AdTheorent Going Public with MCAP Acquisition (MACQ)

MCAP is taking AdTheorent public in a $775M deal. ROCC and CAP shareholders vote on their mergers with Reservoir Holdings, Inc. and States Title Holding, Inc. (Doma) respectively.
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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.

Source: company filings

Source: company filings

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

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