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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 the ticker 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 eVTOL planes. ACHR +40% premarket.
  • The Beachbody Company Group 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, CM Life Sciences 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