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Primavera Capital Acquisition Corp. - PV

  • Commons

    $9.74

    +0.00%

    PV Vol: 49.6K

  • Warrants

    $0.82

    -6.79%

    PV+ Vol: 2.8K

  • Units

    $10.13

    +0.00%

    PV= Vol: 479.0

Average: 0
Rating Count: 0
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SPAC Stats

Market Cap: 403.2M
Average Volume: 54.1K
52W Range: $9.56 - $10.25
Weekly %: -0.20%
Monthly %: -0.31%
Inst Owners: 68

Info

Target: Searching
Days Since IPO: 318
Unit composition:
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant
Trust Size: 30000000.0M

Management

Officers, Directors and Director Nominees.” Our officers and directors presently have, and any of them in the future may have additional, fiduciary or contractual obligations to other entities and, accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should be presented. Following the completion of this offering and until we consummate our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses. Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity to such entity. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to another entity prior to its presentation to us, subject to their fiduciary duties under Cayman Islands law. Our amended and restated memorandum and articles of association provide that we 46 Table of Contents renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of the company and it is an opportunity that we are able to complete on a reasonable basis. In addition, our sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination. Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination. However, we do not believe that any such potential conflicts would materially affect our ability to complete our initial business combination. For a complete discussion of our officers’ and directors’ business affiliations and the potential conflicts of interest that you should be aware of, please see “Management—Officers, Directors and Director Nominees,” “Management—Conflicts of Interest” and “Certain Relationships and Related Party Transactions.” Our officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with our interests. We have not adopted a policy that expressly prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into a business combination with a target business that is affiliated with our sponsor, our directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours. The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently, our directors’ and officers’ discretion in identifying and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our shareholders’ best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter of Cayman Islands law and we or our shareholders might have a claim against such individuals for infringing on our shareholders’ rights. See the section titled “Description of Securities—Certain Differences in Corporate Law—Shareholder Suits” for further information on the ability to bring such claims. However, we might not ultimately be successful in any claim we may make against them for such reason. We may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors or existing holders which may raise potential conflicts of interest. In light of the involvement of our sponsor, officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, officers, directors or existing holders. Our directors also serve as officers and board members for other entities, including, without limitation, those described under “Management—Conflicts of Interest.” Such entities may compete with us for business combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and there have been no substantive discussions concerning a business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for a business combination as set forth in “Proposed Business—Effecting our initial business combination—Selection of a target business and structuring of our initial business combination” and such transaction was approved by a majority of our independent and disinterested directors. Despite our agreement to obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm regarding the fairness to our company from a financial point of view of a business combination with one or more domestic or international businesses affiliated with our sponsor, officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the business combination may not be as advantageous to our public shareholders as they would be absent any conflicts of interest. Since our sponsor, the anchor investors, officers and directors will lose their entire investment in us if our initial business combination is not completed (other than with respect to public shares they may acquire during or after this 47 Table of Contents offering), a conflict of interest may arise in determining whether a particular business combination target is appropriate for our initial business combination. In July 2020, our initial shareholders paid $25,000, or approximately $0.003 per share, to cover certain of our offering and formation costs in exchange for 8,625,000 founder shares, which founder shares were transferred to our sponsor on August 24, 2020. On August 24, 2020, our sponsor then transferred 215,625 founder shares to Ms. Zhang for an aggregate purchase price of $625, or approximately $0.003 per share. Following the share capitalization on September 21, 2020 and Ms. Zhang’s waiver of her right to receive shares under such capitalization, our sponsor held an aggregate of 10,409,375 founder shares and then, in connection with entering into the forward purchase agreements, transferred to the anchor investors an aggregate of 1,000,000 founder shares for no cash consideration. On December 30, 2020, our sponsor then transferred 40,000 founder shares to Mr. Pant, 40,000 founder shares to Ms. Teague and 40,000 founder shares to Ms. Cheng for an aggregate purchase price of $120, $120 and $120, respectively, or approximately $0.003 per share. Prior to the initial investment in the company of $25,000 by the initial shareholders, the company had no assets, tangible or intangible. The purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the number of founder shares issued. The number of founder shares outstanding, which includes the 2,000,000 Class B ordinary shares issued in connection with the forward purchase agreements, was determined based on the expectation that the total size of this offering would be a maximum of 34,500,000 units if the underwriters’ over-allotment option is exercised in full, and therefore that such founder shares would represent 20% of the sum of the outstanding shares after this offering and 8,000,000 Class A ordinary shares to be sold pursuant to the forward purchase agreements. Up to 1,125,000 of the founder shares will be surrendered by our sponsor for no consideration depending on the extent to which the underwriters’ over-allotment is exercised. The founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 8,000,000 private placement warrants (or 8,900,000 warrants if the underwriters’ over-allotment option is exercised in full) for an aggregate purchase price of $8,000,000 (or $8,900,000 if the underwriters’ over-allotment option is exercised in full), or $1.00 per warrant. The private placement warrants will also be worthless if we do not complete our initial business combination. The personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. This risk may become more acute as the 24-month anniversary of the closing of this offering nears, which is the deadline for our completion of an initial business combination. Risks Relating to Our Securities The securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per share. The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. While short-term U.S. government treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States. In the event that we do not complete our initial business combination or make certain amendments to our amended and restated memorandum and articles of association, our public shareholders are entitled to receive their pro-rata share of the proceeds held in the trust account, plus any interest income, net of taxes paid or payable (less, in the case we are unable to complete our initial business combination, $100,000 of interest). Negative interest rates could reduce the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00 per share. If we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination. If we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including: 48 Table of Contents ·restrictions on the nature of our investments; and ·restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination. In addition, we may have imposed upon us burdensome requirements, including: ·registration as an investment company; ·adoption of a specific form of corporate structure; and ·reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations. In order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business other than investing, reinvesting or trading of securities and that our activities do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete a business combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor. We do not believe that our anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid being deemed an “investment company” within the meaning of the Investment Company Act. This offering is not intended for persons who are seeking a return on investments in government securities or investment securities. The trust account is intended as a holding place for funds pending the earliest to occur of either: (i) the completion of our initial business combination; (ii) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial business combination activity; or (iii) absent an initial business combination within 24 months from the closing of this offering, our return of the funds held in the trust account to our public shareholders as part of our redemption of the public shares. If we do not invest the proceeds as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we have not allotted funds and may hinder our ability to complete a business combination. If we do not complete our initial business combination, our public shareholders may only receive their pro rata portion of the funds in the trust account that are available for distribution to public shareholders, and our warrants will expire worthless. NYSE may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions. We have applied to have our units listed on NYSE. We expect that our units will be listed on NYSE on or promptly after the date of this prospectus. Following the date that the Class A ordinary shares and warrants are eligible to trade separately, we anticipate that the Class A ordinary shares and warrants will be separately listed on NYSE. We cannot guarantee that our securities will be approved for listing on NYSE. Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial listing standards set forth in the NYSE listing standards, we cannot assure you that our securities will be, or will continue to be, listed on NYSE in the future or prior to our initial business combination. In order to continue listing our securities on NYSE prior to our initial business combination, we must maintain certain financial, distribution and share price levels. Generally, following our initial public offering, we must maintain a minimum amount in shareholder’s equity (generally $2,500,000) and a minimum number of holders of our securities (generally 300 public holders). Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with NYSE’s initial listing requirements, which are more rigorous than NYSE’s continued listing requirements, in order to continue to maintain the listing of our securities on NYSE. For instance, our share price would generally be required to be at least $4.00 per share and our shareholder’s equity would generally be required to be at least $5.0 million. We cannot assure you that we will be able to meet those initial listing requirements at that time. 49 Table of Contents If NYSE delists our securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including: ·a limited availability of market quotations for our securities; ·reduced liquidity for our securities; ·a determination that our Class A ordinary shares are a “penny stock” which will require brokers trading in our Class A ordinary shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; ·a limited amount of news and analyst coverage; and ·a decreased ability to issue additional securities or obtain additional financing in the future. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” Because we expect that our units and eventually our Class A ordinary shares and warrants will be listed on NYSE, our units, Class A ordinary shares and warrants will qualify as covered securities under the statute. Although the states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if we were no longer listed on NYSE, our securities would not qualify as covered securities under the statute and we would be subject to regulation in each state in which we offer our securitie

Holder Stats

1 0
% of Shares Held by All Insider 0.00%
% of Shares Held by Institutions 47.65%
% of Float Held by Institutions 47.65%
Number of Institutions Holding Shares 68

Mutual Fund Holders

Holder Shares Date Reported Value % Out
Franklin K2 Alternative Strategies Fd 3048 2021-05-30 29443 0.01

Institutional Holders

Reporting Date Hedge Fund Shares Held Market Value % of Portfolio Quarterly Change in Shares Ownership in Company
2021-11-15 Ancora Advisors LLC 15,100 $150,000 0.0% 0 0.028%
2021-11-15 Berkley W R Corp 69,476 $680,000 0.0% +135.7% 0.129%
2021-11-15 Penserra Capital Management LLC 11,472 $110,000 0.0% 0 0.021%
2021-11-15 Dark Forest Capital Management LP 48,856 $480,000 0.2% 0 0.091%
2021-11-12 PEAK6 Investments LLC 15,101 $150,000 0.0% 0 0.028%
2021-11-12 Cohanzick Management LLC 8,210 $80,000 0.0% 0 0.015%
2021-11-12 Advisory Research Inc. 10,908 $110,000 0.0% -87.5% 0.020%
2021-08-17 Beryl Capital Management LLC 331,742 $3,240,000 0.3% -32.4% 0.617%
2021-08-16 Oasis Management Co Ltd. 86,548 $850,000 0.2% -56.7% 0.161%
2021-08-13 RP Investment Advisors LP 1,432,231 $13,990,000 1.9% -13.1% 2.665%
2021-07-28 Cohen & Co Financial Management LLC 105,181 $1,030,000 0.7% 0 0.196%
2021-05-18 Berkley W R Corp 29,476 $290,000 0.0% 0 0.208%
2021-05-17 KADENSA CAPITAL Ltd 300,000 $3,080,000 1.6% 0 2.118%
2021-05-13 Bank of Montreal Can 8,413 $83,000 0.0% 0 0.059%
2021-05-04 Picton Mahoney Asset Management 300,000 $3,080,000 0.2% 0 2.118%

SEC Filings

Form Type Form Description Filing Date Document Link
10-Q FORM 10-Q 2021-11-15 https://www.sec.gov/Archives/edgar/data/1818787/000119312521328802/d231310d10q.htm
10-Q FORM 10-Q 2021-08-16 https://www.sec.gov/Archives/edgar/data/1818787/000119312521246932/d204462d10q.htm
10-Q/A FORM 10-Q/A 2021-07-02 https://www.sec.gov/Archives/edgar/data/1818787/000119312521207104/d177649d10qa.htm
10-Q FORM 10-Q 2021-06-16 https://www.sec.gov/Archives/edgar/data/1818787/000095010321008905/dp152553_10q.htm
8-K FORM 8-K 2021-06-02 https://www.sec.gov/Archives/edgar/data/1818787/000095010321008265/dp152128_8k.htm
NT 10-Q FORM NT 10-Q 2021-05-17 https://www.sec.gov/Archives/edgar/data/1818787/000095010321007290/dp151140_nt10q.htm
8-K FORM 8-K 2021-03-12 https://www.sec.gov/Archives/edgar/data/1818787/000095010321003891/dp147654_8k.htm
8-K FORM 8-K 2021-02-01 https://www.sec.gov/Archives/edgar/data/1818787/000095010321001486/dp145275_8k-prima.htm
SC 13G 2021-02-01 https://www.sec.gov/Archives/edgar/data/1818787/000091957421000600/d8789434_13-g.htm
8-K FORM 8-K 2021-01-26 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000987/dp144800_8k.htm
424B4 FORM 424B4 2021-01-25 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000914/dp144708_424b4.htm
3/A FORM 3/A 2021-01-22 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000814/xslF345X02/dp144642_3a-primavera.xml
POS EX FORM POSEX 2021-01-22 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000807/dp144630_posex.htm
3 FORM 3 2021-01-22 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000806/xslF345X02/dp144632_3-primavera.xml
EFFECT 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/999999999521000223/xslEFFECTX01/primary_doc.xml
3 FORM 3 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000798/xslF345X02/dp144574_3-chen.xml
3 FORM 3 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000797/xslF345X02/dp144573_3-teague.xml
3 FORM 3 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000796/xslF345X02/dp144571_3-cheng.xml
3 FORM 3 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000795/xslF345X02/dp144570_3-pant.xml
3 FORM 3 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000794/xslF345X02/dp144572_3-primavera.xml
3 FORM 3 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000793/xslF345X02/dp144615_3-zhang.xml
S-1MEF FORM S-1MEF 2021-01-21 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000736/dp144567_s1mef.htm
CERT NYSE CERTIFICATION 2021-01-20 https://www.sec.gov/Archives/edgar/data/1818787/000087666121000089/PV012021.pdf
8-A12B FORM 8-A12B 2021-01-20 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000661/dp144491_8a12b.htm
CORRESP 2021-01-19 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000639/filename1.htm
CORRESP 2021-01-19 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000637/filename1.htm
S-1/A FORM S-1/A 2021-01-15 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000592/dp144410_s1a.htm
S-1/A FORM S-1/A 2021-01-15 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000550/dp144293_s1a.htm
CORRESP 2021-01-06 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000134/filename1.htm
S-1 FORM S-1 2021-01-06 https://www.sec.gov/Archives/edgar/data/1818787/000095010321000132/dp143843_s1.htm
UPLOAD 2020-12-02 https://www.sec.gov/Archives/edgar/data/1818787/000000000020011529/filename1.pdf
DRS/A 2020-11-16 https://www.sec.gov/Archives/edgar/data/1818787/000095010320022177/filename1.htm
DRS 2020-07-24 https://www.sec.gov/Archives/edgar/data/1818787/000095010320014120/filename1.htm