BRPA Surges 88% on EUA Rumor, SPACs Generally Trickled Lower

The average pre-deal SPAC is now trading at $9.80. Today's XPOA/Jam City deal ended the day flat. Will Friday see any mergers?
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This morning's deal, DPCM Capital taking Jam City public, ended the day flat marking another less than stellar performance for a SPAC announcing a new deal. Investors will have noted that the deal's $100M PIPE is priced at $8.42 per share which isn't a great sign. 

The average pre-deal SPAC fell another 1 cent today and can now be scooped up for $9.80. But, there were some big gainers including BRPA surging 88% (more on that below) and GHVI up 18% so it wasn't all bad in SPAC land today.

So far there have only been 4 new SPAC M&A deals announced this week (following 8 last week) so activity is lighter than last week and consistent with the challenges we've been seeing. While some will wonder if Friday morning bring any more merger announcements, the bigger question is, when will investors get excited by new deals again?

This week's deals:
May 20 | $ 9.85 | XPOA - DPCM Capital Inc --> Jam City
May 17 | $ 9.88 | SCVX - SCVX Corporation --> Bright Machines
May 17 | $ 9.94 | SGAM - Seaport Global Acquisition Corp --> Redbox
May 17 | $ 10.07 | ZGYH - Yunhong International --> Giga Energy Inc.

Big Rock Partners Surges +88% Today

Big Rock Partners (BRPA) which has a pending deal with NeuroRx surged an incredible +88% today to close at $36.08, on 2.8M shares of volume (multiples of its small float). BRPA's shareholder vote for the merger is set for this Monday, May 24. 

Rumors circulating FinTwit attributed the gain to a possible Emergency Use Authorization submission for its COVID-19 therapeutic.

BRPA is also an interesting SPAC given it IPO'd all the way back in 2017, has had several extension votes and just ~$6M of the original $69M IPO remains in the company's trust. Its $500M deal to take NeuroRx includes a $10M PIPE. 

Other SPAC Events

  • East Stone Acquisition Corporation (ESSCU) announced its sponsors extended their deadline to complete its deal with JHD out to August-2021 and deposited $1.4M in their trust. ESSC is trading @ $9.99
  • InFinT Acquisition Corporation (INFIN) filed an S-1 for a $175M SPAC, sponsored by InFinT Capital focusing on growth equity. 

Thursday's SPAC Movers

Biggest SPAC Gainers

88.01% ~ $ 36.08 | BRPA - Big Rock Partners Acquisition Corp (Announced)
18.11% ~ $ 13.11 | GHVI - Gores Holdings VI Inc (Announced)
6.29% ~ $ 12.17 | SRAC - Stable Road Acquisition Corp. (Announced)
5.57% ~ $ 18.40 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
5.31% ~ $ 13.49 | LACQ - Leisure Acquisition Corp. (Announced)
4.85% ~ $ 10.17 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
4.75% ~ $ 12.57 | TDAC - Trident Acquisitions Corp (Announced)
4.32% ~ $ 19.79 | CCIV - Churchill Capital Corp IV (Announced)
3.14% ~ $ 11.84 | CMLF - CM Life Sciences Inc (Announced)
3.08% ~ $ 13.39 | JWS - Jaws Acquisition Corp (Announced)
2.97% ~ $ 10.40 | VIH - VPC Impact Acquisition Holdings (Announced)
2.78% ~ $ 9.98 | RXRA - RXR Acquisition Corp (Pre-Deal)
2.71% ~ $ 16.65 | ACTC - ArcLight Clean Transition Corp (Announced)
2.49% ~ $ 13.16 | BOWX - BowX Acquisition Corp (Announced)
2.44% ~ $ 10.50 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
2.36% ~ $ 10.43 | TBA - Thoma Bravo Advantage (Announced)
2.31% ~ $ 12.42 | FSRV - FinServ Acquisition Corp (Announced)
2.14% ~ $ 11.47 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)

Biggest SPAC Losers

-7.30% ~ $ 14.74 | RICE - Rice Acquisition Corp. (Announced)
-5.79% ~ $ 9.60 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-4.60% ~ $ 9.75 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-3.60% ~ $ 9.64 | DTOC - Digital Transformation Opportunities Corp. (Pre-Deal)
-3.04% ~ $ 12.12 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-2.73% ~ $ 9.62 | LCA - Landcadia Holdings IV, Inc. (Pre-Deal)
-2.61% ~ $ 9.74 | DCRC - Decarbonization Plus Acquisition Corporation III (Pre-Deal)
-2.53% ~ $ 9.65 | VPCB - VPC Impact Acquisition Holdings II (Pre-Deal)
-2.18% ~ $ 9.88 | CFFE - CF Acquisition Corp. VIII (Pre-Deal)
-2.11% ~ $ 9.72 | NSTD - Northern Star Investment Corp. IV (Pre-Deal)
-1.87% ~ $ 9.77 | LIII - Leo Holdings III Corp (Pre-Deal)
-1.81% ~ $ 9.77 | ACQR - Independence Holdings Corp (Pre-Deal)
-1.43% ~ $ 9.63 | ISOS - Isos Acquisition Corp. (Pre-Deal)
-1.40% ~ $ 9.85 | POW - Powered Brands (Pre-Deal)
-1.22% ~ $ 9.70 | FRON - Frontier Acquisition Corp. (Pre-Deal)
-1.20% ~ $ 9.85 | WPCA - Warburg Pincus Capital Corporation I—A (Pre-Deal)
-1.01% ~ $ 9.77 | JYAC - Jiya Acquisition Corp. (Pre-Deal)
-1.01% ~ $ 9.80 | ATAQ - Altimar Acquisition Corp. III (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.)