The Daily Dish (2/16/21)
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 👇
Li-Cycle, North America’s Largest Lithium-Ion Battery Resource Recycling Company, to Merge with Peridot Acquisition Corp.
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Founded in Toronto in 2016, Li-Cycle $PDAC is an industry-leading lithium-ion battery resource recovery company and the largest lithium-ion battery recycler in North America. Li-Cycle sits at the intersection of three core megatrends:
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The electric vehicle revolution
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The supply shortage of strategic battery materials
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The need for a truly sustainable, ESG-friendly lithium-ion battery recycling solution, a critical missing step in the battery supply chain
The imperative for economically and environmentally sustainable resource recycling is growing in lockstep with the exponential growth of battery manufacturing. Li-Cycle utilizes its patented Spoke & Hub technologies to achieve the industry-leading recovery rate and produce the scarce battery materials underpinning the global growth in electric vehicle penetration.
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Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates. Li-Cycle’s two-stage battery recycling model enables customers to benefit from a safe and environmentally friendly solution for recycling all types of lithium-ion materials. The massive global shift toward electrification, increasingly stringent environmental regulations and rising clean energy infrastructure spending are accelerating the demand for lithium-ion battery materials and recycling solutions.
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The business combination includes a pre-money equity valuation for Li-Cycle of $975 million and, when combined with the transaction proceeds, represents a combined company pro forma equity value of $1.67 billion. The transaction will provide $615 million in gross proceeds to the Company, assuming no redemption by Peridot shareholders, including a $315 million fully committed, upsized common stock PIPE at $10.00 per share from investors that include Neuberger Berman Funds, Franklin Templeton and Mubadala Capital, as well as Peridot sponsor Carnelian Energy Capital
Digital health company Sharecare going public through blank check deal
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Digital health company Sharecare, founded by Mehmet Oz, M.D., and WebMD founder Jeff Arnold, is joining the special purpose acquisition company (SPAC) boom to access more capital via the public market.
Sharecare plans to go public via a merger with Falcon Capital Acquisition Corp. $FCAC, a blank check company that’s headed by the brother of former U.S. Treasury Secretary Steve Mnuchin.
Upon closing of the transaction, the new company will become Sharecare Inc. and estimates it will be worth $3.9 billion. It is estimated that post-transaction, Sharecare will have approximately $400 million on its balance sheet to drive sustained growth, sales force expansion, new digital offerings and M&A, the company said in a press release.
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Launched in 2010, Sharecare is a digital health company that helps people consolidate and manage various components of their health in one place.
The deal with Falcon Capital Acquisition gives Sharecare the advantage in shifting how people use smartphones across the dynamic continuum of their healthcare needs by bringing together healthcare, technology and media into one connected virtual care platform, the company said.
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Sharecare reported $330 million in revenue in 2020 and is projecting revenue to grow to $396 million in 2021, according to an investor presentation. The company expects revenue to grow 24% at a compound annual growth rate over the next three years to reach $629 million by 2023. Sharecare also announced health insurance giant Anthem will make a direct investment in the company. The size of the investment was not disclosed. Anthem will expand its strategic partnership with Sharecare as the company continues the development of products and services to enhance the healthcare experience.
Indonesia’s Traveloka Plans U.S. Listing Via SPAC in 2021
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Traveloka, Southeast Asia’s biggest online travel startup, is planning to list in the U.S. this year to raise funds using a special purpose acquistion company, known as SPAC, according to Chief Executive Offer Ferry Unardi.
“SPAC is very efficient,” Unardi said in an interview with Bloomberg Television on Tuesday. “If we can do it faster we can then focus on execution and growing the company.” Traveloka may consider to list in Indonesia at a later stage, he added.
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Traveloka adds to a list of Indonesian startups seeking similar U.S. listings via the SPAC method, which allows them to use funds raised from the IPOs to buy a private company that then takes over the listing. Ride-hailing giant Gojek and e-commerce platform PT Tokopedia, are said to be finalizing merger terms before listing the combined entity in Jakarta and the U.S.
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Since it was founded in 2012, Traveloka has expanded across Southeast Asia, making it easier for consumers to book flights and hotels across countries. Like its competitors, the company has since moved beyond its roots to offer a vast array of services including lifestyle and even financial services. Traveloka plans to invest more in its new travel-now-pay-later product to attract more travelers, he said. The company’s travel business is now back in profit amid looser restrictions, even at lower volumes, Unardi said.
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