SPAC Weekly Wrap: Stock Issuance Grinds to a Halt. Time for Deals

In a dramatic reversal of the last few months, the SPAC IPO market essentially closed this week as only 2 IPOs priced and just a handful of new S-1s.
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The week ends on a quiet note as the stock market was closed for Good Friday. Looking back, this week might be remembered as the moment when the SPAC market exuberance finally caught up to itself, and the market really cooled off. All this week we've been noting how issuance has slowed and SPACs are routinely trading weaker

However, the trading week ended on a good note as prices saw some recovery, and a huge deal announcement from Genius Sports linking with the NFL (SPAC DMYD is taking them public) reminded investors that SPACs who pick great companies can still be homeruns. 

Some of the bigger stories of the week were more macro: a huge jobs number, Biden's Infrastructure plan, and NY legalizing marijuana (see what that could mean for SPACs).

Below we recap this week's M&A, S-1s and new IPOS: 

- 4M&A agreements for > $12B
- 2 IPOs for just $300M in new SPAC capital (wayy below the recent averages)
- 8 S-1s for $2.275B. Reminder there are currently over 250 preliminary SPAC S-1s Filed. We are hearing several deals are getting pushed or even permanently shelved

Merger Announcements

LATN, QELL, CMII, AJAX

LATN, QELL, CMII, AJAX

New SPAC IPOs

MBTC, ATWO

MBTC, ATWO

New SPAC S-1

41s1s

Big SPAC Discounts

-5.20% ~ $ 9.48 | RPLA - Replay Acquisition Corp.
-3.85% ~ $ 9.62 | AGAC - African Gold Acquisition Corporation
-3.60% ~ $ 9.64 | PUCK - Goal Acquisitions Corp.
-3.50% ~ $ 9.65 | SLCR - Silver Crest Acquisition Corporation
-3.50% ~ $ 9.65 | SDAC - Sustainable Development Acquisition I Corp.
-3.41% ~ $ 9.66 | BIOT - Biotech Acquisition Company
-3.40% ~ $ 9.66 | ITHX - ITHAX Acquisition Corp.
-3.40% ~ $ 9.66 | IGNY - Ignyte Acquisition Corp.
-3.30% ~ $ 9.67 | AEAC - Authentic Equity Acquisition Corp.
-3.30% ~ $ 9.67 | CAHC - CA Healthcare Acquisition Corp.
-3.20% ~ $ 9.68 | AKIC - Sports Ventures Acquisition Corp.
-3.20% ~ $ 9.68 | ADRA - Adara Acquisition Corp.
-3.20% ~ $ 9.68 | GCAC - Growth Capital Acquisition Corp.
-3.20% ~ $ 9.68 | MDH - MDH Acquisition Corp.
-3.20% ~ $ 9.68 | QFTA - Quantum FinTech Acquisition Corp
-3.20% ~ $ 9.68 | OSTR - Oyster Enterprises Acquisition Corp.
-3.20% ~ $ 9.68 | TZPS - TZP Strategies Acquisition Corp.
-3.10% ~ $ 9.69 | EUCR - Eucrates Biomedical Acquisition Corp
-3.10% ~ $ 9.69 | PNTM - Pontem Corp
-3.10% ~ $ 9.69 | GFX - Golden Falcon Acquisition Corp.