Research

Blockchain Moon Acquisition Corp. (BMAQ) Merger with DLTx (OSE: DLTX)

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October 16, 2022 Sponsor Shares Total Founder shares 2,875,000 Common shares in Private Placement Units held by Sponsor 430,000 Total Common stock 3,305,000 Forfeited (shares) 240,000 + 150,000 *Forfeiture (%) 7.26% + 4.54% Sponsor Warrants Total Warrants in Private Placement Units held by Sponsor 430,000 Forfeited (warrants) 19,500 *Forfeiture (%) 4.53% Sponsor Rights Total Rights …

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Good Works II Acquisition Corp. (GWII) Merger with Direct Biologics (Private)

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October 14, 2022 Earnout Securities consist of: Valuation Milestone Shares of Class B Common Stock of Company TopCo and Direct Biologics Up-C Units $50 million Triggering Event I Achieve a primary efficacy endpoint of 60-day all-cause mortality in its Phase 3 EXTINGuish trial by December 31, 2023 Shares of Class B Common Stock of Company …

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Innovative International Acquisition Corp. (IOAC) Merger with Zoomcar (Private)

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October 14, 2022 SPAC SponsorPIPE Investor (Ananda Trust)Target Shareholders (Holdings ≥1%) 6-months post-closing Early Release: If price equals or exceeds $12.00 per share after 150 days of closing   Cash in Trust Less: Redemption Payments Add: Additional Funding excluding Ananda Trust Investment & Zoomcar Private Financing Less: Expenses & liabilities at closing *Denotes estimated figures …

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Horizon Acquisitions Corporation II (HZON) Merger with Flexjet (Private)

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October 12, 2022 1.4x 2022E Revenue 10.8x 2022E Adjusted Management EBITDA Shares of Flexjet Class B Common Stock cancelled & exchanged for:   Exercise Price Split between SPAC Sponsor & Directional Capital LLC SPAC Sponsor Directional Capital LLC 20,000,000 Warrants   $10.00 Equal 10,000,000 Warrants 10,000,000 Warrants 20,000,000 Warrants   $15.00 10,000,000 Warrants 10,000,000 Warrants …

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Pathfinder Acquisition Corporation (PFDR) Merger with Movella (Private)

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October 6, 2022 Redemption Rate 0% 90% Enterprise Value $537 million $537 million Post-Money Market Cap Value $755 million $530 million TEV/ 2023E Revenue 8.9x 8.9x TEV/ 2024E Revenue 5.6x 5.6x If advanced, it would be available to Target for: Working capitalTo refinance certain existing debt of Target, To pay transaction costs and expenses Other …

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Freedom Acquisition I Corp. (FACT) Merger with Complete Solaria (Private)

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October 5, 2022   Cash in trust Less: Redemptions Add: Convertible Note Financing received by Complete Solar Add: Additional financing received by Freedom (consented by Complete Solar) Add: PIPE (received at least 30 days before closing) Less: Freedom transaction expenses in excess of $20 million Termination fee payable to Freedom if: Termination fee payable to …

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