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BOWX / WeWork Recovers and GSAH Gets $50M Back in Trust

After Tuesdays big drop on the BOWX / WeWork vote, investors will be happy to see it pop back up ~11%. Also, GS Acquisition (GSAH) was able to recover $50M for its trust from investors it convinced to rescind their redemptions.

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No big moves today in SPAC land, though BOWX did jump back up almost 11% after dropping by nearly the same amount yesterday as it went to vote. Three SPACs went to shareholder vote today -- KURI, BCYP, SGAM -- and all closed well $10. Though no big drops as we've recently been seeing (e.g. BOWX).

$ 9.60 | KURI - Alkuri Global Acquisition Corp. --> Babylon
$ 9.93 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
$ 9.63 | SGAM - Seaport Global Acquisition Corp --> Redbox

KURI shareholders approved the deal and is expected to start trading on October 22 as BBLN on the NYSE -- no mention of redemptions. All are expected to pass and the only questions are (a) when will they officially close/start trading and (b) what are the redemptions.

Speaking of redemptions, this morning GS Acquisition Holdings II (GSAH) announced that they were able to get about 5M shares to rescind their redemptions. That adds back about $50M to their trust putting it back to $604M. The deal officially closed today and the combined company will begin trading as MIR on Friday, October 21.

The SPAC IPOs over the last few days -- which by the way nobody is excited about other than the banks and sponsors -- are mostly trading slightly above $10. Remember this isn't a change in narrative, but rather a reflection of them having overfunded trusts that push them up.

$ 10.11 | AXH - Industrial Human Capital, Inc.
$ 10.07 | ACAQ - Athena Consumer Acquisition Corp.
$ 9.94 | WWAC - Worldwide Webb Acquisition Corp.
$ 10.05 | ESAC - ESGEN Acquisition Corp
$ 10.05 | NCAC - Newcourt Acquisition Corp
$ 10.08 | ENTF - Enterprise 4.0 Technology Acquisition Corp
$ 10.05 | BMAC - Blockchain Moon Acquisition Corp.
$ 10.06 | SMAP - Sportsmap Tech Acquisition Corp.
$ 10.12 | FEXD - Fintech Ecosystem Development Corp.

Overall, the narrative remains the same. Too many SPACs looking for deals (~480), too many waiting to close (~120), and too may waiting to price (~310). There are simply too many SPACs for the market to digest and the IPOs must slow down relative to the deals making their way through to deSPAC. Until that happens, which there is no indication of, the current narrative will remain in place.

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SPAC Stock Gainers / Losers

Biggest Gainers
3.58% ~ $ 10.98 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
2.86% ~ $ 10.08 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
1.48% ~ $ 9.63 | SGAM - Seaport Global Acquisition Corp (Announced)
1.27% ~ $ 9.79 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
1.10% ~ $ 10.10 | FPAC - Far Peak Acquisition Corp (Announced)
1.06% ~ $ 10.50 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
.90% ~ $ 10.11 | FTCV - FinTech Acquisition Corp. V (Announced)
.80% ~ $ 10.11 | SEAH - Sports Entertainment Acquisition Corp (Announced)
.62% ~ $ 9.77 | BSAQ - Black Spade Acquisition Co (Pre-Deal)
.62% ~ $ 9.78 | TIOA - Tio Tech A (Pre-Deal)
.61% ~ $ 9.87 | JATT - JATT Acquisition Corp (Pre-Deal)
.60% ~ $ 10.03 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
.52% ~ $ 9.81 | TEKK - Tekkorp Digital Acquisition Corp (Pre-Deal)
.52% ~ $ 9.70 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.52% ~ $ 9.75 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.83 | NMMC - North Mountain Merger Corp (Pre-Deal)
.51% ~ $ 9.93 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.00 | FSII - FS Development Corp. II (Announced)
.49% ~ $ 10.20 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
.41% ~ $ 9.73 | TRTL - TortoiseEcofin Acquisition Corp. III (Pre-Deal)

Biggest Losers
-3.32% ~ $ 9.60 | KURI - Alkuri Global Acquisition Corp. (Announced)
-2.31% ~ $ 10.17 | AGC - Altimeter Growth Corp. (Announced)
-2.23% ~ $ 9.69 | RVAC - Riverview Acquisition Corp. (Pre-Deal)
-2.17% ~ $ 11.70 | TDAC - Trident Acquisitions Corp (Announced)
-1.70% ~ $ 9.83 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
-1.09% ~ $ 12.70 | FST - FAST ACQ CP (Announced)
-.79% ~ $ 9.72 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
-.71% ~ $ 9.83 | DNAB - Social Capital Suvretta Holdings Corp. II (Pre-Deal)
-.60% ~ $ 10.23 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
-.58% ~ $ 9.91 | CAS - Cascade Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.70 | GNAC - GROUP NINE ACQUISITION CORP. (Pre-Deal)
-.51% ~ $ 9.71 | TETC - Tech and Energy Transition Corporation (Pre-Deal)
-.51% ~ $ 9.73 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
-.51% ~ $ 9.74 | SSAA - Science Strategic Acquisition Corp. Alpha (Pre-Deal)
-.50% ~ $ 9.96 | DWAC - Digital World Acquisition Corp. (Pre-Deal)
-.50% ~ $ 10.01 | VCKA - Vickers Vantage Corp. I (Pre-Deal)
-.46% ~ $ 12.88 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-.46% ~ $ 9.74 | PICC - Pivotal Investment Corporation III (Pre-Deal)
-.45% ~ $ 9.86 | DCRD - Decarbonization Plus Acquisition Corp IV (Pre-Deal)
-.45% ~ $ 9.91 | VPCB - VPC Impact Acquisition Holdings II (Announced)

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