SPACs Attack Weekly Recap: Looking Back On 7 Deals, Rumors, And Headline News

SPACs Attack Weekly Recap: Looking Back On 7 Deals, Rumors And Headline News

Image by Gerd Altmann from Pixabay.

It was another busy week for the SPAC market with numerous 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

FinTech Acquisition Corp V is taking social investment network eToro public in a SPAC deal valuing the company at $10.4 billion. eToro offers commission-free fractional equity investment, cryptoassets, and the ability to replicate other investors' portfolios. The company launched Bitcoin (BITCOMP) trading in 2013.

eToro added 5 million new registered users in 2020 to hit 17.5 million at the end of the year. The company had over 20 million registered users as of last week. Crypto and social trading were launched in the U.S. in 2019 with plans to launch stock trading in the country later in 2021. Revenue for eToro in 2020 was up 147% year-over-year at $650 million. From 2016 to 2020, eToro had compounded annual growth of 78%. The company foresees revenue of $1.02 billion in 2021 and $1.20 billion in 2022.

Other deals announced in the week included:

  • Arbe Robotics, a 4D imaging radar technology company, is going public with Industrial Tech Acquisitions Inc. The company expects fiscal 2021 revenue of $7.8 million and fiscal 2022 revenue of $13 million.
  • Rockley Photonics, a supplier of integrated silicon photonic chips, is going public with SC Health Corp. The company sees fiscal 2021 revenue of $40.5 million and fiscal 2022 revenue of $78.6 million, which is year-over-year growth of 96% and 94%, respectively.
  • Therapeutics Acquisition Corp is taking Point Biopharma public in a deal valuing the company at $639 million. Point Biopharma is a radiopharmaceutical company building a platform for the clinical development and commercialization of radioligands that fight cancer.
  • Defense and network detection company IronNet Cybersecurity is going public in a SPAC merger with LGL Systems Acquisition Corp. IronNet sees revenue hitting $54 million in fiscal 2021 and $111 million in fiscal 2022.
  • A SPAC focused on the cannabis industry announced the acquisitions of four companies to form a new public company. Greenrose Acquisition Corp (GNRS) is acquiring Shango, Theraplant, and True Harvest. The company sees revenue hitting $158 million in fiscal 2021 and $230 million in fiscal 2022.
  • Zillow Group Inc (Z) founder Spencer Rascoff is taking rival Offerpad public in a SPAC merger with his Supernova Partners Acquisition Co. Offerpad offers solutions for homebuyers and sellers. The company offers a free 24-hour cash service online for sellers. The SPAC merger valued Offerpad at $3 billion. Offerpad expects to generate revenue of $1.4 billion in 2021.
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Disclosure: Author is long shares Goal Acquisitions Corp. Be sure to tune into "SPACs Attack," Monday through Friday, 11 a.m. EST.

© 2021 Benzinga.com. Benzinga does ...

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