'SPACs Attack' Weekly Recap: Looking Back On 5 Deals, Rumors, And Headline News

'SPACs Attack' Weekly Recap: Looking Back On 5 Deals, Rumors And Headline News

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It was another busy week for the SPAC market with numerous deal announcements and rumored deals. Benzinga's "Spacs Attack" covered the deals and news of the week. Here is a look back at the announced deals, rumors, and some top headlines.

SPAC Deals

Telehealth company Ambulnz is going public in a $1.1 billion deal with Motion Acquisition Corp. Ambulnz will rebrand as DocGo as part of the deal. The company operates with a business-to-business model, serving hospital networks, insurance providers, municipalities, and large commercial enterprises. Ambulnz provides services such as testing, vaccination, bloodwork, IV/hydration, wound care, and mobile imaging. The company operates in 23 states in the US and has operations in the UK. Additional states have been approved or are pending in the company’s expansion plan.

The 5G technology company Airspan Networks is going public in a SPAC merger with New Beginnings Acquisition Corp. The deal is expected to help the company in its global 5G network infrastructure buildout. The company is estimating revenue of $245 million in fiscal 2021 and $338 million in fiscal 2022, for year-over-year growth of 47% and 33%, respectively.

Evolv Technology provides touchless security that it says identifies weapons and other items more quickly than metal detectors. It is going public in a merger with SPAC NewHold Investment Corp. Evolv is backed by investments from Bill Gates, Motorola Solutions (MSI), and others. New investors in the PIPE include a handful of athletes and sports executives such as Peyton Manning, Andre Agassi, Steffi Graf, and Joe Torre. A PIPE is a private investment in public equity — a way to attract investment from accredited investors.

Evolv has screened over 50 million people, which it says is second only to the Transportation Security Administration in the number of people screened in the U.S. The company lowers the physical footprint and reduces costs of additional security guards at entrances. A new software-as-a-service product could bring growth for Evolv. The company is also exploring options to grow through biometrics, health screening, and ticketing.

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Disclosure: Author is long shares of WTRH.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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