SUBSPAC

Today we cover $PSFE, $LAZR, $DGNS, and more…

The broader SPAC market is now seeing consolidation, with De-SPACs looking to use proceeds from their mergers to fund acquisitions and enter into strategic partnerships, in a bid to come out on top. Also, SPAC lawsuits have jumped a whopping 420% YoY and Kevin Durant is the latest star to join the SPAC Party. Read on to find the latest about all things SPACs.


Kevin Durant Launches $200 Million SPAC

  • Brooklyn Nets star Kevin Durant has launched Infinite Acquisition Corp to raise $200 million.

Durant is the latest star to join the SPAC party after celebrities like Jay-Z, Serena Williams and Shaquille O’Neal launched their SPACs earlier.

Infinite Acquisition said it would focus on buying companies in sectors such as sports, health, e-commerce, food, and cryptocurrency. Durant will co-lead the SPAC alongside Rich Kleiman (the duo who co-founded venture firm Thirty-Five Ventures) with Investment Bank LionTree also being a sponsor. 


SPACs to Watch This Week

$PSFE Completes Acquisition of viafintech

  • Paysafe Completed the Acquisition of German Fintech Company viafintech, which offers one of the largest bank-independent alternative payments infrastructures in Europe. 

Viafintech was founded in 2011 and integrates digital banking apps to offer a ‘mobile ATM’ solution, which enables customers to deposit/withdraw cash at retail stores using a barcode.

viafintech also offers bill payments and credit payouts, supporting millions of customers in the region who down have bank accounts or prefer the convenience of using eCash to pay online. 

$LAZR will Equip its Sensors on NGAB’s Fleet

  • Luminar Technologies is partnering with Embark Trucks to equip its trucking fleet with long-range lidar. 

Embark is planning to deploy and deliver 14,200 trucks (under non-binding reservations) in 2024, which it will equip with Luminar’s LiDAR sensor.

Embark is pursuing an asset-light go-to-market approach, which will focus on delivering the best software for autonomy trucking and will work with partners like Luminar to utilize its hardware for autonomous trucks. 

$MSFT to Integrate $DGNS into Teams 

  • Microsoft will be integrating Cvent into its communications platform Microsoft Teams.

Microsoft announced in a blog post today that the Events and Hospitality management platform, Cvent is now integrating with Teams.

In 2022, customers will be able to manage the event lifecycle, including registration and agenda management, to deliver the virtual meeting and event experience through Teams. 


SPAC Lawsuits Jump 420% Compared to 2020

  • SPACs are seeing increased litigation, SEC scrutiny, and a new disclosure policy to prevent further lawsuits. 

Securities class action lawsuits against SPACs have been on the rise since 2019, with SPAC lawsuits going up from 2 in 2019 to 26.

The increase in lawsuits comes as the SEC is ramping up enforcement actions and scrutiny against SPAC deals, with a particular focus on disclosing potential conflicts of interest. SPACs themselves are looking to fend off lawsuits by disclosing potential conflicts (where SPAC sponsors are invested in the target company) and making modest projections about the target company (as compared to lofty 20x forward revenue projections from earlier SPACs). 


Reddit Reads

$PPGH Turning Around its Sales Slump 

Gogoro’s e-scooter sales in Taiwan in October stood at 7,851, which is the highest monthly slaw since September 2020.

It appears Gogoro is turning around its sales slump over the past couple of years due to changes in government incentive policies and COVID.

$AEAE Announces Closing of $230 Million Initial Public Offering

AltEnergy Acquisition Corp today announced that it closed its initial public offering of 23,000,000 units, including an additional 3,000,000 units issued under the full exercise by the underwriters of their over-allotment option. 

SPAC Redemptions in October


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