Two Strikes and You’re Out

The Daily Dish (09/03/21)

Another SPAC Deal Goes Up in Smoke Because of Fanatics Partnership

Slam Corporation, a SPAC which is backed by retired baseball superstar Alex Rodriguez, has ended merger talks with Panini after it lost its licence with the National Basketball Association and National Football League.

Slam had been conducting due diligence on the transaction which was set to value the iconic sticker maker at a valuation of around $3 Billion. But the prospects of the merger took a turn for the worse when merchandise company Fanatics had signed a deal with MLB, NFL and NBA.

NFL and NBA cards were expected to exclusively trade through Panini till 2025 and 2026 but the company will lose these rights to Fanatics. Fanatics securing an exclusive licence has cancelled not one but two SPAC mergers over the last month.

In addition to the Panini deal, Topps announced that it was mutually cancelling its merger with Mudrick Capital Acquisition after it failed to renew its 50-year+ exclusive partnership with MLB.

Reddit Seeking $15 Billion Valuation in IPO

Reddit is planning its public market debut in the first quarter of next year and is eyeing a valuation of $15 Billion.

The company is planning its IPO listing on the New York Stock Exchange and is looking to hire advisers to help plan the launch.

The online forum was last valued at $10 Billion in private fundraising from fidelity investments last month. Reddit usage has skyrocketed during the pandemic as retail traders have coordinated their efforts on subreddits such as r/WallStreetBets.

As of October 2020, the company claimed that there were 52 million daily active users and more than 100,000 subreddits, with the total number of active users exceeding 430 million.

Iconiq Planning $4 Billion SPAC Deal 

Chinese Electric Vehicle startups are back in the news again.

Iconiq Motors is considering going public through the SPAC route at a valuation of $4 Billion and could start trading as early as the end of the year.

Iconiq Motors, which partners with auto supplier Magna Steyr and Microsoft Corp, was founded in 2016 by Chinese entrepreneur Alan Wu and has offices in Tianjin, Shanghai, and Dubai.

Other EV makers that have gone public through a SPAC merger include Fisker, Lucid and Nikola.

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