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Every week we wrap the latest on new SPACs filed, IPOs, mergers, deals, and a look ahead to what’s coming. Follow us on twitter to get the latest as it happens and contact to learn more about Boardroom Alpha’s SPAC Intelligence service.

Quick Take

After weeks and weeks of constant record-breaking activity the SPAC market took a bit of a "breather" this week, albeit on a relative basis. The real slowdown was on merger activity, where we saw just 6 deals get announced.

  • 20 new IPOs priced for $5.6B
  • 32 new S-1s were filed for ~$8B
  • 6 mergers announced for $7B (including the rare post-close Friday announcement)

Perhaps, with about 400 SPACs outstanding looking for targets and another 200 waiting in the wings to price, issuance will plateau a bit and SPAC merger activity will spike up. There is definitely value to be had...some low risk/high reward options are out there for investors:

The once-automatic IPO pop has all but dissipated. Aside from SoftBank 2&3 (because you know, Masa-Son) the average new IPO closed the week up a measly 5 cents. It's no longer risk free for fast money hedge funds to allocate to every IPO and do a quick flip and it's having ramifications on pricing power and deal demand.

Rumor Has It...

According to Bloomberg, hot "Singaporean Uber" Grab is in advanced talks to merge with Brad Gerstner's Altimeter Growth (AGC), who raised $450M in their SPAC IPO. It's been a good week for Altimeter who are also big investors in Roblox, the immensely successful gaming company that made its public market debut this week.

Altimeter has a second SPAC, Altimeter Growth Corp 2 (AGCB), that's likely benefited from Altimeter's strong name as they are trading at almost 20% premium to NAV. They are searching for a target.

Meanwhile, since last week it's been reported that sports betting data company Sportradar was near a deal with Todd Boehly's (Eldridge Industries) SPAC Horizon Acquisition 2. A deal has yet to be announced, but rumors have the value ~$10-12B EV. HZON is trading ~$11.

Repeat Issuers

Amid reports that Virgin Orbit is aiming to go public via a SPAC for a valuation of ~$3B, Richard Branson filed a $500M S-1 for Virgin Group Acquisition 3.

Hennessy Capital filed for their 6th

GigCapital hit with GigCapital5 and GigCapital 6.

see the rest of the week's new S-1s below

SPAC Merger Announcements

PAC IPOs Priced This Week

New SPAC S-1s

Next Week's Calendar

  • Monday Unit/Warrant splits: SHAC, OEPW, JCIC, NAAC
  • Tuesday: ROCH shareholder vote for merger w/ PureCycle
  • Tuesday: NBAC shareholder vote for merger w/ Nuuve
  • Friday: CIIC shareholder vote for merger w/ Arrival

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