SPAC IPOs Mixed, DCRN Deal Slightly Rises, IPOE/SoFi Up Next
IPOE fell ahead of its vote tomorrow, while DCRN rose slightly on its deal with Tritium. Of today s SPAC IPOs: 1 rose, and 2 fell.
Author:
This morning
Decarbonization Plus II (DCRN) announced a deal to take Tritium, an Australian EV charge company, public in a $1.4B SPAC deal. The deal has no PIPE and they currently have $403M in trust. The market was, somewhat, pleased with the deal as DCRN rose modestly +1.4%, though it still trades at a sizable discount to NAV at $9.79. This represents
a potential ~6% yield opportunity if you believe that the deal vote (when an investor could redeem its shares) happens within ~4-6 months.
A Sad May for SPACs thestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreet.com Daily Mail and Mail on Sunday newspapers.
15 SPAC Mergers in 30 Days thestreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestreet.com Daily Mail and Mail on Sunday newspapers.
Howard Lorber and Steve Witkoff (Getty, iStock)
Frequent business partners Howard Lorber and Steve Witkoff have a new project, but it’s not a condo or hotel. It’s a SPAC.
The developers’ Ocean Drive Acquisition Corp. is looking to raise $250 million from investors to take a proptech startup public, according to a regulatory filing. In addition to Lorber and Witkoff, asset manager Monroe Capital is sponsoring the blank-check company.
“Technology has become a strategic imperative as [real estate] owners seek ways to increase the efficiency of their assets,” the filing said. “Our management team has specific experience and knowledge regarding the real estate industry and companies that provide technological solutions and innovation.”
Experience Investment Corp (NASDAQ: EXPC).
The company’s helicopters fly people in and out of U.S. city centers. The four key targets for Blade are short-distance flights of 60 to 100 miles, airport flights between New York airports, transporting human organs in the northeast U.S. and international joint ventures.
The company had revenue of $33 million in 2019 with 10 scheduled flight routes. The company expects revenue to hit $402 million in 2024 with 28 expected flight routes.
In 2025, the company plans to launch its eVTOL electric vertical takeoff and landing aircraft. Revenue for 2025 is expected to hit $601 million and begin ramping up with the additional flying product.