SPAC DEAL REVIEWJul 27, 2020www.spacalpha.com

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4 KEY QUESTIONS FOR OUR ANALYSIS

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1. What is the trend in SPAC transaction activity over time?

2. Are we seeing strength in certain sectors/themes?

3. Are all SPAC deals being bid up (i.e. high correlation irrespective of sector)?

4. Are SPAC prices being bid up on low volume with high volume of shares being “dumped” subsequently?

SPAC IPO ISSUANCE & TRANSACTION ACTIVITY

4

4

13

2328

21

21

2016 2017 2018 2019 2020

13

34

46

5950

20

2016 2017 2018 2019 2020

SPAC IPOs Over the Last 5 Years SPAC Deals Over the Last 5 Years

2020: 21 closed and 21 live deals

Data source: SPAC Research

As of Jul 24, 2020

SPAC TRANSACTION TRENDS

5

17

19

23

20

15

<$250M

$250-4

99M

$500-9

99M

$1-2

B

$2B+

Deal Size Distribution Over Last 5 Years Deal Size Distribution by Year, $M

Data source: SPAC Research

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

2015 2016 2017 2018 2019 2020 2021

As of Jul 24, 2020

2016-YTD 2020

CLOSED SPAC TRANSACTIONS IN 2020 (I)

6

SPAC Target Ticker Sector & GeographyClosing

DateCMP

Leo Holdings Digital Media Solutions DMS TMT, UK Jul-20 $6.75

Gordon Pointe Acquisition

HOF Village HOFV Real Estate, US Jul-20 $5.44

ARYA Sciences Acquisition

Immatics Biotechnologies IMTX Biotech, US/Germany Jul-20 $10.57

Act II Global Acquisition

Whole Earth Brands FREE Consumer, US/Global Jun-20 $7.66

Proficient Alpha Acquisition

Lion Financial LGHLFinancials, China

Jun-20 $4.61

Nebula Acquisition Open Lending LPRO Financials, US Jun-20 $17.64

VectoIQ Acquisition Nikola NKLA Automobiles, US Jun-20 $29.92

Mudrick Capital Acquisition

Hycroft Mining HYMC Gold/Silver Mining, US May-20 $11.20

Wealthbridge Acquisition

Scienjoy SJ Mobile Media, China May-20 $6.18

Diamond Eagle Acquisition

DraftKings DKNG Online Gaming, US Apr-20 $37.55

Pensare Acquisition Stratos Management Systems AVCT TMT, US Apr-20 $3.65

EdtechX Holdings Acquisition

Meten METX Education, China Mar-20 $11.60

As of Jul 24, 2020

CLOSED SPAC TRANSACTIONS IN 2020 (I)

7

SPAC Target Ticker Sector & GeographyClosing

DateCMP

Tiberius Acquisition IGI Holdings IGIC Financials, Middle East Mar-20 $6.63

DD3 Acquisition Betterware de Mexico BWMXConsumer goods, Mexico

Mar-20 $9.20

ChaSerg Technology Acquisition

Grid Dynamics GDYN TMT, US Mar-20 $6.39

TKK Symphony Acquisition

Glory Star New Media Group GSMGMobile Entertainment, China

Feb-20 $4.12

Boxwood Merger Atlas Technical Consultants ATCXInfrastructure consulting, US

Feb-20 $8.02

B. Riley Principal Merger

Alta Equipment Holdings ALTGIndustrial/Construction equipment, US

Feb-20 $7.62

Gores Holdings III PAE PAEOutsourced services to US Government, US

Feb-20 $8.33

GS Acquisition Holdings

Vertiv VRTBackup power equipment, US

Feb-20 $13.58

Mosaic Acquisition Vivint VVNTSmart home monitoring, US

Jan-20 $15.46

Allegro Merger Corp.Terminated TGI Friday’s deal,

liquidatedN/A Restaurants, US Apr-20 N/A

Fellazo, Inc. Liquidated N/A Health food, China Apr-20 N/A

As of Jul 24, 2020

LIVE SPAC TRANSACTIONS IN 2020 (I)

8

SPAC Target Ticker Sector & GeographyAnnounced

DateCMP

dMY Technology Group Rush Street Interactive DMYT Online Gaming, US 27-Jul-20 $11.30

Tenzing Acquisition Reviva Pharmaceuticals TZAC Biopharma, US 21-Jul-20 $10.77

Fortress Value Acquisition MP Materials FVAC Mining, US 15-Jul-20 $13.65

Spartan Energy Acquisition Fisker Inc. SPAQ Automobiles, US 13-Jul-20 $13.36

Churchill Capital III Multiplan CCXX Healthcare, US 12-Jul-20 $10.98

Orisun Acquisition Ucommune ORSN Real estate, China 6-Jul-20 $10.16

Graf Industrial Velodyne GRAF Automobiles, US 2-Jul-20 $15.91

Opes Acquisition BurgerFi OPES Restaurants, US 30-Jun-20 $11.47

Insurance Acquisition Shift Technologies INSU E-commerce/Auto, US 29-Jun-20 $11.64

Landcadia Holdings IIGolden Nugget Online Gaming

LCA Online Gambling, US 29-Jun-20 $12.70

As of Jul 24, 2020

LIVE SPAC TRANSACTIONS IN 2020 (II)

9

SPAC Target Ticker Sector & GeographyAnnounced

DateCMP

Crescent Acquisition F45 Training CRSA Gyms, US 24-Jun-20 $10.29

Tortoise Acquisition Hyliion SHLL Automobiles, US 19-Jun-20 $17.97

Forum Merger II Ittella / Tattooed Chef FMCI Food retail, US 12-Jun-20 $13.12

HL Acquisitions Fusion Fuel, SA HCCH Green energy, US 8-Jun-20 $10.74

Collier Creek Holdings Utz Quality Foods CCH Packaged food, US 5-Jun-20 $13.26

Schultze Special Purpose Acquisition

Clever Leaves International

SAMA Cannabis, Colombia 1-Jun-20 $10.38

Pure Acquisition HighPeak Energy PACQ Energy, US 4-May-20 $10.64

Far Point Acquisition Global Blue FPAC TMT, Europe 16-Jan-20 $10.25

Monocle Acquisition AerSale MNCL Aviation services, US 9-Dec-19 $10.34

KBL Merger IVCannBioRx / 180 Life Sciences

KBLM Biopharma, US 26-Jul-19 $10.94

8i Enterprises Acquisition Diginex JFKK Blockchain, China 10-Jul-19 $10.28

As of Jul 24, 2020

OVERALL MARKET PERFORMANCE SINCE APR’20

10

0

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^DJI

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^IXIC

Volume Close

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^SPX

Volume Close

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^RUT

Volume Close

As of Jul 24, 2020

Data source: Nasdaq, NYSE

SPAC TRANSACTIONS IN THE MOBILITY SECTOR

11

0

5

10

15

20

25

30

35

40

$8

$13

$18

$23

$28

$33

$38

12

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22

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SHLL

Volume Price

0

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$8

$10

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6-J

ul

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SPAQ

Volume Price

024681012141618

$8

$10

$12

$14

$16

$18

$20

$22

10

-Ju

n

12

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n

16

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18

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22

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GRAF

Volume Price

0

10

20

30

40

50

60

70

80

$8

$28

$48

$68

$88

28

-Ap

r

1-M

ay

6-M

ay

11

-May

14

-May

19

-May

22

-May

28

-May

2-J

un

5-J

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10

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NKLA

Volume Price

As of Jul 24, 2020

Data source: Nasdaq, NYSE

SPAC TRANSACTIONS IN THE MOBILITY SECTOR

12

SPAC TargetIPO,

$M

IBC

EV, $M

EV/

IPOCMP

Peak

Price

CMP/

Peak

Price

10-day

Volume

90-day

Volume

VectoIQAcquisition

Nikola $200 $3,300 16.5x $29.9 $93.9 -70% 22.7M 21.7M

Spartan Energy Acquisition

Fisker Inc. $552 $2,900 5.2x $13.4 $21.6 -40% 8.1M 4.1M

Tortoise Acquisition

Hyliion $235 $1,100 4.7x $17.9 $34.7 -50% 2.3M 3.5M

Graf Industrial Velodyne $244 $1,600 6.5x $15.9 $24.3 -40% 0.9M 0.8M

As of Jul 24, 2020

Data source: Nasdaq, NYSE

SPAC TRANSACTIONS IN THE FOOD SECTOR

13

0

5

10

15

20

$8

$10

$12

$14

$16

$18

$20

1-J

un

3-J

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11

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15

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23

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CCH

Volume Price

0

2

4

6

8

10

12

$8

$10

$12

$14

$16

$18

$20

20

-May

26

-May

29

-May

3-J

un

8-J

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11

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24

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Mill

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s

FMCI

Volume Price

0

2

4

6

8

10

$6

$8

$10

$12

$14

$16

$18

$20

3-J

un

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FREE

Volume Price

0

0.5

1

1.5

2

2.5

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3.5

4

$8

$10

$12

$14

$16

$18

$20

5-J

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s

OPES

Volume Price

As of Jul 24, 2020

Data source: Nasdaq, NYSE

SPAC TRANSACTIONS IN THE FOOD SECTOR

14

SPAC TargetIPO,

$M

IBC

EV, $M

EV/

IPOCMP

Peak

Price

CMP/

Peak

Price

10-day

Volume

90-day

Volume

Collier Creek Holdings

Utz $440 $1,561 3.5x $13.2 $14.7 -10% 0.4M 1.0M

Forum Merger IIIttella / Tattooed Chef

$200 $482 2.4x $13.1 $20.0 -40% 1.0M 2.4M

Act II Global Acquisition

Whole Earth

Brands $300 $439 1.5x $7.6 $11.0 -30% 0.8M 1.5M

Opes Acquisition BurgerFi $48 $143 3x $11.4 $19.9 -40% 0.2M 0.4M

As of Jul 24, 2020

Data source: Nasdaq, NYSE

SPAC TRANSACTIONS IN THE GAMING SECTOR

15

0

10

20

30

40

50

$8

$13

$18

$23

$28

$33

$38

$43

$48

7-A

pr

14

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20

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24

-Ap

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30

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ay

12

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22

-May

29

-May

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DKNG

Volume Price

0

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0.6

0.8

1

1.2

$8.0

$9.0

$10.0

$11.0

$12.0

4-J

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Mill

ion

s

DMYT

Volume Price

0

5

10

15

20

25

$8$9

$10$11$12$13$14$15$16$17

23

-Ju

n

25

-Ju

n

29

-Ju

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1-J

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6-J

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8-J

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10

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14

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LCA

Volume Price

As of Jul 24, 2020

0

0.5

1

1.5

2

2.5

$4$5$6$7$8$9

$10$11$12$13

1-J

ul

2-J

ul

6-J

ul

7-J

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8-J

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9-J

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10

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13

-Ju

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14

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15

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16

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17

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20

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21

-Ju

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22

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24

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Mill

ion

sHOFV

Volume Close

Data source: Nasdaq, NYSE

SPAC TRANSACTIONS IN THE GAMING SECTOR

16

SPAC TargetIPO,

$M

IBC

EV, $M

EV/

IPOCMP

Peak

Price

CMP/

Peak

Price

10-day

Volume

90-day

Volume

Diamond Eagle Acquisition

DraftKings $230 $2,700 11.7x $37.5 $44.8 -20% 12.1M 12.8M

LandcadiaHoldings II

Golden Nugget

$316 $745 2.3x $12.7 $17.0 -30% 3.3M 1.9M

Gordon Pointe Acquisition

Hall of Fame Village

$125 $613 4.9x $5.4 $12.7 -60% 0.4M 0.6M

dMY Technology Group

Rush Street Interactive

$200 $1,780 8.9x $11.3 $11.4 N/A 0.2M 0.03M

As of Jul 24, 2020

Data source: Nasdaq, NYSE

INSIGHTS FROM OUR ANALYSIS

17

1. Number of SPAC deals closed has grown each year with 2020 poised to deliver 10x deals closedcompared to 2016

2. The highest number of deals closed are in the $500-999M range but the distribution of dealactivity is evenly distributed on either end of this range - 36 deals below $500M and 35 dealsabove $1,000M

3. Size distribution of SPAC deals on the top end of range has grown each year with new highs eachyear – indicating that sellers are becoming increasingly comfortable with the liquidity of the SPACmarket

4. Of the live deals that are yet to close, only deals in mobility, food and e-commerce are tradingmaterially above Trust value. It appears that SPAC investors are most excited about transactionsin “emerging” trends such as non-ICE mobility or lockdown resistant areas such as online gamingand packaged/healthy foods

5. SPAC prices have risen on the strength of heavy volume (e.g. NKLA, SHLL, SPAQ, GRAF tradedover $100M of trading per day) – indicating that there is enough liquidity and institutionalactivity in the SPAC market

6. We can see investors discern across businesses in the same sub-sector – for instance, food andgaming stocks are performed differently depending on business outlook

7. High-fliers like Nikola and DraftKings have given up a portion of their gains to profit taking asnew SPAC transactions in the same segment have become available or additional liquidity in thestock has become available – this points to the need for differentiation and competitivepositioning within sub-sectors as investors are spoilt for choice

18

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