It was a mostly quiet SPAC news day, but we did see KCAC get approved. It will start trading as WBX on October 4. It was accompanied by a big -16% drop in price so some will have been hit hard by the sudden move down. DMYI officially closed on IonQ (see podcasts below!) and starts trading as IONQ tomorrow.
Yesterday we talked about how the SPAC Gamma Squeeze may be off and we saw mixed results after some consistent and big drops yesterday.
- GLEO: 80% redemption, down another -9.8% after a -19.7% drop yesterday
- PTK: 74% redemption, up +1% after a -18.8% drop yesterday
- SPFR: 53% redemption, down 1% after a -14.3% drop yesterday
- STPC: 76% redemption, started trading as BHIL today and was down -27.8% after a drop of -1.4% yesterday
- CAHC: 67% redemption, started trading as LMDX and was up +4.2% today down after a -1.9% yesterday
Any retail investors looking to make the gamma squeeze trade should take extreme care. As one person on FinTwit said: "As soon as I see it on the Wall Street Journal then I know the trade is done."
Know Who Drives Return Podcast
The latest episode has Matthew Tuttle from Tuttle Capital talking SPACs, FOMO, and tail risk.
And, before that we got Niccolo de Masi twice. In the first pod he talks about what makes dMY one of the leading SPAC sponsors and the general SPAC market. And, in the follow-up, he goes deep on quantum computing and DMYI / IonQ / Quantum computing. By the way, the DMYI / IonQ deal closed today and starts trading as IONQ on the NYSE tomorrow, October 1.
dMY Pod 1
DMYI Pod 2
SPAC Merger Vote Calendar
Oct 04 | $ 9.80 | LSAQ - LIFE SCI ACQ II --> Science 37
Oct 05 | $ 9.97 | STWO - ACON S2 Acquisition Corp --> Ess Technology Inc
Oct 05 | $ 9.93 | ITAC - Industrial Tech Acquisitions Inc --> Arbe Robotics Ltd
Oct 12 | $ 9.97 | KURI - Alkuri Global Acquisition Corp. --> Babylon
Oct 13 | $ 9.99 | MRAC - Marquee Raine Acquisition Corp. --> Enjoy Technology, Inc.
Oct 14 | $ 10.11 | VIH - VPC Impact Acquisition Holdings --> BAKKT Holdings, LLC
Oct 14 | $ 10.52 | LEGO - LEGATO MERGER CORP. --> Algoma Steel
Oct 14 | $ 9.98 | HZAC - HORIZON ACQ CP --> Vivid Seats Inc.
Oct 19 | $ 10.22 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Oct 20 | $ 10.08 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
Oct 20 | $ 10.06 | SGAM - Seaport Global Acquisition Corp --> Redbox
Oct 27 | $ 10.12 | TMTS - Spartacus Acquisition Corporation --> NextNav Holdings, LLC
Recent Merger Announcements
SPAC deals continue to trade consistently below NAV with only a few exceptions. Based on GGPI's slightly above $10 price it is safe to assume there are few out there that believe Polestar could be competitive in the EV space given it has already started some deliveries. They certainly have a lot of competition from their SPAC cousins, Tesla (TSLA), and all the traditional auto makers.
Sep 29 | $ 10.05 | ARYD - ARYA Sciences Acquisition Corp IV --> Amicus Therapeutics Inc
Sep 28 | $ 9.84 | TUGC - TradeUP Global Corp --> SAITECH
Sep 27 | $ 10.22 | GGPI - Gores Guggenheim, Inc --> Polestar
Sep 21 | $ 9.87 | GSQD - G Squared Ascend I Inc. --> Transfix
Sep 20 | $ 9.85 | GLBL - Cartesian Growth Corporation --> The Tiedemann and Alvarium Groups
Sep 16 | $ 9.86 | PPGH - Poema Global Holdings Corp. --> Gogoro
Sep 15 | $ 9.86 | EJFA - EJF Acquisition Corp --> Pagaya
Sep 15 | $ 9.92 | ARTA - Artisan Acquisition Corp. --> Prentics
Sep 13 | $ 9.90 | MOTV - Motive Capital Corp --> Forge Global, Inc.
Sep 10 | $ 9.91 | GPCO - Golden Path Acquisition Corporation --> MC Hologram Inc.
Sep 09 | $ 9.92 | HTPA - Highland Transcend Partners I Corp --> Packable
Sep 09 | $ 9.90 | NXU - Novus Capital Corporation II --> Energy Vault
Some very big decliners in the SPAC market today. Retail investors need to be watching careful as SPACs move through their life cycle. KCAC dropped 16% as the deal was approved and will start trading as WBX on October
3.09% ~ $ 10.00 | MTAL - Metals Acquisition Corp (Pre-Deal)
1.55% ~ $ 9.85 | CORS - Corsair Partnering Corporation (Pre-Deal)
1.44% ~ $ 9.85 | TLGA - TLG Acquisition One Corp. (Pre-Deal)
1.12% ~ $ 9.89 | HMCO - HumanCo Acquisition Corp. (Pre-Deal)
1.11% ~ $ 12.71 | FST - FAST ACQ CP (Announced)
1.02% ~ $ 9.90 | GLTA - Galata Acquisition Corp (Pre-Deal)
1.02% ~ $ 9.95 | DNAA - Social Capital Suvretta Holdings Corp. I (Pre-Deal)
.82% ~ $ 9.78 | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.82 | OSI - Osiris Acquisition Corp. (Pre-Deal)
.81% ~ $ 9.95 | DGNS - DRAGONEER GR OP (Announced)
.72% ~ $ 9.75 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.77 | CLRM - Clarim Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.85 | CLAY - Chavant Capital Acquisition Corp. (Pre-Deal)
.71% ~ $ 9.93 | MTAC - MedTech Acquisition Corporation (Announced)
.71% ~ $ 9.96 | ASAX - Astrea Acquisition Corp. (Announced)
.71% ~ $ 9.98 | RAM - Aries I Acquisition Corp (Pre-Deal)
.70% ~ $ 10.06 | SGAM - Seaport Global Acquisition Corp (Announced)
.62% ~ $ 9.75 | SMIH - Summit Healthcare Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.75 | ITQ - Itiquira Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.77 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-15.94% ~ $ 8.28 | KCAC - Kensington Capital Acquisition Corp. II (Announced)
-15.93% ~ $ 7.81 | CTAC - Cerberus Telecom Acquisition Corp (Announced)
-5.46% ~ $ 9.35 | MAAC - Montes Archimedes Acquisition Corp (Announced)
-4.30% ~ $ 8.69 | SV - Spring Valley Acquisition Corp (Announced)
-3.65% ~ $ 11.60 | TDAC - Trident Acquisitions Corp (Announced)
-2.77% ~ $ 10.52 | LEGO - LEGATO MERGER CORP. (Announced)
-1.86% ~ $ 10.55 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.74% ~ $ 9.88 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
-1.49% ~ $ 9.93 | ITAC - Industrial Tech Acquisitions Inc (Announced)
-1.33% ~ $ 9.62 | FRW - PWP Forward Acquisition Corp. I (Pre-Deal)
-1.23% ~ $ 9.64 | PSPC - Post Holdings Partnering Corporation (Pre-Deal)
-1.16% ~ $ 9.70 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-1.16% ~ $ 10.22 | GSAH - GS Acquisition Holdings Corp II (Announced)
-1.12% ~ $ 9.67 | LOKM - Live Oak Mobility Acquisition Corp. (Pre-Deal)
-.90% ~ $ 11.05 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-.87% ~ $ 10.22 | GGPI - Gores Guggenheim, Inc (Announced)
-.82% ~ $ 9.67 | KAIR - Kairos Acquisition Corp (Pre-Deal)
-.81% ~ $ 9.76 | ACTD - ArcLight Clean Transition Corp. II (Pre-Deal)
-.78% ~ $ 10.15 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-.72% ~ $ 9.67 | JOFF - JOFF Fintech Acquisition Corp (Pre-Deal)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- Matthew Tuttle on FOMO, SPACs, and Capitalizing on Market Trends
- DMYI's Niccolo de Masi on Quantum Computing & IonQ
- Procaps and Union Acquisition II (LATN) Discuss $1.1B SPAC Deal
- Are Niccolo de Masi and dMY the Real SPAC Kings?
- Sarcos Robotics CEO Ben Wolff on Robots and SPACs
- So Long SPAC Gamma Squeeze? MEKA Rises in IPO Surprise
- LATN, AMHC Deals Pass, and Joe Ianiello Prices a $265M SPAC IPO
- 40 SPAC Warrants < $1
- SPAC Gamma Trade On. FUSE/MoneyLion Surges 10.5%.
- SPACs Drop Along with the Market
- Motive Capital (MOTV) in $1.6b SPAC Deal with Forge Global
- LUCID to Redeem Warrants
- SOAC's PIPE Holders Aren't Paying Up
- Lucid Falls on $2.5B PIPE Lock-up Expiry
- VICE Abandons its SPAC Plans
- Spring Valley / AeroFarms Need More Capital
- Big SPAC Redemptions and Price Jumps Continue
- LWAC Runs Wild Post 97% Redemptions
- Apollo is Raising $500M for SPACs, LWAC sees 97% Redemptions
- SPAC Friday Morning Bloodbath
- SPAC Fire Sale
- Tim Hortons China Going Public, AEye and ReNew See High Redemptions
- All SPAC Analysis from Boardroom Alpha
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)