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Churchill Set for De-SPAC on July-25

Churchill Capital IV (CCIV), perhaps the epitome of Peak-SPAC, is set to vote on its much anticipated merger with Lucid Motors on July-22, with a shareholder record date of 6/20, and redemption deadline of July-20. However, wouldn't expect many redemptions here with shares trading ~$25. 

While CCIV is not at the $60 price we saw in pre-deal mania, $24.85 would be among the highest pre De-SPAC share prices we have seen. And even though though the $2.5B PIPE was priced at a 50% premium to most at $15, those investors are still in the money. Will be interesting to continue to follow this story once LCID begins trading.  

CCIV Stock price

CCIV Stock price

ICYMI: Creativity in SPAC Structuring with Spinning Eagle

Creativity continues to abound. Perhaps re-energized by Ackman's Pershing complexity, SPAC veterans of the Eagle Equity line (Jeff Sagansky, Harry Sloan, and Eli Baker) have filed an S-1 for Spinning Eagle Acquisition Co. The SPAC is looking to raise $2B, a huge number. It is structured such that the SPAC can buy a target and "rightsize" the trust, and subsequently spin the remaining trust value into a new SPAC, to go after another company.

The advantage here is to allow easier access for serial SPAC sponsors to go after multiple targets via one SPAC, versus the current methodology of filing multiple separate SPAC vehicles.

They had originally contemplated this structure at the end of last year, but abandoned it, and ultimately priced as Soaring Eagle (SRNG), which is pending a business combination with Ginkgo. 

De-SPACs

AACQ closed its merger with Origin Materials and will trade as ORGN beginning today. 

Upcoming Merger Votes

Jun 28 | $ 9.94 | IACA - ION Acquisition Corp 1 Ltd --> Taboola
Jun 29 | $ 9.98 | NSTB - Northern Star Investment Corp. II --> Apex Clearing Holdings
Jun 29 | $ 15.39 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 29 | $ 9.88 | FCAC - Falcon Capital Acquisition Corp --> sharecare
Jun 29 | $ 10.03 | RACA - Therapeutics Acquisition Corp --> POINT Biopharma
Jun 30 | $ 10.06 | ALUS - Alussa Energy Acquisition Corp --> FREYR
Jun 30 | $ 10.78 | HOL - Holicity Inc --> Astra
Jun 30 | $ 11.50 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
Jun 30 | $ 9.98 | WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions
Jul 08 | $ 9.96 | SPRQ - Spartan Acquisition Corp II --> Sunlight Financial LLC
Jul 12 | $ 10.00 | ASPL - Aspirational Consumer Lifestyle Corp --> Wheels Up Partners Holdings LLC
Jul 12 | $ 19.15 | RSVA - Rodgers Silicon Valley Acquisition Corp --> Enovix Corp
Jul 13 | $ 10.01 | AONE - one --> Markforged
Jul 13 | $ 12.25 | LCY - Landcadia Holdings III Inc --> The Hillman Group, Inc.
Jul 14 | $ 10.08 | EMPW - Empower Ltd --> Holley
Jul 15 | $ 10.34 | DCRB - Decarbonization Plus Acquisition Corp --> Hyzon Motors Inc.

Yesterday's Price Action

Biggest Gainers

8.20% ~ $ 11.22 | FRX - Forest Road Acquisition Corp (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
3.97% ~ $ 10.22 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
3.79% ~ $ 12.05 | SRAC - Stable Road Acquisition Corp. (Announced)
3.78% ~ $ 15.39 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
3.71% ~ $ 12.30 | FST - FAST ACQ CP (Announced)
3.37% ~ $ 11.40 | BCTG - BCTG Acquisition Corp. (Announced)
3.31% ~ $ 9.99 | AACQ - Artius Acquisition Inc. (Announced)
3.20% ~ $ 17.72 | RICE - Rice Acquisition Corp. (Announced)
2.58% ~ $ 9.95 | AFAQ - AF Acquisition Corp. (Pre-Deal)
2.21% ~ $ 12.96 | CMLF - CM Life Sciences Inc (Announced)
1.88% ~ $ 10.30 | DMYI - dMY Technology Group Inc III (Announced)
1.54% ~ $ 9.90 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
1.52% ~ $ 10.00 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
1.41% ~ $ 10.08 | LVRA - Levere Holdings Corp (Pre-Deal)
1.32% ~ $ 11.50 | APXT - Apex Technology Acquisition Corporation (Announced)
1.28% ~ $ 10.05 | WALD - Waldencast Acquisition Corp. (Pre-Deal)

Biggest Losers

-3.47% ~ $ 9.87 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-2.99% ~ $ 9.72 | FRWA - PWP Forward Acquisition Corp. I (Pre-Deal)
-2.59% ~ $ 9.76 | FACT - Freedom Acquisition I Corp (Pre-Deal)
-1.96% ~ $ 10.00 | RACB - Research Alliance Corp. II (Pre-Deal)
-1.91% ~ $ 10.78 | HOL - Holicity Inc (Announced)
-1.87% ~ $ 9.99 | FIII - Forum Merger III Corporation (Announced)
-1.74% ~ $ 11.94 | TDAC - Trident Acquisitions Corp (Announced)
-1.72% ~ $ 9.71 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-1.42% ~ $ 10.38 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-1.41% ~ $ 9.80 | ACQR - Independence Holdings Corp (Pre-Deal)
-1.29% ~ $ 9.97 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
-1.25% ~ $ 15.01 | GHVI - Gores Holdings VI Inc (Announced)
-1.21% ~ $ 9.80 | FMIV - Forum Merger IV Corporation (Pre-Deal)
-1.15% ~ $ 12.00 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-1.01% ~ $ 9.82 | REVH - Revolution Healthcare Acquisition Corp. (Pre-Deal)
-.99% ~ $ 10.00 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-.98% ~ $ 10.15 | CMLT - CM Life Sciences III Inc. (Pre-Deal)
-.96% ~ $ 10.28 | HLXA - HELIX ACQUISITION CORP (Pre-Deal)