The Daily Dish (1/22/21)

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 👇

Charging company EVgo is going public via SPAC merger

EVgo announces lower/simpler price plans and longer charging times for its  'largest US' DC fast charging network - Electrek
  • Another company in the electric vehicle industry is going public by merging with a so-called SPAC, or special purpose acquisition company. This time, it’s EVgo, one of the leading providers of electric vehicle charging stations in the US.

    The deal is expected to bring in $575 million for EVgo. When it closes, EVgo will become a publicly-traded company on the New York Stock Exchange $CLII.

  • In something of a poetic twist, the investment fund that’s merging with EVgo to take it public is one started by climate investor David Crane. Crane was once the CEO of energy company NRG, which helped start EVgo a decade ago. Roughly $175 million of the proceeds will come from Crane’s SPAC (called Climate Change Crisis Real Impact I Acquisition Corporation). The other $400 million is coming from a new, concurrent round funding organized by Crane’s SPAC that includes institutional investors like BlackRock and Pacific Investment Management Company (PIMCO).

  • EVgo currently operates more than 800 DC fast charging stations across 34 states in the US. Last year it announced a partnership with General Motors that is supposed to triple that number, while also building out the ability to charge at faster rates comparable to those offered by Tesla’s Supercharger and Volkswagen’s Electrify America networks. It has also partnered with Uber and Lyft to supply chargers for electrified ride-hailing vehicles.

Europe-focused SPAC North Atlantic Acquisition prices upsized $330 million IPO

250 Diageo Scottish Pga Championship Photos and Premium High Res Pictures -  Getty Images
  • North Atlantic Acquisition $NAAC, a blank check company targeting the consumer, industrials, and telecom sectors in North America and Europe, raised $330 million by offering 33 million units at $10. The company offered 3 million more units than anticipated. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $100 million at the closing of an acquisition pursuant to a forward purchase agreement with its sponsor.

  • The company is led by Chairman Andrew Morgan, who spent nearly three decades with multinational beverage alcohol company Diageo (LSE: DGE), most recently serving as Head of New Business. Morgan currently serves as Executive Chairman of The Island Rum Company, co-founder and Chairman of AYR, which is co-developing vaping technology with British American Tobacco, and Chairman of The Cafepod Coffee Company. He is joined by CEO and Director Gary Quin, who most recently served as Vice Chairman of the European investment banking division of Credit Suisse.

Chera family goes SPAC shopping

Richard and Isaac Chera (Getty)
  • One of New York’s biggest retail owners is going shopping — with a blank check.

    The Chera family’s Crown Acquisitions $CPTK is raising $200 million for a special purpose acquisition company, or SPAC, that is focused on proptech, according to a regulatory filing.

    Crown PropTech Acquisitions will look to acquire a startup with “innovative software, hardware, products, operations or services that are technology-driven and enhance the value of the infrastructure or pr property ownership,” the filing said. Ideally, the firm will merge with a business that intersects with industries beyond real estate.

  • Crown, which owns one of New York’s biggest retail empires, was founded by the late Stanley I. Chera, who died in April 2020. Isaac and Richard Chera, two of Stanley’s sons, run the company. Their brother, Haim, moved over to Vornado when Crown acquired a 24 percent stake in the real estate investment trust’s retail portfolio. Crown also has a brokerage arm, Crown Retail Services.

  • Crown benefited from the city’s retail boom of the mid 2010s, leaving it exposed to retail’s subsequent downturn. After the Gap did not pay rent at 170 Broadway, Crown defaulted on the $70 million mortgage covering the retail condo at the Financial District property.

    Along with CEO Richard Chera, the SPAC’s management team includes Rasheq Zarif, lead strategic advisor, who is also a managing director at Deloitte Consulting, and Pius Sprenger, its CFO, a former executive at Cantor Fitzgerald and Deutsche Bank.

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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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