Chamath SPAC (DNAC) Strikes Deal Amid Controversy

Social Capital Suvretta Holdings III will be taking ProKidney public. Several SPACs increased deal financing, PACX calls off Acorns deal, and GMII closes Sonder transaction.

Author:
David Drapkin
Publish date:
Jan 18, 2022

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Chamath Palihapitiya announced his first M&A SPAC deal in a year as Social Capital Suvretta Holdings III (DNAC) struck a deal to take biotech ProKidney public in a $1.8B EV deal. DNAC shares nudged up 5c on the day to close at $9.84. The Social Capital Suvretta line of SPACs do not have warrants.

Chamath, once the media darling of SPACs, has been in a bit of a PR debacle the last couple days following disparaging remarks he made about the Uyghurs on his All-In podcast.

Public comments aside, many of Chamath's SPAC deals have come under fire for poor performance lately, including Clover Health (CLOV) whose shares closed at just $2.88 today, down over 81% since De-SPAC. Others have fared better including SOFI and OPEN ($10.65). SOFI announced after-market that it received approval to become a bank, and swiftly traded up >15%.

Elsewhere in SPACs

Gores Metropolous II (GMII) and Sonder announced they have closed their merger transaction and shares will trade as SOND tomorrow, 1/19. Specific redemption numbers weren't disclosed yet, though the company notes it will draw on $165M in delayed draw notes following the close.

ICYMI: Read our report on the deal and listen to the podcast here

SPAC Financing Updates:

Oaktree Acquisition Corp. II (OACB) adds $21M bringing total PIPE ~$175M for its Alvotech Deal
Yellowstone Acquisition Corp (YSAC) announced a $70M FPA with Atalaya in support of its Sky Harbour deal. YSAC shareholder vote is scheduled for 1/25
Steve Mnuchin's Liberty Strategic Capital is investing $150M in Satellogic ahead of the CF Finance Acquisition Corp. (CFV) vote on 1/24 that has been adjourned several times. Terms of the financing show that liberty will be receiving 20M shares at $7.50. CFV was trading down on the news most of the day
Poema Global Holdings Corp. (PPGH) announced an additional $28M in its PIPE.

Pioneer Merger Corp (PACX) and investing platform Acorns have called off their SPAC deal, which was a $1.6B one announced in May-2021. Not particularly surprising given that the deal had been announced for nearly 6-months. Acorns is paying a $17.5M termination fee as it plans to complete a private raise at a higher valuation.

SPAC Calendar

Thayer Ventures and Inspirato set their merger vote date for February. ICYMI we spoke to Brent Handler and Web Neighbor on our podcast.

Jan 19 | $ 9.74 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 19 | $ 8.74 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 20 | $ 8.60 | TREB - Trebia Acquisition Corp --> System1
Jan 24 | $ 9.69 | CFV - CF Acquisition Corp. V --> Satellogic
Jan 25 | $ 10.19 | YSAC - Yellowstone Acquisition Co --> Sky Harbour LLC
Jan 26 | $ 9.98 | SEAH - Sports Entertainment Acquisition Corp --> Super Group
Jan 31 | $ 9.96 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Jan 31 | $ 10.04 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Feb 01 | $ 9.95 | OCA - Omnichannel Acquisition Corp --> Kin
Feb 01 | $ 9.99 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Feb 01 | $ 9.96 | ENVI - Environmental Impact Acquisition Corp. --> Greenlight Biosciences Inc.
Feb 01 | $ 9.96 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Feb 03 | $ 9.95 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Feb 08 | $ 10.14 | TVAC - Thayer Ventures Acquisition Corporation --> Inspirato LLC
Feb 09 | $ 9.94 | MBAC - M3-Brigade Acquisition II Corp --> Syniverse Corp

Today's Price Action

Biggest Gainers

DWAC continues to be a fun ride as the "Trump SPAC" jumped nearly 22% on no news or developments, followed by CFVI (Rumble) - also Trump related.

21.77% ~ $ 86.31 | DWAC - Digital World Acquisition Corp. (Announced)
4.88% ~ $ 12.90 | CFVI - CF Acquisition Corp. VI (Announced)
1.22% ~ $ 8.74 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
.71% ~ $ 9.92 | MNTN - Everest Consolidator Acquisition Corp (Pre-Deal)
.70% ~ $ 9.90 | VGII - Virgin Group Acquisition Corp. II (Announced)
.69% ~ $ 10.26 | BENE - Benessere Capital Acquisition Corp. (Announced)
.52% ~ $ 9.73 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
.52% ~ $ 9.74 | THCP - Thunder Bridge Capital Partners IV, Inc. (Pre-Deal)
.51% ~ $ 9.86 | NPAB - New Providence Acquisition Corp. II (Pre-Deal)
.51% ~ $ 9.87 | MAAQ - Mana Capital Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.88 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
.51% ~ $ 9.93 | APN - Apeiron Capital Investment Corp. (Pre-Deal)
.51% ~ $ 9.95 | ISAA - Iron Spark I Inc. (Pre-Deal)
.50% ~ $ 9.96 | GOGN - GoGreen Investments Corp (Pre-Deal)
.46% ~ $ 9.87 | ALCC - AltC Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.73 | MACC - Mission Advancement Corp. (Pre-Deal)
.41% ~ $ 9.75 | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)
.41% ~ $ 9.82 | NOAC - Natural Order Acquisition Corp (Pre-Deal)
.41% ~ $ 9.88 | TRAQ - Trine II Acquisition Corp (Pre-Deal)
.41% ~ $ 9.90 | LFAC - LF Capital Acquisition Corp. II (Pre-Deal)

Biggest Losers

-28.19% ~ $ 11.16 | ESSC - East Stone Acquisition Corporation (Announced)
-4.12% ~ $ 8.60 | TREB - Trebia Acquisition Corp (Announced)
-2.89% ~ $ 9.74 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-2.39% ~ $ 9.81 | BRD - Beard Energy Transition Acquisition Corp. (Pre-Deal)
-2.10% ~ $ 11.18 | GGPI - Gores Guggenheim, Inc (Announced)
-1.67% ~ $ 10.03 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-1.63% ~ $ 9.66 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-1.61% ~ $ 9.79 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-1.52% ~ $ 9.72 | INTE - Integral Acquisition Corp 1 (Pre-Deal)
-1.37% ~ $ 10.05 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
-1.00% ~ $ 9.95 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
-.91% ~ $ 9.78 | MSDA - MSD Acquisition Corp. (Pre-Deal)
-.90% ~ $ 9.87 | EJFA - EJF Acquisition Corp (Announced)
-.90% ~ $ 9.92 | WALD - Waldencast Acquisition Corp. (Announced)
-.82% ~ $ 9.68 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-.82% ~ $ 9.71 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
-.75% ~ $ 9.78 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-.72% ~ $ 9.65 | BWC - Blue Whale Acquisition Corp I (Pre-Deal)
-.71% ~ $ 9.73 | OHAA - Opy Acquisition Corp. I (Pre-Deal)
-.71% ~ $ 9.80 | PACX - Pioneer Merger Corp. (Pre-Deal)