FIII
Can the SPAC-tacular returns in the EV space ride on?
- The pace of EV-SPAC deals in 2020 has been dizzying without showing
any real signs of letting up despite some market turbulence on the way. A
recap of some the deals recently completed or in the works is below.
- Electric Last Mile Solutions is in talks to go public through a merger
with Forum Merger III Corp. (NASDAQ:FIII). The company has a 675K square
foot production plant in Indiana with a capacity to produce 100K vehicles
annually.
- Lithium-ion battery maker QuantumScape is poised to combine with
Kensington Capital (NYSE:KCAC). Shares of KCAC are up more than 30% over
the last few weeks.
- Canoo (CNOO) is looking for SPAC magic through a business combination
with Hennessy Capital (NASDAQ:HCAC). Canoo plans to offer its EV on a
subscription-only basis when it goes into production in 2021 and wants to
use a common skateboard platform across models.
- XL Fleet is aiming to go public through a merger with Pivotal
Investment Corporation II (NYSE:PIC.U) with an anticipated implied
enterprise value of ~$1B. XL Fleet is described as the leader in
connected
fleet electrification solutions for commercial and municipal fleets.
- EV battery maker Romeo Systems is in advanced talks to go public
through a merger with blank-check company RMG Acquisition (NYSE:RMG).
BorgWarner (NYSE:BWA) owns a piece of Romeo.
- EV startup Arrival (ARVL) confirmed that it entered into a definitive
business combination agreement with CIIG Merger Corp. (NASDAQ:CIIC).
Shares of CIIC shot up more than 60% over the last week off the SPAC
excitement.
- Electric battery maker Microvast's merger talks with the blank check
company Tuscan Holdings Corp (NASDAQ:THCBU) have reportedly progressed
to advanced levels.
- EV charging company ChargePoint is drawing closer to its reverse
merger with Switchback Energy Acquisition (NYSE:SBE).
- Lidar tech firm Luminar is going public through a $3.4B SPAC merger
with Gores Metropoulos Inc (NASDAQ:GMHI). The company just inked a key
deal with Mobileye (NASDAQ:INTC). Mobileye hopes to have a robotaxi
service in operation by 2022 and sell its autonomous tech stack to other
companies.
- Lidar company Aeva will go public through a reverse merger with SPAC
InterPrivate Acquisition (IPV.U) at a post-deal valuation of $2.1B. The
deal is expected to close in early 2021.
- Electric vehicle startup Faraday Future confirmed recently that it is
working on a deal soon to go public through a reverse merger with a
special
purchase acquisition company.
- A few EV-SPAC deals already in the books include closely-watched
Nikola (NASDAQ:NKLA), Fisker (NYSE:FSR), Lordstown Motors (NASDAQ:RIDE),
Hyliion Holdings (NYSE:HYLN) and Velodyne Lidar (NASDAQ:VLDR). Here is
some of the share price action since June 1 on those names.
- Outside of the SPAC world, Lucid and Rivian (RIVN) raised capital in
the private market, while Chinese automakers Nio (NYSE:NIO), Li Auto
(NASDAQ:LI) and XPeng Motors (NYSE:XPEV) all fired off traditional IPOs.
- Not to be lost in the shuffle, the EV mother ship is sitting on a
market cap of over $460B. What is next for Tesla (NASDAQ:TSLA)?
|Today, 10:46 AM|13 Comments
Can the SPAC-tacular returns in the EV space ride on?
- The pace of EV-SPAC deals in 2020 has been dizzying without showing
any real signs of letting up despite some market turbulence on the way. A
recap of some the deals recently completed or in the works is below.
- Electric Last Mile Solutions is in talks to go public through a merger
with Forum Merger III Corp. (NASDAQ:FIII). The company has a 675K square
foot production plant in Indiana with a capacity to produce 100K vehicles
annually.
- Lithium-ion battery maker QuantumScape is poised to combine with
Kensington Capital (NYSE:KCAC). Shares of KCAC are up more than 30% over
the last few weeks.
- Canoo (CNOO) is looking for SPAC magic through a business combination
with Hennessy Capital (NASDAQ:HCAC). Canoo plans to offer its EV on a
subscription-only basis when it goes into production in 2021 and wants to
use a common skateboard platform across models.
- XL Fleet is aiming to go public through a merger with Pivotal
Investment Corporation II (NYSE:PIC.U) with an anticipated implied
enterprise value of ~$1B. XL Fleet is described as the leader in
connected
fleet electrification solutions for commercial and municipal fleets.
- EV battery maker Romeo Systems is in advanced talks to go public
through a merger with blank-check company RMG Acquisition (NYSE:RMG).
BorgWarner (NYSE:BWA) owns a piece of Romeo.
- EV startup Arrival (ARVL) confirmed that it entered into a definitive
business combination agreement with CIIG Merger Corp. (NASDAQ:CIIC).
Shares of CIIC shot up more than 60% over the last week off the SPAC
excitement.
- Electric battery maker Microvast's merger talks with the blank check
company Tuscan Holdings Corp (NASDAQ:THCBU) have reportedly progressed
to advanced levels.
- EV charging company ChargePoint is drawing closer to its reverse
merger with Switchback Energy Acquisition (NYSE:SBE).
- Lidar tech firm Luminar is going public through a $3.4B SPAC merger
with Gores Metropoulos Inc (NASDAQ:GMHI). The company just inked a key
deal with Mobileye (NASDAQ:INTC). Mobileye hopes to have a robotaxi
service in operation by 2022 and sell its autonomous tech stack to other
companies.
- Lidar company Aeva will go public through a reverse merger with SPAC
InterPrivate Acquisition (IPV.U) at a post-deal valuation of $2.1B. The
deal is expected to close in early 2021.
- Electric vehicle startup Faraday Future confirmed recently that it is
working on a deal soon to go public through a reverse merger with a
special
purchase acquisition company.
- A few EV-SPAC deals already in the books include closely-watched
Nikola (NASDAQ:NKLA), Fisker (NYSE:FSR), Lordstown Motors (NASDAQ:RIDE),
Hyliion Holdings (NYSE:HYLN) and Velodyne Lidar (NASDAQ:VLDR). Here is
some of the share price action since June 1 on those names.
- Outside of the SPAC world, Lucid and Rivian (RIVN) raised capital in
the private market, while Chinese automakers Nio (NYSE:NIO), Li Auto
(NASDAQ:LI) and XPeng Motors (NYSE:XPEV) all fired off traditional IPOs.
- Not to be lost in the shuffle, the EV mother ship is sitting on a
market cap of over $460B. What is next for Tesla (NASDAQ:TSLA)?
|Today, 10:46 AM|13 Comments
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