AdTheorent, "a leader in data science and machine learning optimized advertising, is being taken public by MCAP Acquisition (MACQ). The deal is valued at $775M and and a $121.5M PIPE with Hana Financial Group, Palantir (PLTR), and Monroe Capital. For many, Palantir's participation will be of particular interest. It is no secret that CEO Alex Karp has has made SPACs a focus of its immediate strategy.
AdTheorent plays in the big ad revenue market and has a track record of revenues to support the deal with 2021 projected revenue of $158M.
More SPACs IPO
Despite the mood and oversupply of SPACs, they keep IPOing:
- Alpha Healthcare Acquisition Corp. III (ALPA /U), a $150M SPAC with 1/4 W
- Williams Rowland Acquisition Corp. (WRAC /U), a $200M SPAC with 1/2 W
The IPOs keep coming despite almost every recent IPO quickly trading below NAV:
Jul 22 | $ 9.90 | BLNG - Belong Acquisition Corp.
Jul 20 | $ 9.92 | PFTA - PORTAGE FINTECH ACQUISITION CORP.
Jul 20 | $ 9.96 | APAC - StoneBridge Acquisition Corp.
Jul 19 | $ 9.91 | TRTL - TortoiseEcofin Acquisition Corp. III
Jul 19 | $ 9.94 | CLAY - Chavant Capital Acquisition Corp.
Jul 19 | $ 10.19 | CLOE - Clover Leaf Capital Corp.
Jul 16 | $ 9.95 | BSAQ - Black Spade Acquisition Co
Jul 15 | $ 9.93 | TWCB - Bilander Acquisition Corp.
Jul 14 | $ 10.20 | CLAQ - cleantech Acquisition Corp.
Jul 14 | $ 9.98 | JATT - JATT Acquisition Corp
Jul 14 | $ 9.97 | UPTD - TradeUP Acquisition Corp
Jul 12 | $ 9.93 | GWII - Good Works II Acquisition Corp.
Jul 09 | $ 9.97 | GLTA - Galata Acquisition Corp
Jul 08 | $ 9.85 | ALCC - AltC Acquisition Corp.
Jul 08 | $ 10.02 | ACRO - Acropolis Infrastructure Acquisition Corp.
Jul 07 | $ 10.07 | RICO - Agrico Acquisition Corp.
Jul 01 | $ 9.95 | FICV - Frontier Investment Corp
So, while many in SPAC Land continue to hope that IPOs will take a break so the market can clear out more, but given the incentives for sponsors, banks, and frankly the whole ecosystem, don't expect it to happen any time soon.
SPAC Deal Votes
ROCC and CAP have their shareholders voting today following price drops on Monday of -4.75% and -3.59% respectively. Expect to see more redemptions coming once they are announced (likely not alongside the vote results as SPACs are tending to hide them in follow-up 8-K filings these days).
Jul 27 | $ 9.13 | ROCC - Roth CH Acquisition II Co. --> Reservoir Holdings, Inc.
Jul 27 | $ 9.62 | CAP - Capitol Investment Corp V --> States Title Holding, Inc.
Jul 28 | $ 9.90 | SVAC - Starboard Value Acquisition Corp --> Cyxtera
Jul 28 | $ 9.62 | NEBC - Nebula Caravel Acquisition Corporation --> Rover
Jul 29 | $ 9.59 | DGNR - Dragoneer Growth Opportunities Corp --> CCC Information Services Inc.
Jul 29 | $ 9.97 | RTPZ - Reinvent Technology Partners Z --> Hippo Enterprises Inc.
Jul 30 | $ 9.51 | TWND - Tailwind Acquisition Corp --> QOMPLX, Inc.
Biggest SPAC Movers
Biggest SPAC Losers
-4.75% ~ $ 9.13 | ROCC - Roth CH Acquisition II Co. (Announced)
-4.00% ~ $ 10.09 | BCTG - BCTG Acquisition Corp. (Announced)
-3.91% ~ $ 9.59 | DGNR - Dragoneer Growth Opportunities Corp (Announced)
-3.80% ~ $ 9.62 | NEBC - Nebula Caravel Acquisition Corporation (Announced)
-3.58% ~ $ 9.66 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
-3.16% ~ $ 9.51 | TWND - Tailwind Acquisition Corp (Announced)
-2.60% ~ $ 9.73 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
-2.13% ~ $ 9.66 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-2.00% ~ $ 12.25 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.97% ~ $ 10.93 | TDAC - Trident Acquisitions Corp (Announced)
-1.95% ~ $ 10.56 | VACQ - Vector Acquisition Corp (Announced)
-1.84% ~ $ 10.11 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
-1.76% ~ $ 10.59 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
-1.70% ~ $ 9.84 | GIW - GigInternational1, Inc. (Pre-Deal)
-1.61% ~ $ 9.77 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
-1.53% ~ $ 9.64 | BYTS - BYTE Acquisition Corp. (Pre-Deal)
-1.53% ~ $ 9.67 | MACQ - MCAP Acquisition Corporation (Pre-Deal)
-1.43% ~ $ 9.65 | AMPI - Advanced Merger Partners, Inc. (Pre-Deal)
-1.32% ~ $ 9.72 | LCAAU - L Catterton Asia Acquisition Corp (Pre-Deal)
Biggest SPAC Gainers
6.29% ~ $ 12.34 | FST - FAST ACQ CP (Announced)
3.19% ~ $ 11.01 | AGC - ALTIMETER GROWTH CORP (Announced)
3.05% ~ $ 10.31 | RACB - Research Alliance Corp. II (Pre-Deal)
2.79% ~ $ 10.69 | FTCV - FinTech Acquisition Corp. V (Announced)
2.74% ~ $ 10.51 | BOWX - BowX Acquisition Corp (Announced)
2.28% ~ $ 9.88 | OHPA - Orion Acquisition Corp. (Pre-Deal)
1.99% ~ $ 10.26 | CND - Concord Acquisition Corp (Announced)
1.79% ~ $ 10.26 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.33% ~ $ 16.78 | RICE - Rice Acquisition Corp. (Announced)
1.04% ~ $ 9.78 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
.93% ~ $ 9.78 | PTIC - PropTech Investment Corporation II (Pre-Deal)
.91% ~ $ 9.95 | EDTX - EdtechX Holdings Acquisition Corp II (Pre-Deal)
.91% ~ $ 10.03 | BTNB - Bridgetown 2 Holdings Limited (Announced)
.83% ~ $ 9.77 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
.81% ~ $ 9.98 | DFPH - DFP HEALTHC ACQ (Announced)
.73% ~ $ 9.72 | SWET - Athlon Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.76 | QFTA - Quantum FinTech Acquisition Corp (Pre-Deal)
.72% ~ $ 9.77 | GHAC - Gaming & Hospitality Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.77 | WARR - Warrior Technologies Acquisition Company (Pre-Deal)
.69% ~ $ 10.25 | GLSPU - Global SPAC Partners Co. (Pre-Deal)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- CCIV No Longer as LCID Begins Trading, and 7 SPACs Voting this week
- CCIV/Lucid is Official. Now What?
- Pre-Deal SPACs are Cheap
- SPACs Edge Higher, CCIV Shareholder Vote Tomorrow
- SPACs Fall with Stocks in Down Day
- A SPAC Risk Exposed?
- Ackman / PSTH Deal Falls Apart, and Merger Monday is Back
- RTPY Rises on Deal with Aurora, PFDR Strikes $1.4B Deal with Service Max
- Will Large Redemptions Force a Change in Sponsor Economics?
- SEC, Gensler Lay the Hammer on Stable Road (SRAC) & Momentus
- LCAP Rises on MSP Deal, ASPL Sees Huge Redemptions in Wheels Up Vote
- Lionheart Acquisition (LCAP) Announces $32.6B SPAC Deal with MSP Recovery
- Nextdoor Leads the Way in Busy Merger Week
- Despite Higher Activity Level SPACs Showing Some Weakness
- SPAC Deal Announcement Pops and Warrants Surge
- Hyperfine, Circle, and Alpha Tau Healthcare Get SPAC Deals
- Pre-Deal SPACs are Cheap
- Two New SPAC Deals (DMYQ, ATHN)
- Khosla Ventures Acquisition II Soars on Nextdoor Deal
- Khosla taking Nextdoor Public in $4.3B Deal and CF Acquisition Announced Satellogic $850M Deal
- Weekly SPAC Wrap - July 2
- Bowlero Gets a $2.6B SPAC Deal
- Chamath's Bio SPACs Rise, WPF has Large Redemptions
- Stable Road (SRAC) Cuts Deal Valuation in Half -- Market Loves It
- SPACs Flat, LACQ and IACA Votes Pass
- 10 SPAC Deal Votes Close Out June
- De-SPACs Get Set to Join the Russell 3000
- Weekly Director/CEO/CFO Moves: Matthew Furlong Takes the Helm at GameStop & EBAY Gets a New CFO
- Churchill (CCIV) & Lucid Sets its Vote Date
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)