SPAC IPOs and business combinations are seeing a rebound

Investor demand for SPAC IPOs and stocks of companies that went public by combining with blank-check companies may have dropped significantly since earlier in 2021, but this route to the public markets is far from dead.

Just 10 days into this month, 10 SPACs announced deals to take companies public, according to data compiled by SPAC Research. That is up from a monthly total of 11 and 12 announced deals in October and September.

And new SPACs are being formed at an increased pace, according to PitchBook data. Forty-four blank-check companies went public so far this month, compared to 29 and 32 that listed in August and September, respectively.
 

The latest deal announcements include:
 

• Presto, a restaurant-technology startup, agreed to merge with a SPAC called the Ventoux CCM at a valuation of $1 billion, The Wall Street Journal reported. Founded in 2008, the Bay Area company is best known for tablets and kiosks that allow customers to place and pay for their orders. Presto says its products could help address the current labor shortage. It has raised over $137 million in private capital from investors who include 10X Capital, Y Combinator and 500 Startups, according to PitchBook data.


• Gett announced that it is going public via a SPAC at a valuation of $1.1 billion. The UK-based company aggregates the offerings of ridehailing providers, such as Lyft and India's Ola, and allows for taxi and limousine bookings on one platform. Gett is combining with Rosecliff Acquisition Corp., a SPAC sponsored by the investment firm Rosecliff Venture Management. The company's private investors include Volkswagen, Day One Ventures and Falcon Capital.