The Daily Dish (7/14/21)
Welcome to the Daily Dish. We are your morning briefing for the SPAC market. Every day we’ll provide you a digest of the top headlines of the previous day and an outline of the day ahead.
Alex Rodriguez’s SPAC in Talks With Panini for $3 Billion Merger
Slam Corp, an SPAC led by former baseball superstar Alex Rodriguez, is in talks with Italian sticker and sports trading card collectibles brand Panini, in a deal which values the combined company at a valuation of $3 Billion. The company has been exploring a sale and has received interest from private equity firms in February.
Panini was established in 1961 and made its first FIFA World Cup Stickers for the 1970 tournament in Mexico. Making trading cards and stickers have been a part of the experience since and some rare stickers fetch high prices in the collectors market/auction.
The company, which also publishes children’s books and comics in Europe and Latin America hit $1 billion in revenues in 2018. Slam, which raised $575 million in its IPO in February launched with the focus on targeting companies in sports, media, entertainment, health and consumer technology.
SEC Charges Space Start-Up Momentus Over Misleading Claims
The SEC has charged SPAC Stable Road Acquisition, Space Exploration Company Momentus and two executives over misleading claims for the planned merger. The companies and Chief Executive Brian Kabot have agreed to settle the allegations by paying a fine of $8 million, without admitting or denying the allegations.
According to the SEC, the companies repeatedly told investors that it had ’Successfully Tested’ its propulsion technology in space, while in reality its only in-space test had failed to achieve its primary objectives.
The regulators also alleged that the companies misrepresented the extent of national security concerns, as involving CEO Mikhail Kokorich undermined the company’s ability to secure the required governmental licences essential to its operations.
Former Head of Bulgari Launches SPAC
Francesco Trapani, who is the former head of Italian jewellery brand Bulgari, has launched an SPAC to invest in a European consumer products company.
VAM Investments is listing on Euronext Amsterdam on July 19th and is offering shares up to 225 million euros.
Trapani ran Bulgari for over three decades before stepping down in 2014, three years after LVMH’s acquisition of the company.
In 2019, he launched Bluebell, an activist hedge fund, whose campaign helped force Danone Chief Executive Emmanuel Faber to quit.
