Busy day in the SPACsphere as deals, including Kaepernick, run hot

  • Colin Kaepernick took his activism to the wide world of SPACs, serving as co-chair of Mission Advancement Corp., which will focus on racial justice and diversity issues and seek to raise up to $287.5M. The SPAC is specifically targeting consumer businesses with an enterprise value of more than $1B that “delivers a significant impact financially, culturally and socially.”
  • Archer, a developer of all-electric vertical take-off and landing (eVTOL) aircraft, is combining with SPAC Atlas Crest Investment Corp. (NYSE:ACIC). The new company is expected to list on the NYSE under symbol “ACHR.” In related news, Archer signed an aircraft purchase agreement and collaboration agreement with United Airlines (NASDAQ:UAL) as part of the latter’s commitment to decarbonization. United will buy $1B worth of Archer’s aircraft, with an option for an additional $500B of planes. ACHR +40% premarket.
  • The also announced its intention to become a public company by entering into a definitive three-way merger agreement with SPAC Forest Road Acquisition Corp. (NYSE:FRX) and Myx Fitness Holdings, an at-home connected fitness platform. The transaction is expected to close in the second quarter of 2021 and the combined company will be listed on the NYSE under a new ticker symbol, “BODY.” FRX +10% premarket.
  • Sema4, an AI- and machine learning-driven patient-centered genomic and clinical data intelligence company, is also merging with SPAC CM Life Sciences (NASDAQ:CMLF). Upon closing of the transaction, will be renamed and its common stock will be listed on the Nasdaq under a name and a ticker symbol to be announced at a later date. CMLF +48% premarket.
  • Israel’s ION Acquisition Corp., led by Jonathan Kolber and Gilad Shani, is IPOing its second SPAC today after filing to raise $253M on the NYSE for the ION Acquisition 2 fund (IACB). Back in January, ION Acquisition 1 fund (NYSE:IACA) – which raised $259 million last October – said it would merge with Israeli media content company Taboola at a valuation of $2.6B.

Source: Seeking Alpha – Busy day in the SPACsphere as deals, including Kaepernick, run hot