A positive day for the market overall -- SP500, Dow, and Nasdaq all up -- didn't translate into a more significant deal pop for either Thomas Bravo's TBA or the Malacca Straights MLAC SPAC. Overall, the SPAC market was positive and likely was carried a bit on the wave of the broader market
Thoma Bravo Advantage (TBA) & ironSource Deal
Thoma Bravo Advantage (TBA) investors and the sponsor will definitely be disappointed in the market's reaction to the deal announcement (deck here) given its size, incredible sponsor reputation, and the fact that it is well off its 52-week high of $13.19. It closed Friday at $10.82 and dropped on its first day of trading post announcement to $10.70.
It's unclear why the response was so tepid, but what is clear is that the team at Thoma Bravo was able to list their SPAC and get to a deal announcement (and a big deal at that) incredibly fast -- just about 2 months. Given their ability to source and evaluate deals and then get capital, that means that they could rinse and repeat pretty quickly should they choose to.
Malacca Straights (MLAC) Deal Announced -- But Still Ends Below $10
Depending on when investors got into MLAC they may well be disappointed in today's deal pop as well. The deal has MLAC merging with Asia Vision Network (AVN), the "Netflix of Indonesia" (full deal deck is here) for a pro forma EV of $573 million and, interestingly, no PIPE. The fact that it is still trading below $10 after the a deal announcement sets it up to have a fight on its hands when it comes to a merger vote and redemptions.
Art Peck, former GAP CEO Issues S-1 for "Good Commerce Acqusition"
Former GAP (GPS) CEO Art Peck is launching a SPAC looking to raise $200 million with a focus on consumer (likely apparel & accessories). Investors will want to remember that GPS struggled under Peck and the stock declined -14% annually during his tenure amid sluggish sales. See the full S-1 here.
Jaws Spitfire Acquisition (SPFR) Tomorrow?
Twitter is abuzz about a possible "leak" by David Faber on CNBC this morning about Sternlicht's Jaws Spitfire SPAC (SPFR) announcing tomorrow for a transaction to take Velo3D pubic.
Discount SPAC: Units Under $10
Despite some overall strength today in the SPAC market there are still plenty of units and common trading under $10. Here are some fo the biggest discounts:
-1.8% AFAQ AF Acquisition Corp.
-1.4% ATSP Archimedes Tech SPAC Partners Co
-1.2% KURI Alkuri Global Acquisition Corp.
-1.2% KIII Kismet Acquisition Three Corp.
-1.2% NRAC Noble Rock Acquisition Corporation
-1.2% TWLV Twelve Seas Investment Company II
-1.1% AAQC Accelerate Acquisition Corp.
-1.1% GLBL Cartesian Growth Corporation
-1.1% CLRM Clarim Acquisition Corp.
-1.0% ATHN Athena Technology Acquisition Corp.
-1.0% BGSX Build Acquisition Corp.
-1.0% FSNB Fusion Acquisition Corp. II
-1.0% GXII GX Acquisition Corp. II
-1.0% KSIC Kadem Sustainable Impact Corporation
-1.0% MBAC M3-Brigade Acquisition II Corp
-1.0% OSTR Oyster Enterprises Acquisition Corp.
-1.0% PTOC Pine Technology Acquisition Corp.
-1.0% PLMI Plum Acquisition Corp. I
-1.0% PSAG Property Solutions Acquisition Corp. II
-1.0% FRWA PWP Forward Acquisition Corp. I
-0.9% GGMC Glenfarne Merger Corp.
-0.9% MSAC Medicus Sciences Acquisition Corp.
-0.9% PDOT Peridot Acquisition Corp. II
-0.9% PMGM Priveterra Acquisition Corp.
-0.9% TWNI Tailwind International Acquisition Corp.
-0.9% TSPQ TCW Special Purpose Acquisition Corp
-0.8% AGAC African Gold Acquisition Corporation
-0.8% DHCA DHC Acquisition Corp
-0.8% EAC Edify Acquisition Corp.
-0.8% EVOJ Evo Acquisition Corp.
-0.8% GAPA G&P Acquisition Corp.
-0.8% KAII Kismet Acquisition Two Corp.
-0.8% LIII Leo Holdings III Corp
-0.8% VELO Velocity Acquisition Corp
-0.7% AMPI Advanced Merger Partners, Inc.
-0.7% ACAH Atlantic Coastal Acquisition Corp.
-0.7% HYAC Haymaker Acquisition Corp. III
-0.7% NAAC North Atlantic Acquisition Corporation
-0.7% RCLF Rosecliff Acquisition Corp I
-0.7% TZPS TZP Strategies Acquisition Corp.
-0.7% SPTK SportsTek Acquisition Corp.
-0.7% ISOS Isos Acquisition Corp.
-0.6% GPAC Global Partner Acquisition Corp II
-0.6% BOAS BOA Acquisition Corp.
-0.6% DTOC Digital Transformation Opportunities Corp.
-0.6% FLME Flame Acquisition Corp.
-0.6% ITHX ITHAX Acquisition Corp.
-0.6% ITQ Itiquira Acquisition Corp.
-0.6% MIT Mason Industrial Technology, Inc.
-0.6% MACQ MCAP Acquisition Corporation
-0.6% MDH MDH Acquisition Corp.
-0.5% PGRW Progress Acquisition Corp.
-0.5% GAMC Golden Arrow Merger Corp.
-0.5% RXRA RXR Acquisition Corp
-0.5% AGGR Agile Growth Corp.
-0.5% ASPC Alpha Capital Acquisition Company
-0.5% ARRW Arrowroot Acquisition Corp.
-0.5% BITE Bite Acquisition Corp.
-0.5% CPTK Crown PropTech Acquisitions
-0.5% FZT FAST Acquisition Corp. II
-0.5% FTEV FinTech Evolution Acquisition Group
-0.5% FMIV Forum Merger IV Corporation
-0.5% GCAC Growth Capital Acquisition Corp.
-0.5% HCCC Healthcare Capital Corp.
-0.5% IBER Ibere Pharmaceuticals
-0.5% ISLE Isleworth Healthcare Acquisition Corp.
-0.5% MACC Mission Advancement Corp.
-0.5% SLCR Silver Crest Acquisition Corporation
-0.5% SLAM Slam Corp
-0.5% TWNT Tailwind Two Acquisition Corp.
-0.5% TLGA TLG Acquisition One Corp.
-0.5% TRCA Twin Ridge Capital Acquisition Corp.
-0.5% IPVF InterPrivate III Financial Partners Inc.
-0.4% IPVA InterPrivate II Acquisition Corp.
-0.4% AMAO American Acquisition Opportunity Inc
-0.4% ASAX Astrea Acquisition Corp.
-0.4% AEAC Authentic Equity Acquisition Corp.
-0.4% CAHC CA Healthcare Acquisition Corp.
-0.4% DHHC DiamondHead Holdings Corp.
-0.4% KRNL Kernel Group Holdings, Inc.
-0.4% MACA Moringa Acquisition Corp
-0.4% PNTM Pontem Corp
-0.4% SBEA SilverBox Engaged Merger Corp I
-0.4% TETC Tech and Energy Transition Corporation
-0.3% ADEX ADIT EDTECH ACQUISITION CORP.
-0.3% BLUA BlueRiver Acquisition Corp
-0.3% CSTA Constellation Acquisition Corp I
-0.3% DHBC DHB Capital Corp.
-0.3% FRSG First Reserve Sustainable Growth Corp
-0.3% FORE Foresight Acquisition Corp.
-0.3% FACT Freedom Acquisition I Corp
-0.3% GHAC Gaming & Hospitality Acquisition Corp.
-0.3% IPVI InterPrivate IV InfraTech Partners Inc.
-0.3% LGAC LAZARD GROWTH ACQUISITION CORP. I
-0.3% FINM Marlin Technology Corp
-0.3% ROSS Ross Acquisition Corp II
-0.3% SHAC SCP & CO Healthcare Acquisition Company
-0.3% TBCP Thunder Bridge Capital Partners III Inc.
-0.3% TCAC Tuatara Capital Acquisition Corporation
-0.3% MON Monument Circle Acquisition Corp
-0.2% ADRA Adara Acquisition Corp.
-0.2% AAC Ares Acquisition Corporation
-0.2% BRPM B. Riley Principal 150 Merger Corp.
-0.2% CLAA Colonnade Acquisition Corp. II
-0.2% EJFA EJF Acquisition Corp
-0.2% EQHA EQ Health Acquisition Corp
-0.2% SDAC Sustainable Development Acquisition I Corp.
-0.1% SCLE Broadscale Acquisition Corp
-0.1% BYTS BYTE Acquisition Corp.
-0.1% CENH Centricus Acquisition Corp.
-0.1% CFFE CF Acquisition Corp. VIII
-0.1% GNAC GROUP NINE ACQUISITION CORP.
-0.1% JOFF JOFF Fintech Acquisition Corp
-0.1% OEPW One Equity Partners Open Water I Corp.
-0.1% OHPA Orion Acquisition Corp.
-0.1% PFDR Pathfinder Acquisition Corporation
-0.1% SPKB Silver Spike Acquisition Corp II
-0.1% THMA Thimble Point Acquisition Corp.
Premium SPAC: Pre-Transaction Units Trading Above a 5% Premium
These are the SPACs that are trading at a premium to $10 based on sponsor, promoters, hype, or rumor. If you buy here, you need to be a believer in the long-term as deal pops will likely be small and could even have drops.
43.7% AGC ALTIMETER GROWTH CORP (rumors are there is a deal coming with Grab)
30.4% BTWN Bridgetown Holdings Ltd
28.1% LEAP Ribbit LEAP Ltd
27.2% IPOD Social Capital Hedosophia Holdings Corp IV
21.8% IPOF Social Capital Hedosophia Holdings Corp VI
20.0% THCA Tuscan Holdings Corp. II
17.1% GSAH GS Acquisition Holdings Corp II
15.6% HZON Horizon Acquisition Corporation II
15.3% RICE Rice Acquisition Corp.
15.1% HAAC Health Assurance Acquisition Corp
14.6% LMACA Liberty Media Acquisition Corporation
14.2% SVFA SVF Investment Corp.
14.0% AGBA AGBA ACQUISITION LIMITED
13.0% CHAQ Chardan Healthcare Acquisition 2 Corp.
13.0% SPFR Jaws Spitfire Acquisition Corporation
12.5% ALTU Altitude Acquisition Corp.
12.1% BWAC Better World Acquisition Corp.
11.0% VYGG Vy Global Growth
10.8% NOAC Natural Order Acquisition Corp
10.6% CCAC CITIC Capital Acquisition Corp
10.3% STPC Star Peak Corp II
10.1% BTAQ BURGUNDY TC ACQ
9.9% DSAC Duddell Street Acquisition Corp
9.2% DFPH DFP HEALTHC ACQ
9.0% HMCO HumanCo Acquisition Corp.
8.8% QELL Qell Acquisition Corp
8.7% LUXA Lux Health Tech Acquisition Corp
8.6% TINV Tiga Acquisition Corp
8.5% FMAC FirstMark Horizon Acquisition Corp
8.3% BCAC Brookline Capital Acquisition Corp.
8.3% LOKB Live Oak Acquisition Corp. II
8.1% PIPP Pine Island Acquisition Corp
8.0% BOAC Bluescape Opportunities Acquisition Corp
8.0% ZNTE Zanite Acquisition Corp.
7.8% SRSA Sarissa Capital Acquisition Corp
7.4% AJAX Ajax I
7.2% BRLI Brilliant Acquisition Corporation
7.2% CHFW Consonance-HFW Acquisition Corp
7.1% BOWX BowX Acquisition Corp
7.0% ZGYH Yunhong International
6.9% XPOA DPCM Capital Inc
6.9% HZAC HORIZON ACQ CP
6.8% GLEO Galileo Acquisition Corp.
6.6% CCV Churchill Capital Corp V
6.6% SCVX SCVX Corporation
6.5% AVAN Avanti Acquisition Corp
6.5% NMMC North Mountain Merger Corp
6.4% BLUW Blue Water Acquisition Corporation
6.4% KCAC Kensington Capital Acquisition Corp. II
6.3% ROCC Roth CH Acquisition II Co.
6.3% SWBK Switchback II Corporation
6.0% DDMX DD3 Acquisition Corp. II
5.9% IVAN Ivanhoe Capital Acquisition Corp
5.9% LFTR Lefteris Acquisition Corp
5.9% SEAH Sports Entertainment Acquisition Corp
5.9% TEKK Tekkorp Digital Acquisition Corp
5.7% IGAC IG Acquisition Corp
5.7% PAIC Petra Acquisition Inc
5.6% RBAC RedBall Acquisition Corp.
5.5% BHSE Bull Horn Holdings Corp
5.5% GRCY Greencity Acquisition Corp
5.5% LIVK LIV Capital Acquisition Corp.
5.4% NGAB Northern Genesis Acquisition Corp. II
5.4% LATN Union Acquisition Corp. II
5.3% OACB Oaktree Acquisition Corp II
5.1% BENE Benessere Capital Acquisition Corp.
5.1% SVOK Seven Oaks Acquisition Corp.
5.1% YAC Yucaipa Acquisition Corporation