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Patrick Orlando of DWAC Strikes again With Benessere Capital Acquisition (BENE) Deal

We wrap today's SPAC activity, and the man behind "Trump SPAC" DWAC announced another business combination for his other SPAC, Benessere Capital Acquisition.

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Patrick Orlando was seldom spoken about (at least in the mainstream) prior to October, since then, his SPACs have been the talk of the SPAC world:

  1. Announced a SPAC deal that with a yet to be created Trump Media company
  2. Liquidated a second SPAC that was based in Wuhan
  3. Announced a definitive agreement with eCombustible 

While Orlando's Benessere Capital Acquisition Corp. (BENE) did rise over 10% on its news that it was taking eCombustible public, its closing price of $11.23 is still below its peak of > $12 in the wild days after the DWAC / Trump tie up was announced. Orlando's SPACs got a nice sympathy bump for being associated with Trump. 

Now, today's deal is not similar to the Trump deal in terms of sector (hydrogen fuel vs. social media), but is similar in that there is little info on the deal available and a lack of investor materials outlining neither the company nor transaction. Have yet to see that from DWAC as well, so time will tell here on the specifics of the deal. 

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All that can be said is I'm sure Orlando will have a lot to talk about at the Thanksgiving dinner table. 

Elsewhere in SPACs

Foresight Acquisition Corp. (FORE) adjourned today's planned shareholder meeting on its merger with P3 Health Partners for a second time, this time out until December 3. FORE closed at $9.96. 

3 IPOs began trading today (VHNA, MNTN, BRD), bringing the total amount of SPAC capital raised in November to a whopping $10.6B in issuance across over 50 IPOs. 

Just 2 new definitive agreements announced this week eCombustible and MANSCAPED. That leaves over 540 SPACs seeking a target with the majority of them trading at a discount.

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Today's Price Action

Biggest Gainers

10.42% ~ $ 11.23 | BENE - Benessere Capital Acquisition Corp. (Announced)
9.30% ~ $ 43.15 | DWAC - Digital World Acquisition Corp. (Announced)
4.69% ~ $ 14.05 | GGPI - Gores Guggenheim, Inc (Announced)
4.65% ~ $ 11.70 | CND - Concord Acquisition Corp (Announced)
3.71% ~ $ 9.79 | DDMX - DD3 Acquisition Corp. II (Announced)
2.46% ~ $ 9.99 | ADEX - ADIT EDTECH ACQUISITION CORP. (Pre-Deal)
2.41% ~ $ 9.78 | IACB - ION Acquisition Corp 2 (Announced)
2.26% ~ $ 10.39 | ATSPT - Archimedes Tech SPAC Partners Co (Announced)
1.70% ~ $ 8.95 | GNRS - GREENROSE ACQUISITION CORP (Announced)
1.46% ~ $ 13.18 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
1.34% ~ $ 9.83 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
1.02% ~ $ 9.91 | ACTD - ArcLight Clean Transition Corp. II (Pre-Deal)
1.00% ~ $ 10.00 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
.98% ~ $ 10.29 | NGCA - NextGen Acquisition Corp. II (Announced)
.94% ~ $ 10.23 | ESSC - East Stone Acquisition Corporation (Announced)
.92% ~ $ 9.85 | REVH - Revolution Healthcare Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.78 | HWEL - Healthwell Acquisition Corp. I (Pre-Deal)
.82% ~ $ 9.80 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.78% ~ $ 10.35 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
.72% ~ $ 9.85 | SSAA - Science Strategic Acquisition Corp. Alpha (Pre-Deal)

Biggest Losers

-2.26% ~ $ 13.43 | AGC - Altimeter Growth Corp. (Announced)
-1.93% ~ $ 11.19 | DMYQ - dMY Technology Group, Inc. IV (Announced)
-1.69% ~ $ 9.93 | ARTE - Artemis Strategic Investment Corporation (Pre-Deal)
-1.68% ~ $ 12.85 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-1.42% ~ $ 9.70 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-1.38% ~ $ 10.01 | IIAC - Investindustrial Acquisition Corp. (Announced)
-1.18% ~ $ 10.09 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
-1.11% ~ $ 11.60 | FST - FAST ACQ CP (Announced)
-.99% ~ $ 10.95 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-.97% ~ $ 10.25 | GRCY - Greencity Acquisition Corp (Pre-Deal)
-.93% ~ $ 9.76 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-.92% ~ $ 9.73 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
-.90% ~ $ 9.90 | TWNT - Tailwind Two Acquisition Corp. (Announced)
-.85% ~ $ 10.47 | FPAC - Far Peak Acquisition Corp (Announced)
-.81% ~ $ 9.74 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.73 | CLAA - Colonnade Acquisition Corp. II (Pre-Deal)
-.71% ~ $ 9.80 | RACB - Research Alliance Corp. II (Pre-Deal)

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