The Week In SPAC News - Sunday, May 30

The Metals Company is a "pioneer" in deepsea mining, said Chandra, who believes the social stigma of deepsea mining will diminish and that it is required to relieve a looming minerals supply deficit.

Northland analyst Greg Gibas initiated coverage of TPG Pace Tech Opportunities (PACE) with an Outperform rating and $15 price target. The special purpose acquisition company has agreed to a business combination with Nerdy, which operates an online learning destination across multiple subjects and learning formats.

Shares of Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the ticker symbol "NRDY" upon closing. He believes Nerdy has a platform with "attractive unit economics, scalable technology, accelerating metrics, an appealing value proposition, and large TAM ripe for disruption."

Benchmark analyst John Lawrence initiated coverage of Empower (EMPW) with a Buy rating and $15 price target. The special purpose acquisition company recently announced a definitive merger agreement that will result in Holley becoming a publicly listed company on the NYSE under the new ticker symbol "HLLY." Holley designs, markets, and manufactures high-performance aftermarket automotive products for car and truck enthusiasts, Lawrence noted.

SPAC IPOs This Week

  • OceanTech Acquisitions I (OTECU) opened on May 28 at $9.95. "While it may pursue an initial business combination target in any business, industry or geographical location, it intends to focus its search on target businesses in the leisure marine, yachting, and superyachting industries, and with enterprise values of approximately $250 million - $1.0 billion," the company stated.
  • Dynamics Special Purpose (DYNS) opened on May 26 at $10. The company intends to focus its search for businesses "across the emerging healthcare value chain, including development platforms that enable applications in prevention, diagnosis, treatment, or advanced biomaterials, and, within that context, specific categories include life sciences tools, enabling-software, synthetic biology, and novel drug discovery."
  • Post Holdings Partnering (PSPC) opened on May 26. Post Holdings Partnering is a blank-check company formed by Post Holdings (POST).
  • EG Acquisition (EGGF) opened on May 26 at $9.94. According to EG Acquisition, "there are certain sectors that the company believes are particularly complemented by the expertise and relationships of its sponsor's affiliates, EnTrust Global and GMF Capital, including transportation and real assets, financial services, financial services technology, healthcare, real estate, and sustainability-focused businesses."
  • Fifth Wall Acquisition Corp. III (FWAC) opened on May 25 at $10. The company intends to focus on industries that "complement its management team's background, and to capitalize on the ability of its management team to identify and acquire a technology business focusing on verticals of the real estate industry, as well as the adjacent industries that collectively make up the human-made environment that provides the setting for human activity, ranging in scale from buildings to cities and beyond."
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