SPACs are Back with a Bang 💥

Today we Cover $ACEV, $SVOK, $SV, and more …

In today’s Dish, a promising Electronics Manufacturer is going public in a Mega SPAC deal that involves multiple acquisitions, An Israeli MedTech company is on the verge of a multi-billion dollar deal and SPAC veterans are being challenged by the rise of young dealmakers. Read on to find the latest on all things SPAC.

Electronics Manufacturer Tempo Automation is Going Public through a SPAC Deal 

Software-Accelerated Electronics Manufacturer Tempo Automation is going public through a SPAC merger with ACE Convergence Acquisition Corp in a deal that values the company at $919 million.

The company has a smart manufacturing platform that uses software and data to accelerate time-to-market and time-to-revenue for its customers. Tempo’s platform delivers speed and efficiency at every stage of the process – from prototyping through to production, giving it an edge to address the potential $290 billion market.

Tempo Automation will receive $391 million in gross proceeds, which includes $161 million in PIPE funding from Point72 Venture Investments, ACE Equity partners, Firsthand Funds, Lux Ventures, Structural Capital, and SQN Venture Partners.

The cash will primarily be used to complete the acquisition of Advanced Virtues and Whizz when the deal between Tempo and ACE closes.

Insightec in Talks for a $2 Billion SPAC Listing  

Israeli Medical Device company Insightec is currently in talks with an undisclosed SPAC to list on Wall Street at a $2 Billion valuation. The company, which was founded in 1999, has developed a system for using MRI-guided ultrasound waves to destroy tissues, which helps in the treatment of non-Parkinson tremors and helps clear blood-brain blockage.

Insightec is controlled by Koch Disruptive Technologies, which has a stake 40% stake in the company after having invested $200 million. The company was last valued at $1 billion, when shareholder York Capital sold its 7% stake to Peregrine Ventures, Lemur Partners, and Mor Investments.

Insightec reported $27 million in revenue for the first half of the year compared to $14 million for the same period in 2020. At the end of Q2, the company had $125 million in cash.

Maurice Ferre, the CEO of Insightec, has already been involved in one SPAC transaction this year (Memic Agreeing to a Merger with MedTech Acquisition Corp in August for $1 Billion) and has previously stated that Insightec would see a multi-billion dollar exit.

Reddit Reads

$SVOK – Boxed to Expand E-commerce in the Middle East, North Africa, and Southeast Asia

Boxed, which is merging with Seven Oaks Acquisition Corp is partnering with 786 Holdings Limited. The partnership will see 786 Holdings use the proprietary technology of Boxed for e-commerce software and services technology. 786 Holdings will use the software to build out its B2B operations in the Middle East North Africa region, including the Kingdom of Saudi Arabia, the UAE, Egypt, Oman, Qatar, Bahrain, Turkey, and Kuwait.

$SV – AeroFarms and Spring Valley Acquisition Corp. Mutually Agree to Terminate Business Combination Agreement

Dream Holdings and Spring Valley Acquisition Corp announced today that both companies have mutually agreed to terminate their previously announced agreement and plan of merger. Neither party will be required to pay the other a termination fee as a result of the mutual decision to terminate the Business Combination Agreement. Spring Valley intends to continue to pursue the consummation of an initial business combination before the dissolution deadline of May 27, 2022.

Gen-Z Dealmakers are Now Challenging SPAC Veterans 

23-year old Albert G Hill IV, the great-grandson of oil Barron H.L Hunt and Juan Jose Rosas, are bringing a $125 million SPAC to market, which will target companies in Latin America.

The SPAC, Rose Hill Acquisition Corp, will start trading on the Nasdaq Global Market under the ticker ‘ROSEU’.

Hill and Rosas are the latest in a list of ambitious young dealmakers to challenge the Wall Street elites who have taken advantage of the SPAC Boom, including hedge fund manager Bill Ackman and Former Citigroup Rainmaker Michael Klein.

The backers of Rose Hill Acquisition Corp include Cohen & Co and Chile’s Ameris Capital.

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