Clover Health Investments (CLOV) is surging in pre-market Tuesday morning, up ~35% as of this writing. This marks a big swing in the overall narrative for CLOV as it will be up almost 100% this month if the price levels hold through the trading day. As we've said before, Chamath AND SPACs will both be beneficiaries of an upswing in the narrative.
Bloomberg is reporting that Bridgetown 2 Holdings (BTNB) is in advanced talks to merge with Singapore’s PropertyGuru. BTNB is backed by Richard Li and Peter Thiel and is up only a few cents on the rumor. It closed Monday at $10.08.
FinServ Acquisition Corp (FSRV) shareholders approved of their merger with Katapult Inc. on Monday. Given it was trading at a significant premium to NAV it was never really in doubt and investors only redeemed 6,338 shares at the vote ($63,696). It closed the day at $13.96.
Big Moves to Start the Week
A number of SPACs had big moves to start the week. In particular CCIV (which is taking Lucid public) surged +10.6% to close at $26.50. Investors will have to take their guesses whether the catalyst is something inherent to SPACs, the deal, Lucid, or the fact that it is a favorite (of some) meme stonk. Though, investors will still be wary as it remains around 175% off its highs from "peak SPAC" days.
10.65% ~ $ 26.50 | CCIV - Churchill Capital Corp IV (Announced)
9.00% ~ $ 11.99 | THCB - Tuscan Holdings Corp. (Announced)
7.49% ~ $ 11.48 | FTCV - FinTech Acquisition Corp. V (Announced)
7.19% ~ $ 16.10 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
6.17% ~ $ 10.67 | AHAC - Alpha Healthcare Acquisition Corp (Announced)
5.78% ~ $ 10.25 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
4.69% ~ $ 11.61 | PDAC - Peridot Acquisition Corp (Announced)
4.65% ~ $ 18.00 | SSPK - Silver Spike Acquisition Corp. (Announced)
4.48% ~ $ 11.89 | AGC - ALTIMETER GROWTH CORP (Announced)
4.40% ~ $ 23.03 | PSTH - Pershing Square Tontine Holdings (Announced)
3.77% ~ $ 10.46 | HOL - Holicity Inc (Announced)
3.66% ~ $ 10.49 | ARYA - Arya Sciences Acquisition Corp III (Announced)
3.10% ~ $ 10.30 | CAPA - HighCape Capital Acquisition Corp (Announced)
May SPAC IPOs Creep (mostly) Above NAV
In another sign of a slightly changing SPAC narrative May's SPAC IPOs which have mostly all been under NAV since their debut have all gotten within a few cents, plus or minus, of NAV. Remember that investors will want to see pre-deal SPACs trading at or below $10 in order for them to have a real play. Anything materially above $10 that doesn't have an announced deal carries no yield opportunity and no guarantee of upside on stock pops.
May 27 | $ 10.01 | OTEC - OceanTech Acquisitions I Corp.
May 26 | $ 9.97 | EGGF - EG Acquisition Corp.
May 25 | $ 10.05 | PSPC - Post Holdings Partnering Corporation
May 25 | $ 9.99 | DYNS - Dynamics Special Purpose Corp.
May 24 | $ 9.96 | FWAC - Fifth Wall Acquisition Corp. III
May 20 | $ 9.96 | GFOR - Graf Acquisition Corp. IV
May 18 | $ 10.00 | GIW - GigInternational1, Inc.
May 18 | $ 10.02 | SKYA - Skydeck Acquisition Corp.
May 18 | $ 10.07 | RAM - Aries I Acquisition Corp
May 17 | $ 10.06 | CPAR - Catalyst Partners Acquisition Corp.
May 17 | $ 10.04 | MCAE - Mountain Crest Acquisition Corp. III
May 17 | $ 10.00 | POND - Angel Pond Holdings Corp
May 14 | $ 9.96 | OSI - Osiris Acquisition Corp.
May 14 | $ 9.97 | ARTA - Artisan Acquisition Corp.
May 12 | $ 10.33 | ORIA - Orion Biotech Opportunities Corp.
May 07 | $ 9.93 | BRIV - B. Riley Principal 250 Merger Corp.
May 07 | $ 10.11 | DKDCA - Data Knights Acquisition Corp.
May 04 | $ 10.04 | MAQC - Maquia Capital Acquisition Corporation
May 03 | $ 10.05 | VLAT - Valor Latitude Acquisition Corp.
June SPAC Vote Calendar
June is a big month for SPAC deal votes and a big opportunity for investors to try to pick those that will see similar surges as recent de-SPAC winners.
Jun 08 | $ 10.49 | ARYA - Arya Sciences Acquisition Corp III --> Nautilus Biotechnology, Inc.
Jun 09 | $ 10.03 | THBR - Thunder Bridge Acquisition II, Ltd --> Indie Semiconductor
Jun 09 | $ 10.30 | CAPA - HighCape Capital Acquisition Corp --> Quantum-Si
Jun 10 | $ 9.99 | VGAC - VG Acquisition Corp --> 23andMe, Inc.
Jun 10 | $ 18.00 | SSPK - Silver Spike Acquisition Corp. --> WM Holding Company, LLC
Jun 10 | $ 10.07 | CCX - Churchill Capital Corp II --> Software Luxembourg Holding S.A
Jun 11 | $ 19.17 | ACTC - ArcLight Clean Transition Corp --> Proterra Inc
Jun 15 | $ 10.02 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 16 | $ 10.13 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 17 | $ 10.00 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 22 | $ 10.15 | TBA - Thoma Bravo Advantage --> ironSource
Jun 22 | $ 12.54 | FTIV - FinTech Acquisition Corp. IV --> Perella Weinberg Partners LLC
Jun 23 | $ 10.10 | FTOC - FTAC Olympus Acquisition Corp --> Payoneer Inc.
Jun 23 | $ 9.97 | AACQ - Artius Acquisition Inc. --> Origin Materials
Jun 24 | $ 10.09 | FRX - Forest Road Acquisition Corp --> Beachbody, LLC
Jun 28 | $ 10.20 | IACA - ION Acquisition Corp 1 Ltd --> Taboola
Jun 29 | $ 14.23 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 29 | $ 9.97 | FCAC - Falcon Capital Acquisition Corp --> sharecare
Jun 30 | $ 10.45 | WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions
Jun 30 | $ 10.68 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
Jun 30 | $ 10.46 | HOL - Holicity Inc --> Astra
SPAC Stock Bargains?
Most pre-deal SPACs continue to trade under NAV and are opportunities for the yield + upside play. Here are some of the most deeply discounted SPACS. Click through for details on the sponsors and team.
-4.00% | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-3.90% | NBST - Newbury Street Acquisition Corporation (Pre-Deal)
-3.80% | BGSX - Build Acquisition Corp. (Pre-Deal)
-3.80% | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
-3.70% | NRAC - Noble Rock Acquisition Corporation (Pre-Deal)
-3.60% | RCLF - Rosecliff Acquisition Corp I (Pre-Deal)
-3.60% | AGAC - African Gold Acquisition Corporation (Pre-Deal)
-3.60% | KSIC - Kadem Sustainable Impact Corporation (Pre-Deal)
-3.60% | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
-3.60% | BYTS - BYTE Acquisition Corp. (Pre-Deal)
-3.60% | ITQ - Itiquira Acquisition Corp. (Pre-Deal)
-3.50% | BITE - Bite Acquisition Corp. (Pre-Deal)
-3.50% | FLME - Flame Acquisition Corp. (Pre-Deal)
-3.50% | SHAC - SCP & CO Healthcare Acquisition Company (Pre-Deal)
-3.50% | VELO - Velocity Acquisition Corp (Pre-Deal)
-3.50% | KLAQ - KL Acquisition Corp (Pre-Deal)
-3.50% | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
-3.50% | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-3.50% | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)
-3.50% | GXII - GX Acquisition Corp. II (Pre-Deal)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- VPC Impact Drops on Dave Deal, More SPAC Votes Ahead
- A Big Week for SPACs. Will the Narrative Continue to Improve?
- Ackman Rewrites the SPAC "Merger", De-SPACs are Heating Up
- 2 SPACs Vote Tomorrow amid June Merger Frenzy
- SPAC Narrative Changing with De-SPAC Success and New Chamath SPACs?
- Hot Start for SoFi, while MUDS Takes a Hit on AMC and Candy Digital News
- SPAC Activity Picks Up into Memorial Day, Remain Heavily Discounted
- IPOE Passes Vote as Chamath Pens Op-Ed, PACX Rises on Acorns Deal
- Chamath's IPOE Shareholders Vote Today on SoFi Merger; Acorns and eFFECTOR Deals
- SPAC IPOs Mixed, DCRN Deal Slightly Rises, IPOE/SoFi Up Next
- 200 SPACs Under $10
- SPACs Generally Flat, Mergers Rise Slightly
- SPACs Close Down Again on Sleepy Friday
- BRPA Surges 88% on EUA Rumor, SPACs Generally Trickled Lower
- Don't Rush into SPAC IPOs + DPCM Capital (XPOA) taking Jam City Public
- Crypto Crashed Loudly While SPACs Drop Quietly
- SPAC Market is Healthier Than Most Think
- TPGY/EVBox Deal Falling Apart Would be a Big Blow to SPACs
- Will Chamath's IPOE / SoFi Deal be Impacted by Clover's Whiff?
- 15 SPAC Mergers in 30 Days
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)