SPAC Narrative Changing with De-SPAC Success and New Chamath SPACs?

Will recent de-SPAC trading success and a series of 4 new Chamath Palihapitiya SPACs start to change the dour SPAC narrative? TSIA and JIH shareholders vote today and 20 more remain in June.
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In another boost to a potential change in post de-SPAC narrative, BARK closed its merger with Northern Start Acquisition (STIC) and rose nearly 7% in its first day of trading. This adds BARK and SOFI to the growing list of recent positive de-SPACs. With over 20 more deals to be voted on in June (see list below), investors could see a material change in narrative and some excitement could come back into SPACs.

Overall pre-deal SPACs remain predominately under NAV and see little day-to-day price movement. Most price action is happening in those SPACs with announced deals (e.g. CCIV +9.3%, CLII +6.8%, CMLF -5.8%, FTIV -5.7%). Given the potential new dynamic in post de-SPAC trading, expect to see continued volatility as investors try to determine which SPACs will get a de-SPAC boost.

The next one to watch will be CANO which starts trading on June 4th after Jaws Acquisition (JWS) shareholders approved the merger with Cano Health on Wednesday.

Votes for TSIA's merger with Latch and JIH's merger with Janus International both happen on Thursday and are expected to pass.

Chamath Drops 4 New SPACs
As a potential sign of that excitement, Chamath Palihapitiya filed for 4 new SPAC S-1s in the aftermarket Wednesday, this time in conjunction with Kishen Mehta of Suvretta. Chamath's other 6 SPACs were done in partnership with Hedosophia. The new SPACs will also all underwritten by Morgan Stanley whereas the initial "IPO" series was by Credit Suisse.

Social Capital Suvretta I-IV, (aptly tickered DNAA, DNAB, DNAC, DNAD), have all filed to raise $200M and will specifically target biotechnology. In addition, in splitting with his previous SPACs, these all have no warrants... breaking from a trend of friendlier investor terms. Each of the four mention a sub-sector of particular focus:

It was a good day for Chamath to hit the market with 4 SPACs given his most recent SPAC, SOFI, has been trading very well in its early de-SPAC Days, up ~11% over the last 5 days and trading at $23.

Here's how Chamath's other SPACs did on Wednesday:

De-SPACs
----------
IPOA | 7.79% ~ $ 31.13 | De-SPAC -> Virgin Galactic Holdings, Inc.
IPOB | 7.35% ~ $ 16.35 | De-SPAC -> OpenDoor Labs Inc.
IPOC | 13.07% ~ $ 8.74 | De-SPAC -> Clover Health Investments, Corp.
IPOE | 2.47% ~ $23.21 | De-SPAC -> SoFi

Pre-Deal
---------
IPOD | .19% ~ $ 10.50 | Pre-Deal
IPOF | -.29% ~ $ 10.18 | Pre-Deal

PIPES
---------
ACTC | .43% ~ $ 18.85 | Announced -> Proterra Inc
RAAC | .00% ~ $ 9.92 | Announced -> Berkshire Grey
RMGB | -.20% ~ $ 9.90 | Announced -> ReNew Power Private Limited
SPRQ | .00% ~ $ 9.93 | Announced -> Sunlight Financial LLC
TSIA | 3.54% ~ $ 11.10 | Announced -> Latch, Inc.

June's SPAC Merger Votes

Jun 03 | $ 13.45 | JIH - Juniper Industrial Holdings, Inc. --> Janus International Group, LLC
Jun 03 | $ 11.10 | TSIA - TS Innovation Acquisitions Corp --> Latch, Inc.
Jun 04 | $ 9.92 | GIX - GigCapital2, Inc. --> Cloudbreak Health, LLC
Jun 04 | $ 14.85 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. --> CareMax Medical Group, LLC
Jun 07 | $ 13.63 | FSRV - FinServ Acquisition Corp --> Katapult Inc.
Jun 08 | $ 10.27 | ARYA - Arya Sciences Acquisition Corp III --> Nautilus Biotechnology, Inc.
Jun 09 | $ 10.14 | CAPA - HighCape Capital Acquisition Corp --> Quantum-Si
Jun 09 | $ 10.14 | THBR - Thunder Bridge Acquisition II, Ltd --> Indie Semiconductor
Jun 10 | $ 10.00 | VGAC - VG Acquisition Corp --> 23andMe, Inc.
Jun 10 | $ 10.07 | CCX - Churchill Capital Corp II --> Software Luxembourg Holding S.A
Jun 10 | $ 16.00 | SSPK - Silver Spike Acquisition Corp. --> WM Holding Company, LLC
Jun 11 | $ 18.85 | ACTC - ArcLight Clean Transition Corp --> Proterra Inc
Jun 15 | $ 10.00 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 16 | $ 10.13 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 17 | $ 9.98 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 22 | $ 10.19 | TBA - Thoma Bravo Advantage --> ironSource
Jun 22 | $ 12.37 | FTIV - FinTech Acquisition Corp. IV --> Perella Weinberg Partners LLC
Jun 23 | $ 10.04 | FTOC - FTAC Olympus Acquisition Corp --> Payoneer Inc.
Jun 23 | $ 9.95 | AACQ - Artius Acquisition Inc. --> Origin Materials
Jun 24 | $ 10.01 | FRX - Forest Road Acquisition Corp --> Beachbody, LLC
Jun 29 | $ 12.02 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 30 | $ 11.04 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.

Biggest Movers

SPAC Gainers
9.28% ~ $ 23.56 | CCIV - Churchill Capital Corp IV (Announced)
6.84% ~ $ 12.02 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
5.98% ~ $ 10.29 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
5.82% ~ $ 11.45 | THCB - Tuscan Holdings Corp. (Announced)
5.65% ~ $ 11.04 | APXT - Apex Technology Acquisition Corporation (Announced)
5.35% ~ $ 12.20 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
5.18% ~ $ 14.62 | GHVI - Gores Holdings VI Inc (Announced)
3.54% ~ $ 11.10 | TSIA - TS Innovation Acquisitions Corp (Announced)
3.43% ~ $ 11.17 | SRAC - Stable Road Acquisition Corp. (Announced)
3.34% ~ $ 12.70 | PSAC - Property Solutions Acquisition Corp (Announced)
3.20% ~ $ 10.00 | FRWA - PWP Forward Acquisition Corp. I (Pre-Deal)
2.95% ~ $ 15.02 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
2.71% ~ $ 13.63 | FSRV - FinServ Acquisition Corp (Announced)
2.71% ~ $ 13.64 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
2.48% ~ $ 9.93 | DTOC - Digital Transformation Opportunities Corp. (Pre-Deal)
2.41% ~ $ 14.85 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
2.05% ~ $ 9.95 | LEGA - Lead Edge Growth Opportunities, Ltd (Pre-Deal)
1.89% ~ $ 10.25 | RACA - Therapeutics Acquisition Corp (Announced)
1.81% ~ $ 10.15 | IACA - ION Acquisition Corp 1 Ltd (Announced)
1.43% ~ $ 14.86 | JWS - Jaws Acquisition Corp (Announced)

SPAC Losers
-5.81% ~ $ 12.00 | CMLF - CM Life Sciences Inc (Announced)
-5.72% ~ $ 12.37 | FTIV - FinTech Acquisition Corp. IV (Announced)
-4.60% ~ $ 12.14 | CMII - CM Life Sciences II Inc. (Announced)
-3.65% ~ $ 9.78 | FSRX - FinServ Acquisition Corp. II (Pre-Deal)
-3.59% ~ $ 13.41 | LACQ - Leisure Acquisition Corp. (Announced)
-2.84% ~ $ 9.69 | ISOS - Isos Acquisition Corp. (Pre-Deal)
-2.33% ~ $ 15.51 | RICE - Rice Acquisition Corp. (Announced)
-2.02% ~ $ 9.70 | OPA - Magnum Opus Acquisition Limited (Pre-Deal)
-1.72% ~ $ 9.73 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
-1.66% ~ $ 9.98 | PANA - Panacea Acquisition Corp. II (Pre-Deal)
-1.61% ~ $ 10.42 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-1.54% ~ $ 9.62 | VELO - Velocity Acquisition Corp (Pre-Deal)
-1.43% ~ $ 9.66 | HYAC - Haymaker Acquisition Corp. III (Pre-Deal)
-1.36% ~ $ 10.17 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-1.02% ~ $ 9.66 | CLAS - Class Acceleration Corp. (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.)