In SPAC news this week, Packable announced it will become public through a merger agreement with Highland Transcend Partners I.

Packable to Go Public

Packable, the holding company for Pharmapacks, an e-commerce marketplace enablement platform, announced that the company has entered into a definitive agreement to merge with Highland Transcend Partners I (HTPA). Upon completion of the transaction, Packable is expected to be listed on NYSE under the new ticker symbol 'PKBL.'

Founded in 2010 as Pharmapacks, Packable is a multi-marketplace platform providing brands with the services needed to enable online marketplace sales. The company will operate under the new holding company name Packable but will continue to operate on marketplaces as Pharmapacks.

The combined company will have a pro forma enterprise value of $1.55 billion with an implied pro forma equity value of $1.91 billion, assuming a $10.00 per share PIPE price and no shareholder redemptions.

As a result of the transaction, Packable expects to add approximately $434 million in cash on its balance sheet to support the company's current market leadership and enable opportunities to enhance growth, profitability, and geographic and multi-marketplace expansion, assuming no shareholder redemptions. This includes a $180 million oversubscribed PIPE and convertible offering that was upsized due to investor interest.

The combined company will have a pro forma ownership of approximately 71% existing shareholders, 19% SPAC and founder shares, and 11% PIPE and convert investors. As part of the transaction, existing Packable shareholders will be eligible to receive up to 12 million additional earnout shares, based on Packable's future stock performance.

The transaction, which has been approved by the boards of directors of both Packable and Highland Transcend, is expected to close in several months and may be subject to shareholder approvals and other customary closing conditions.

Energy Vault, Novus Capital Corp. II in Talks 

Energy Vault plans to go public via a merger with Novus Capital Corporation II (NXU), a special-purpose acquisition company, The Wall Street Journal's Amrith Ramkumar reported. The deal would value Energy Vault at approximately $1.6 billion, the author noted.

SPAC IPOs This Week

• Banner Acquisition (BNNR) opened on Sept. 8 at $9.89. The company intends to seek partnership with "family-owned or founder-led businesses and industry-leading, tenured management teams looking to continue their significant ownership in the business that they have built for the long-term."
• SILVERspac (SLVR) opened on Sept. 10 at $9.85. The company intends to concentrate its efforts in "identifying businesses that provide technology and innovation solutions to the real estate and financial services industries and the industries supporting them."
• Future Health ESG (FHLT) opened on Sept. 10 at $9.90. The company "will target scale-up stage companies that leverage modern technology and data science to make healthcare more efficient, effective, and personalized, and which align with our environmental, social, and governance (ESG) criteria; making a positive impact on society, operating ethically and transparently, and creating premium economic returns through application of smart health technologies."
• Bannix Acquisition (BNIX) opened on Sept. 10 at $10.06.
• First Light Acquisition Group (FLAG-UN) opened on Sept. 10 at $9.92.