SUBSPAC

Today we cover $BIOT, $DSAC, $WKHS, and more…

Shareholders of Workhorse Group just can’t catch a break as the company sees another setback. Also, SPAC markets heat up once again as two blank-check companies close in on potential deals, and will SPACs be used as a vehicle for soccer club takeovers? Read on to find the latest about all things SPACs.


$WKHS Slides 10% As DOJ Begins Investigation 

  • Shares of Electric Van Maker Workhorse Group slid more than 10% to $6.47 after reports surfaced that it was being investigated by the Department of Justice. 

In addition to the investigation by the DOJ, Workhorse is also being targeted by the Securities and Exchange Commission, which began its probe in September.

The company is having a torrid time, as it just suspended deliveries of its electric van C-1000, citing more tests and modifications were required for it to comply with the regulatory standards. In addition., two of the company’s executives, including CFO Steve Schrader left the company, as part of a reshuffle to meet its commercial goals. 


FiscalNote in Talks with $DSAC for $1.3 Billion Merger

  • FiscalNote, a company that provides services to track government policy is in talks with SPAC Duddel Street Acquisition Corp for a potential deal. 

Founded in 2013, the DC-based company is the owner of political publication CQ Roll Call. Companies and lawmakers use FiscalNote’s software tools and information to understand the changes in legislation and government regulation in the US and European Union.

FiscalNote, which is backed by Mark Cuban, Jerry Yang, and S&P Global Inc targets customers affected by regulation changes in cryptocurrency, autonomous and electric vehicles, and the gig-economy. High-profile customers of FiscalNote include the SEC, Southwest Airlines, Nestle, and Tesla. The deal is expected to raise $275 million in gross proceeds from the merger which includes a $100 million PIPE investment. FiscalNote plans to use the money for product development in a bid to catch up to larger rivals like Bloomberg LP and Refinitiv.


Reddit Reads

$SNIIU Awarded Department of Energy Contract

Rigetti Computing has been selected to lead a quantum simulation project for fusion energy awarded by the Department of Energy.

$BKKT Expands Cryptocurrency Offering to Include Ethereum 

Bakkt announced that it is offering users and partners the ability to buy, sell, and hold Ethereum, the cryptocurrency of the Ethereum network, starting soon.

Trouble brewing in the at-home fitness market


$BIOT Announces $350 Million Deal with Blade Therapeutics 

  • SPAC Biotech Acquisition has entered into a deal with Biopharmaceutical Company Blade Therapeutics. 

The transaction is expected to provide $254.3 million in cash, which includes a $24.3 million PIPE investment anchored by Deerfield Management, Pfizer Ventures, Bristol Myers Squibb, MPM Capital, and Osage University Partners. Blade Therapeutics is focused on developing treatments for debilitating fibrotic and neurodegenerative diseases.

The proceeds from the deal are expected to support the clinical development of a differentiated pipeline of oral, small-molecule investigational therapies with disease-modifying potential. Blade’s lead investigational drug is cudetaxestat a non-competitive, reversible inhibitor of autotaxin that is planned to enter a phase 2 clinical study in patients with idiopathic pulmonary fibrosis in the first half of 2022. In neurodegeneration, Blade’s lead product candidate is BLD-2184, a CNS-penetrant calpain inhibitor as a potential treatment option for inherited (genetic) poly-Q neurodegenerative conditions such as Huntington’s disease and spinocerebellar ataxia type 3. 


Keith Harris is Looking for a Soccer Club Takeover Through a SPAC 

  • $LGVCU, which is set to go public later this week in a $200 million IPO, is exploring options to purchase a major European soccer team. 

Harris, who is the senior adviser of the SPAC has served as the deputy chairman of the English Soccer team for two years and has advised on large takeovers involving clubs Aston Villa, Manchester City, and West Ham United.

European teams have seen a flurry of corporate activity, as clubs seem new capital to recover from the pandemic. Italy’s Juventus, Portugal’s Porto, and France’s St Etienne have all raised additional funding through a sale in a bid to bolster finances. England, which draws the most views for soccer globally has especially seen increased activity, with top-flight clubs Wolverhampton Wanderers and Leeds United selling additional stakes in recent months. High-profile deals include the £300 million takeovers of Newcastle United by Saudi Arabia Investment Funds and a sale of a stake in West Ham to Czech Billionaire Daniel Kretinsky, valuing the club at more than £600m.


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