europe. 


Reddit Reads

$LEV Receives Conditional Purchase Order 

Lion Electric Receives Conditional Purchase Order from Student Transportation of Canada for 1,000 Electric School Buses. The purchase order is conditional upon the satisfactory grant of non-repayable contributions to STC under Infrastructure Canada’s Zero-Emission Transit Fund for which STC has filed a formal application. The purchase order would allow STC to become the largest operator of zero-emission school buses in North America.

$RDBX is a Strong Value Play Making its Debut Today 

Redbox, which is making its debut today, is a strong value play trading at a forward Price/Earnings of 2.3 and has a brand awareness that rivals the most well-known brands in the world. 

SPAC Holders this Week


SPAC Deals to Watch this Week

$MCAD Shareholders will Vote to approve Better Therapeutics Deal 

Shareholders of Mountain Crest Acquisition Corp II will vote on Wednesday, October 27th to close the deal with Better Therapeutics, with the stock listing on Nasdaq under the ticker ’BTX’, once the deal is approved. The merger vote comes after the deal was delayed twice in August and September, with the extension allowing the SPAC to close the deal before 31st October.

$TMTS Shareholders will Vote on NextNav Merger 

Shareholders of Spartacus Acquisition Corporation will vote on Wednesday to close the merger with NextNav Holdings.


WonderFi will Offer Customers USDC in Collaboration with Circle 

  • WonderFi is embracing USDC by offering it to customers on its platform and as a means to improve its treasury management. 

WonderFi Technologies will be offering Circle’s USD Coin (USDC) through the WonderFi App, to help expand access to the digital currency. Stablecoins like USDC play a pivotal role in the growth of the broader industry and the move should provide better access to customers.

USDC has a circulation of $31.2 billion and $1.1 trillion transferred on chain, is the fastest-growing dollar digital currency. In addition to the move, WonderFi will also use USDC in its treasury management to optimize yield on unused working capital and cash reserves.


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