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The Daily Dish (7/27/21)

Britain Eases SPAC Rules to Attract More Listings 

Britain has eased rules for SPACS, in a bid to attract more listings to London, just as global regulators have put a watch recently.

After a surge in activity in SPACs on Wall Street and more recently in the European Union and Emerging Markets, the country is keen to ensure that it is not left behind. 

Under the previous rules, trading in shares of SPACs were suspended when a target company was identified, ensuring that investors were trapped in the trade, thereby putting off potential investors.

The Financial Conduct Authority (FCA) proposed to ease the rules in April, including waiving the suspension rule if the SPAC has raised at least 200 million pounds from its float. 

On Tuesday, the FCA announced that it had cut this to 100 million pounds in its final version of the rules, with the new rules coming into effect from August 10th.

To ensure investors are protected, the FCA also said that investors have redemption rights ahead of a proposed acquisition and a shareholder vote.

AdTheorent Planning $1 Billion SPAC Merger 

Ad-tech company AdTheorent, is nearing an SPAC merger with MCAP Acquisition Corp, in a deal which values the firm at around $1 Billion.

The company uses machine learning and data science to optimise advertising and marketing campaigns for its customers.

The deal will include $120 Million in PIPE funding with data mining software company Palantir Technologies participating in the PIPE. 

AdTheorent plans to use the funds from the deal to pay down debt, cover transaction costs and compensate existing investors who aren’t rolling over their stake in the company.

AdTheorent is currently owned by H.I.G Growth partners, who will own more than 50% of the company after the deal. The company is led by CEO Jim Lawson and expects revenues of $150 Million in 2021. 

Jam City Cancels $1.2 Billion SPAC 

Mobile Game Publisher Jam City, called off plans to go public through an SPAC Merger with DPCM capital in a deal which would have valued the combined company at $1.2 Billion, citing that the ‘current market conditions’ weren’t reasonable, with DPCM evaluating other merger targets. 

Part of the deal involved the acquisition of Montreal based game publisher Luida for $175 million, but Jam City is exploring other options to finance the deal. Amidst a sea of competition on mobile devices, Jam City has thrived on casual games that people play for short amounts of time.

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