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3 SPACs Announce Mergers as DMYQ Set to Trade as Planet (PL) Tomorrow

Deals from OACB, PTOC, and FOXW led a busy morning, plus SPACs including DMYQ are set for their ticker changes this week.

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Despite an AWS outage knocking out many businesses with downtime on Tuesday, the SPAC market chugged on. 3 new mergers were announced to go along with 3 deal votes and 4 new SPAC IPOs. 

More of the same in terms of market reaction, however with relatively muted moves around. We recap the day's SPAC activity below. 

Mega Merger Tuesday

Oaktree Acquisition Corp. II (OACB) is taking Alvotech Holdings Public at a $2.25B valuation with a $150M. OACB fell slightly on the news and closed well below NAV at $9.86, but the warrants had a nice pop jumping +20% to $1.31.

Pine Technology Acquisition Corp. (PTOC) announced it is merging with Tomorrow.io, a platform for global weather climate and security. The $1.2B EV deal includes a $75M PIPE from Koch and SB Energy. PTOC closed up 8c to $9.85, well below NAV while the warrants did not move at 78c. 

FoxWayne Acquisition (FOXW) Corp struck a deal with inhaled drug delivery developer Aerami Therapeutics, at ~$250M. Little information was provided though it appears there was no PIPE associated with the deal. FOXW closed up 6c to $9.98, the warrants fell -8% FOXWW. 

ICYMI Jack Groetzinger talks SeatGeek / RBAC on the Podcast 

Elsewhere in SPACs

dMY Technology Group IV (DMYQ) and Planet Labs have closed their merger, with Planet set to trade as PL starting tomorrow. DMYQ surged +9.4% today ahead of the ticker change to $10.81. 

BigBear.ai and GigCapital4 (GIG) announced the closing of their merger and shares will trade as BBAI starting tomorrow. GIG shares closed slightly up today at $10.03.

Dragoneer Growth Opportunities Corp. II (DGNS) reported that shareholders approved its vote on Cvent at the vote today and expects the deal to close tomorrow, still waiting on redemption numbers. DGNS closed slightly below NAV at $9.97.

Decarbonization Plus Acquisition Corporation III (DCRC) shareholders approved its merger with Solid Power. ~$2M in redemptions reported despite the stock closing at $12.00. 

Seven Oaks Acquisition Corp (SVOK) shareholders approved their merger with Boxed, they have yet to report redemption levels. Shares closed up +4.7% to $9.15. 

SPAC IPOs

Dec 07 | $ 10.06 | APXI - APx Acquisition Corp. I
Dec 06 | $ 10.02 | JWAC - Jupiter Wellness Acquisition Corp.
Dec 06 | $ 9.99 | MTVC - Motive Capital Corp II
Dec 06 | $ 10.13 | GLLI - Globalink Investment Inc.

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)