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In SPAC news this week, ADS-TEC Energy and European Sustainable Growth Acquisition Corp. announced that they have entered into a definitive business combination agreement, while HotelPlanner and Reservations.com are said to be nearing a deal to merge with Astrea Acquisition Corp.

E-Scooter Renter Completes Deal

Helbiz, which offers a fleet of vehicles including e-scooters, e-bicycles, and e-mopeds in 35 cities around the world, completed its business combination with GreenVision Acquisition Corp. (GRNV), a publicly traded special purpose acquisition company, or SPAC. The combined company will retain the name Helbiz and begin trading on the Nasdaq Capital Market under the new ticker symbol "HLBZ" for Helbiz common stock and "HLBZW" for Helbiz warrants.

The transaction resulted in approximately $24.5 million of gross cash proceeds, before deducting investment banking fees and other transaction-related expenses. This funding will allow Helbiz to expand its micro-mobility services into more cities throughout the United States and Europe, including smaller cities that are under-served by public transportation.

Salvatore Palella, CEO of Helbiz, commented:

"The public debut of Helbiz is a significant milestone, not only for us as a company, but for the rapidly growing micro-mobility industry. This transportation revolution has allowed us to advance our mission to solve first-and-last-mile mobility needs for cities around the world with zero impact on the environment. Now operating in 35 international cities, we are committed to providing safe, innovative micro-mobility solutions that are needed to reduce each city's congestion, pollution and carbon footprint. With this new funding, we look forward to making life better in even more cities around the world."

ADS-TEC Energy to Go Public via SPAC Deal 

ADS-TEC Energy and European Sustainable Growth Acquisition Corp. (EUSG), a publicly traded special purpose acquisition company focused on identifying Europe-based, technology-enabled businesses that utilize green technologies, announced that they have entered into a definitive business combination agreement. Upon the closing of the transaction the combined entity will be named ADS-TEC Energy and remain listed on the Nasdaq Capital Market.

A substantial portion of the proceeds from the transaction will be used to accelerate the expansion of ADS-TEC Energy's storage solutions, charging and energy management platforms in the U.S. and Europe, and continue the development and enhancement of the company's existing technology platforms.

To facilitate that expansion, ADS-TEC Energy intends to increase its U.S. presence and operations. The pro forma market capitalization of the combined company is approximately $580 million.

EUSG has also secured commitments of a fully subscribed $156 million in a Private Investment in Public Equity, or PIPE, at $10 per share, that is anticipated to close one business day prior to the business combination. Investors in the PIPE include, amongst others, APG, Invesco, Polar Structure, and SwedbankRobur. A portion of the proceeds from the PIPE will be used to fund the cash consideration required to effect the business combination.

ADS-TEC Energy is currently 61% owned by ADS-TEC Holding and 39% owned by Bosch Thermotechnik. ADSH, Bosch, and EUSG's sponsors are substantially participating in the PIPE. ADSH is 100% owned by the family of the CEO and his family's charitable foundation; the CEO has a majority of the votes in ADSH. The boards of directors of both ADS-TEC Energy and EUSG have unanimously approved the transaction, which is expected to be completed in the fourth quarter.

HotelPlanner, Reservations.com Near Deal with Astrea

HotelPlanner and Reservations.com are nearing a deal to merge with Astrea Acquisition Corp. (ASAX), a special purpose acquisition company, and go public, The Wall Street Journal's Amrith Ramkumar reported, citing people familiar with the matter. The combined company, which would be called Hotel Planner, would be valued at about $685 million, the sources say.

HERBL in Talks to Go Public

California cannabis supplier HERBL is in discussions to go public via a merger with special purpose acquisition company BGP Acquisition at a valuation of roughly $600 million, Reuters' Shariq Khan and Anirban Sen reported, citing sources familiar with the matter. HERBL has seen its post-merger enterprise value drop to between $450-$500 million in recent weeks from more than $630 million in the original deal reached with BGP around June.

Leafly in Discussions with Merida Merger

Cannabis-focused website Leafly is in discussions with special-purpose acquisition company Merida Merger Corp. I (MCMJ) in a deal that would value the combined entity at over $530 million, Reuters' Shariq Khan reported, citing three people familiar with the matter. The SPAC is owned by Merida Capital, one of the largest backers of Leafly, the author noted.

Analyst Coverage Initiations

 Seaport Global analyst Angie Storozynski initiated coverage of RMG Acquisition Corporation II (RMGB) with a Buy rating and $13 price target. The SPAC has agreed to a merger with ReNew Global Energy, India's largest renewable power operator, noted Storozynski, who sees ReNew having "a strong competitive advantage" in India given its scale, local presence, and in-house end-to-end execution of solar projects.

SPAC IPOs This Week

• Armada Acquisition Corp. I (AACI) opened on Aug. 13 at $9.80. The company intends to focus its search on a business in the financial technology industry, with an enterprise value of approximately $500 million to $1.0 billion, with particular emphasis on businesses that are providing digital, on-line, or mobile payment solutions, processing and gateway services, point-of-sale technology, consumer engagement platforms, and e-commerce or loyalty solutions.
• AxonPrime Infrastructure (APMI) opened on Aug. 13 at $9.90. The company intends to focus its search on potential targets that are developing breakthrough scientific and technological innovations in the areas of communication, robotics, building and construction technology, water, 3D printing, and semiconductors.
• CENAQ Energy (CENQ) opened on Aug. 13 at $10. "While the Company reserves the right to pursue an acquisition opportunity in any business or industry, CENAQ intends to identify, acquire, and operate a business in the energy industry in North America," the company said.
• Oxbridge Acquisition (OXAC) opened on Aug. 12 at $10.01. The company intends to focus its search on a technology business within the insurtech, blockchain, and artificial intelligence verticals, with enterprise value in excess of $300 million.
• PHP Ventures Acquisition (PPHP) opened on Aug. 12 at $10.01. The company said it "will seek enterprises at the forefront of evolving preferences, tastes, experiences, and values that have the potential to offer a differentiated proposition that creates more meaning and connectivity to the modern consumer,"
• 10X Capital Venture Acquisition II (VCXA) opened on Aug. 11 at $9.91. The company intends to focus on identifying high growth technology and tech-enabled businesses domestically and abroad in the consumer internet, e-commerce, software, healthcare, transportation/mobility, and financial services industries, as well as other industries.
• Chardan NexTech Acquisition 2 (CNTQ) opened on Aug. 11 at $10.02. The company intends to concentrate its search for a target business operating in disruptive technologies.
• Decarbonization Plus Acquisition IV (DCRD) opened on Aug. 11 at $10. The company intends to focus its search for a target whose principal effort is developing and advancing a platform that decarbonizes the most carbon-intensive sectors, including the energy and agriculture, industrials, transportation, and commercial and residential sectors.
• Avista Public Acquisition II (AHPA) opened on Aug. 10 at $10.02. The company is incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with a target company in the technology and financial services industry.