SPAC market shows signs of life, with two DAs. And all the day's news in SPACs.

Announcements from AMCI/LanzaTech and Endurance (EDNC)/SatixFy

Author:
Joanna Makris
Publish date:
Mar 8, 2022 5:45 PM EST

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The SPAC market shows signs of life with 2 new deal announcements today:

AMCI / LanzaTech

AMCI Acquisition Corp. II (AMCI) is merging with LanzaTech NZ in a deal that values the carbon recycling technology company at $2.2 billion. AMCI is a SPAC focused on energy transition.

The transaction is expected to raise gross proceeds of $275 million, comprising AMCI’s $150 million cash held in a trust account and a $125 million PIPE funded by investors including ArcelorMittal and BASF.

LanzaTech is a carbon capture and transformation company which traps waste gas emitted during industrial processes and uses bacteria to create climate-safe materials and fuels and also recycles carbon waste. Customers include Unilever (PLC) and Coty (COTY). Slide deck here.

The deal is expected to close in 3Q 2022 and the combined company is expected to trade on the Nasdaq under the symbol “LNZA.”

Endurance/SatixFy

Endurance Acquisition Corp. (EDNC) is merging with Israeli satellite chip maker SatixFy Communications in a deal valued at $813 million.

The transaction is expected to generate $350 million in gross proceeds assuming no trust redemptions, including a $29 million PIPE (downside protection to $6.50 / non-dilutive share transfer) with participation from institutional investors including Sensegain Group and Antarctica Capital, and $75 million from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald. In addition, the Company recently closed on an additional financial commitment of $55 million from Francisco Partners ($8 million fee).

Endurance was formed by an affiliate of Antarctica Capital to target transactions in space and wireless technologies.

Founded in 2012, SatixFy is a fabless semiconductor company providing products based on its own chipsets. The company designs chips, codes its software and builds modems and antennas. Customers include Telesat Corp., OneWeb, ST iDirect and Airbus SE.

Elsewhere in SPACs

Spartan Acquisition Corp. III (SPAQ) shareholders approved its merger with Allego. Deal expected to close next week and trade as ALLG. SPAQ shares closed up ~17% today.
Games Global is rumored to be in talks with Tailwind International Acquisition (TWNI) that would value the company at over $3B.
Far Peak Acquisition Corp (FPAC) and Bullish extend outside merger date to May-9

Today's Price Action

Biggest Gainers

17.63% ~ $ 11.61 | SPAQ - Spartan Acquisition Corp. III (Announced)
7.49% ~ $ 10.04 | MTAC - MedTech Acquisition Corporation (Announced)
1.50% ~ $ 11.51 | CFVI - CF Acquisition Corp. VI (Announced)
1.09% ~ $ 10.16 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
.93% ~ $ 9.79 | AMCI - AMCI Acquisition Corp. II (Announced)
.93% ~ $ 9.80 | TCOA - Trajectory Alpha Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.72 | XPAX - XPAC Acquisition Corp (Pre-Deal)
.62% ~ $ 9.77 | JUGG - Jaws Juggernaut Acquisition Corporation (Pre-Deal)
.61% ~ $ 9.88 | LCW - Learn CW Investment Corp (Pre-Deal)
.61% ~ $ 9.92 | FPAC - Far Peak Acquisition Corp (Announced)
.60% ~ $ 10.05 | DTRT - DTRT Health Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.82 | EDNC - Endurance Acquisition Corp. (Announced)
.51% ~ $ 9.91 | ARTE - Artemis Strategic Investment Corporation (Pre-Deal)
.50% ~ $ 9.97 | HHGC - HHG Capital Corporation (Pre-Deal)
.42% ~ $ 9.65 | LOCC - Live Oak Crestview Climate Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.75 | ALCC - AltC Acquisition Corp. (Pre-Deal)
.35% ~ $ 9.95 | APAC - StoneBridge Acquisition Corp. (Pre-Deal)
.31% ~ $ 9.76 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
.31% ~ $ 9.86 | RJAC - Jackson Acquisition Co (Pre-Deal)
.30% ~ $ 9.89 | SVFC - SVF Investment Corp. 3 (Announced)

Biggest Losers

-9.85% ~ $ 75.13 | DWAC - Digital World Acquisition Corp. (Announced)
-3.87% ~ $ 10.05 | GACQ - Global Consumer Acquisition Corp. (Announced)
-2.50% ~ $ 9.74 | CSLM - Consilium Acquisition Corp I, Ltd. (Pre-Deal)
-1.39% ~ $ 9.92 | PPYA - Papaya Growth Opportunity Corp. I (Pre-Deal)
-.92% ~ $ 9.71 | HPLT - Home Plate Acquisition Corp (Pre-Deal)
-.90% ~ $ 9.95 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
-.80% ~ $ 9.88 | VCXB - 10X Capital Venture Acquisition Corp. III (Pre-Deal)
-.80% ~ $ 9.92 | WNNR - Andretti Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.83 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
-.71% ~ $ 9.83 | POND - Angel Pond Holdings Corp (Announced)
-.70% ~ $ 9.89 | SPK - SPK Acquisition Corp. (Announced)
-.61% ~ $ 9.83 | BNNR - Banner Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.75 | RCAC - Revelstone Capital Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.84 | SAGA - Sagaliam Acquisition Corp (Pre-Deal)
-.50% ~ $ 9.87 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
-.50% ~ $ 9.87 | BRAC - Broad Capital Acquisition Corp (Pre-Deal)
-.50% ~ $ 9.92 | IFIN - InFinT Acquisition Corporation (Pre-Deal)
-.50% ~ $ 9.93 | PAFO - Pacifico Acquisition Corp. (Announced)
-.41% ~ $ 9.65 | THCP - Thunder Bridge Capital Partners IV, Inc. (Pre-Deal)
-.40% ~ $ 9.90 | CXAC - C5 Acquisition Corp (Pre-Deal)