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On July 30, 2021, Rover completed its business combination with Nebula Caravel Acquisition Corp, which was approved by Caravel's stockholders on July 28, 2021. Following the merger, Caravel rebranded as Rover Group, Inc., with trading set to commence on Nasdaq under the symbols 'ROVR' and 'ROVRW' on August 2, 2021. Aaron Easterly remains CEO, and Adam Clammer joins the board. Rover is the largest online marketplace for pet care, providing various services such as boarding and dog walking, while True Wind Capital acts as the principal investment partner.
Nebula Caravel Acquisition Corp. (NASDAQ: NEBC) announced stockholder approval of its business combination with A Place for Rover, Inc. during a special meeting on July 28, 2021. The transaction will yield approximately $240 million in net proceeds to enhance Rover's marketing and international growth. The merger is expected to close on or about July 30, 2021, resulting in the rebranding of the combined entity as Rover Group, Inc., with trading anticipated to begin under the ticker symbols 'ROVR' and 'ROVRW' in August.
True Wind Capital announced the appointment of Scott Wagner as Head of Strategic Capital on July 15, 2021. Wagner, with nearly 30 years of experience, previously served as CEO at GoDaddy, where revenue grew from $800 million to $3 billion. He has been involved with True Wind's SPACs, including NEBC and TWCTU. His leadership is expected to enhance True Wind's operations within the SPAC sector, which continues to be vital for growth opportunities in technology markets. Notably, True Wind's first SPAC, LPRO, saw shares appreciate over 300% since its merger.
Nebula Caravel Acquisition Corp. (NASDAQ: NEBC) announced that its registration statement for the business combination with Rover has been effective as declared by the SEC. The special meeting for stockholders to approve the merger is scheduled for July 28, 2021. Stockholders are encouraged to vote 'FOR' all proposals prior to this date. Furthermore, holders of Rover stock can elect to receive cash for shares from July 12 to July 26, 2021. This merger could significantly position Caravel in the pet care market.
Rover.com, the largest online pet care marketplace, reported strong demand for its services in Q1 2021, spurred by a surge in pet ownership during the pandemic. New pet care bookings have reached pre-pandemic levels, with a notable rise in overnight services and advance bookings. The trend of 'pandemic puppies' has contributed to a 38% increase in new puppy profiles compared to Q1 2019. Key states like California and Texas saw month-over-month booking increases of 45% and 69%, respectively. Rover is set to go public through a merger with Nebula Caravel Acquisition Corp. (Nasdaq: NEBC).
Rover, the largest pet care network, and Nebula Caravel Acquisition Corp. (Nasdaq: NEBC) announced a webinar on March 31, 2021, discussing their proposed business combination. This follows a definitive agreement on February 11, 2021, anticipated to be completed in H1 2021. The merger will create a company with an implied enterprise value of $1.35 billion, leveraging institutional investment commitments of $50 million. The combined entity will trade on Nasdaq under the symbol 'ROVR', projected to have a market cap of approximately $1.63 billion and over $300 million in cash post-transaction.
Rover.com, a leading network of pet sitters and dog walkers, will host a virtual Analyst Day on March 17, 2021, at 1:00 PM ET. The event will be accessible via a dedicated link and Rover's website. Established in 2011, Rover connects pet owners with various pet care services, including sitting and dog walking, backed by a Rover Guarantee and 24/7 support. Nebula Caravel Acquisition Corp (NEBC), a company focused on technology investments, is sponsored by True Wind Capital and aims to partner with high-quality tech businesses.
A Place for Rover, Inc. is merging with Nebula Caravel Acquisition Corp. (NEBC) in a deal valued at approximately $1.35 billion. Following the merger, the combined entity will be named Rover Group and listed under the ticker symbol ROVR. Rover connects pet owners with high-quality pet care providers across North America and Europe, with over 500,000 providers and 2 million bookings since 2020. The deal will provide $50 million in private investment and is expected to close in the first half of 2021, aiming to accelerate service expansion and growth in the pet care industry.
Nebula Caravel Acquisition Corp. (Nasdaq: NEBCU) announced that starting January 29, 2021, holders of its 27,500,000 IPO units can separately trade their shares of Class A common stock and warrants. The Class A common stock will trade under the symbol NEBC, while the warrants will trade under NEBCW. Units not separated will continue to trade under NEBCU. This decision facilitates liquidity for investors and reflects the Company's strategy to focus on technology and technology-enabled services sectors for future business combinations.
