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FRGE debuts with a squeeze; a Deal Announcement for THCP

Short squeeze action makes for an impressive debut at FRGE. A DA for THCP. And all the day’s news in SPACs.

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Forge Global Debuts with a Squeeze

Forge Global (FRGE) deSPACed today from its sponsor Motive Capital Corp. The company generated “$215.6M of cash proceeds” prior to transaction fees and expenses. Deal included a $68.5M PIPE. Proxy called for FPA units to plug redemption hole between $50M and $140M.

Forge is a secondary market where accredited investors and can buy and sell shares of private companies. Currently, accredited investors on Forge can buy stock in ByteDance, owner of TikTok; Bolt, an online checkout company; and Kraken, a smaller competitor to Coinbase(COIN).

Today’s action was largely a short squeeze. Shares rocketed over 120% before closing the day up 60% at $16.15. Notably, this is one of the few deSPACs to trade above $10 a share on its debut. Expect downward volatility in the short term as fast-money capitalizes on the low float here.

Deal Announcement for Thunder Bridge

Thunder Bridge Capital Partners IV (THCP) announced plans to merge with Coincheck, Inc. Coincheck is a digital asset trading service with the highest number of app downloads in Japan. The transaction values the company at an EV of $1.25B. No PIPE. Expect high redemptions on this one.

Elsewhere in SPACs

  • FaZeClan announces Board of Directors. FaZeClan, which is to merge with B. Riley Principle 150 Merger Corp. Cl A(BRPM), announced its Board of Directors. FaZeClan is a lifestyle and media platform rooted in gaming and youth culture. The Board will be led by Chairman Lee Trink, Chief Executive Officer and Co-Founder, FaZe Clan. Think previously served as General Manager for artist-first label Lava Records from 2001 to 2005, General Manager and COO of Virgin Records from 2005 to 2007, and President of EMI Capitol Music Group  from 2007 to 2008. Other notable members include Calvin “Snoop Dogg” Cordozar Broadus Jr., American rapper, singer, songwriter, actor, record producer, DJ, media personality and business entrepreneur.
  • Digital media entertainment company BuzzFeed (BZFD) CEO Jonah Peretti announced voluntary buyouts to fewer than 30 newsroom staffers. BZFD shares have been under pressure since deSPAC from 890 5th Avenue Partners in December 2021. High redemptions caused shares to fall 40% in its first week of trading; BZFD shares are currently hovering around $5. The buyouts look like a compromise to shareholders who want the entire BuzzFeed newsroom abolished. BuzzFeed News has about 100 employees and loses roughly $10 million a year. Last week, about 80 current and former BuzzFeed employees sued the company, alleging that its mismanaged public listing process cost them millions of dollars. Shares were up 6% on the news, closing at $5.27.
  • TWNT approved merger with Terran Orbital. Tailwind Two Acquisition Corp (TWNT) approved its merger with Terran Orbital Corporation, a small satellite manufacturer primarily serving the United States aerospace and defense industry. TWNT is permitting shareholders to withdraw redemption requests on March 24, 2022. Shares closed at $8.91.

SPAC Calendar

SPAC Deal Votes

  • Mar 29 | HTPA –> Packable
  • Mar 31 | HLXA –> MoonLake Immunotherapeutics AG

SPAC Extension Votes

  • Mar 29 | THCA

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