Ciao! Allego revs up in Italy. PAQC has a DA. Autonomous Driving company TuSimple stock crashes.

EV charging network Allego announces customer win ahead of next week's vote. PAQC has a Saas/beauty-related DA. And all the day's news in SPACs.

Author:
Joanna Makris
Updated:
Mar 8, 2022 6:09 PM EST
Original:
Mar 3, 2022

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PAQC to merge with Perfect Corp.

Provident Acquisition Corp. (PAQC) announced a merger with Perfect Corp., "a Leading AR and AI SaaS solution provider in the beauty and fashion industries." The deal sets the enterprise value of Perfect Corp. at $1.02 billion. Perfect Corp. should get up to $335 million in gross proceeds, including $50 million from a PIPE transaction, $55 million from forward purchase agreements, and $230 million currently held in trust by Provident (subject to redemptions). The PIPE is anchored by CHANEL, CyberLink, Shiseido (SSDOY) and Snap (SNAP).

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SPAQ / Allego announces Italy deal ahead of next week's vote

Pan European Electric Vehicle (EV) charging network Allego Holding BV announced a a strategic agreement with Tamoil Italia, a leading fuel energy provider within the European downstream oil and gas sector, to develop 11 ultra-fast and fast charging locations throughout Italy at pre-existing Tamoil sites.

Allego is slated to go public via SPAC merger with Spartan Acquisition Corp. III (SPAQ). The announcement is well-timed ahead of the merger vote next week (3/8).

Elsewhere in SPACs

SPAC votes coming up next week:

3/8 -- CFFE, $10.01, extension
3/8 -- SPAQ, $9.98, + Allego
3/9 -- MTAC, $9.93, + Memic Innovative

Autonomous driving company TuSimple crashes on management change

Autonomous trucking company TuSimple (TSP) announced Co-Founder and CTO Xiaodi Hou will succeed Cheng Lu as President and Chief Executive Officer and succeed Mo Chen as Chairman of the Board. Chen, who co-founded TuSimple, had served as executive chairman since September 2020 and served as CEO from the company's inception in 2015 to September 2020. He held a roughly 7.6% stake in the company as of last April.

Investors were upset by the sudden news, which the company says was part of a planned executive succession as it moves to the next phase of commercializing its L4 autonomous trucking technology.

The reason for the change may have something to do with national security concerns relating to China. According to the company's recent 8-K filing, TSP reached a resolution with CFIUS (Committee on Foreign Investment in the United States) earlier this month. TSP entered into a National Security Agreement (NSA) with the U.S. government under which it has agreed to limit access to certain data and adopt a technology control plan, appoint a security officer and a security director, establish a government security committee of the board of directors of the Company to be chaired by the security director, and periodically meet with and report to CFIUS monitoring agencies. In addition, current directors of the Company representing Sun Dream Inc, one of the company's stockholders, have agreed that they will not be re-elected to the board of directors. Sun Dream also agreed that it will not nominate replacement candidates or increase its current shareholdings in the Company.

From a governance perspective, a dual CEO-Chairman won't sit well with most investors.

TSP IPO'd in April 2021 at ~$40. Shares peaked at over $70 in June. TSP shares closed at $13.14, down 23% on the day.

Boardroom Alpha will be chatting with TSP CFO Pat Dillon on the podcast next week. Stay tuned.

Today's Price Action

Biggest Gainers

4.05% ~ $ 11.31 | HCCC - Healthcare Capital Corp. (Announced)
3.82% ~ $ 12.77 | CFVI - CF Acquisition Corp. VI (Announced)
2.21% ~ $ 97.25 | DWAC - Digital World Acquisition Corp. (Announced)
1.10% ~ $ 10.08 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
1.01% ~ $ 10.04 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
.93% ~ $ 9.80 | TCOA - Trajectory Alpha Acquisition Corp. (Pre-Deal)
.92% ~ $ 9.90 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
.90% ~ $ 11.16 | GGPI - Gores Guggenheim, Inc (Announced)
.88% ~ $ 10.30 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
.83% ~ $ 9.70 | BLEU - bleuacacia ltd (Pre-Deal)
.82% ~ $ 9.86 | VBOC - Viscogliosi Brothers Acquisition Corp (Pre-Deal)
.72% ~ $ 9.73 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.71% ~ $ 9.96 | SPK - SPK Acquisition Corp. (Announced)
.63% ~ $ 9.66 | BWC - Blue Whale Acquisition Corp I (Pre-Deal)
.62% ~ $ 9.67 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.84 | PRBM - Parabellum Acquisition Corp. (Pre-Deal)
.56% ~ $ 9.90 | LGTO - LEGATO MERGER CORP. II (Pre-Deal)
.52% ~ $ 9.65 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
.52% ~ $ 9.70 | AMCI - AMCI Acquisition Corp. II (Pre-Deal)
.51% ~ $ 9.76 | SEDA - SDCL EDGE Acquisition Corp (Pre-Deal)

Biggest Losers

-2.10% ~ $ 9.77 | SPAQ - Spartan Acquisition Corp. III (Announced)
-.81% ~ $ 9.76 | IXAQ - IX Acquisition Corp. (Pre-Deal)
-.81% ~ $ 9.79 | POND - Angel Pond Holdings Corp (Announced)
-.59% ~ $ 10.14 | NLIT - Northern Lights Acquisition Corp. (Announced)
-.52% ~ $ 9.63 | CNDA - Concord Acquisition Corp II (Pre-Deal)
-.51% ~ $ 9.69 | EGGF - EG Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.61 | LOCC - Live Oak Crestview Climate Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.71 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
-.41% ~ $ 9.80 | BIOT - Biotech Acquisition Company (Announced)
-.41% ~ $ 9.80 | RCAC - Revelstone Capital Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.81 | UTAA - UTA Acquisition Corporation (Pre-Deal)
-.31% ~ $ 9.71 | NBST - Newbury Street Acquisition Corporation (Pre-Deal)
-.31% ~ $ 9.71 | TIOA - Tio Tech A (Pre-Deal)
-.31% ~ $ 9.72 | MIT - Mason Industrial Technology, Inc. (Pre-Deal)
-.31% ~ $ 9.76 | PRPC - CC Neuberger Principal Holdings III (Pre-Deal)
-.31% ~ $ 9.80 | NVAC - NorthView Acquisition Corp (Pre-Deal)
-.30% ~ $ 9.92 | CXAC - C5 Acquisition Corp (Pre-Deal)
-.30% ~ $ 10.03 | LCAP - Lionheart Acquisition Corporation II (Announced)
-.25% ~ $ 9.87 | SCUA - Sculptor Acquisition Corp I (Pre-Deal)
-.25% ~ $ 9.92 | TLGY - TLGY Acquisition Corp (Pre-Deal)