The Daily Dish (4/27/21)

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Online sports betting and gaming company Super Group to go public

Betway Parent Super Group Going Public in $4.75 Billion SPAC Deal –

SGHC Ltd., or Super Group, the holding company for online sports betting and gaming businesses, said Monday it has agreed to go public via a merger with special purpose acquisition company, or SPAC, Sports Entertainment Acquisition Corp. $SEAH, -0.20%. The deal will help Super Group expand into the U.S. online sports betting and gaming market, the company said in a statement.

The holding company is parent to Betway, an online sports betting brand, and Spin, an online casino offering.

The group has licenses in 23 jurisdictions in Europe, the Americas and Africa and took in more than $42 billion wager in the 12 months to March 2021.

It currently has more than 2.5 million monthly unique active customers and is in an agreement to acquire Digital Gaming Corp. which will give it access to an initial 10 U.S. states.

In 2020, it generated $1.1 billion in net gaming revenue.

That is expected to grow to more than $1.5 billion in 2021 and more than $1.7 billion in 2022.

The combined company will list on the New York Stock Exchange, under the new ticker “SGHC” and the new name Super Group.

Lion Electric SPAC wins shareholder approval

The Lion Electric Company aims to go public -

Lion Electric is set to go public after shareholders of special purpose acquisition company Northern Genesis Acquisition Corp. approved a merger Friday with the Canadian electric truck and bus manufacturer.

Quebec-based Lion will trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol $LEV once the transaction closes.

The company announced its plans to go public via a SPAC merger in November saying it would help fund a U.S. manufacturing facility and other initiatives.

“This transaction marks an important milestone in Lion’s continued emergence as a market leader in the design, manufacturing and distribution of purpose-built, all-electric medium- and heavy-duty urban vehicles,” Lion founder and CEO Marc Bedard said in a statement in November.

It comes as Lion Electric’s battery-powered Lion8 and Lion6 trucks continue to gain traction for last-mile operations.

The company has received orders from the likes of Amazon – for up to 2,500 trucks -as well as from CN. Most recently, Ikea announced on April 15 that it will deploy 15 Lion6 trucks in the fall in Canada.

Once the SPAC transaction closes, Lion Electric will become the latest zero-emissions truck manufacturer to go public by merging with so-called blank check companies.

SPAC short-sellers have taken home $500 million in 30 days

Explainer: what is short selling?

Short-sellers are descending on the SPAC market and making a killing out of it. Investors betting against these so-called blank-check companies were up more than $500 million, or 16.92%, in net-of-financing mark-to-market profits in the 30 days through April 22

The increasing dollar value of bearish bets is in line with a downward sentiment shift in the SPAC market, which started showing cracks in early March when skeptics tripled their bets against SPACs to $2.7 billion from $724 million at the start of the year.

The billionaire Chamath Palihapitiya, who has been one of the most outspoken proponents for these cash shell companies, has seen short interest in three of his six SPACs skyrocket since mid-December.

The number of new SPACs coming to market ground to a screeching halt and was down more than 90% from March.

SEC guidance, which hinges on whether some SPAC warrants should be reclassified as liabilities rather than equities, could also affect the quarterly financial reporting of existing SPACs.

As SPAC market sentiment continues to slide, some investors are taking advantage of the steep discount to scoop up SPACs trading below trust value for their arbitrage strategies, while others are actively shorting the downward slide.



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