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DMYQ / Planet Labs Goes to Vote, High BuzzFeed Redemptions + SPAC Wrap

DMYQ finally goes to vote on Friday after pre-announcing only 2% redemptions. DWAC continued to climb, but ESSC dropped after spiking on Wednesday. The BuzzFeed vote passed, but almost 95% of shareholders redeemed.

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It was another mixed day across the market and SPACs. While the indices all close up strongly, beneath them there remains a lot of underlying uncertainty. DWAC continued to rise following the news earlier this week that it is getting close to having a $1B PIPE price at a 20% discount to the 10-day vwap. That would put the PIPE offering at somewhere in the range of $35 to $40 -- the most expensive PIPE to date.

Pre-deal SPACs dropped on average slightly today to around $9.84 for the commons. Those with announced deals also dropped, but thanks to DWAC the average still remains around $10.40. 

This week has seen several SPAC IPOs priced and all are holding slightly above $10.

Dec 02 | $ 10.10 | GEEX - Games & Esports Experience Acquisition Corp.
Dec 01 | $ 10.02 | UTAA - UTA Acquisition Corporation
Dec 01 | $ 10.02 | ROC - ROC Energy Acquisition Corp.
Dec 01 | $ 10.05 | PACI - PROOF Acquisition Corp I
Nov 30 | $ 10.06 | CMCA - Capitalworks Emerging Markets Acquisition Corp
Nov 30 | $ 10.01 | ROCL - Roth CH Acquisition V Co.
Nov 30 | $ 10.08 | TLGY - TLGY Acquisition Corp
Nov 29 | $ 10.15 | CNGL - Canna-Global Acquisition Corp

There are now 550 SPACs actively looking for a deal. As we discuss in our November SPAC Market Update that is simply too many. Given the rate at which new IPOs are coming (around 50 the last few months) and deals are being announced (18 last month) the market is heading for trouble in one of, or both, significant number of liquidations in 2022 or a number of significantly worse SPAC deals.

Shareholders approved the ENFA deal with BuzzFeed and it should start trading as BZFD on December 6. 94.4% of shareholders redeemed leaving only $16.2M in the trust. Watch for this to be a low float squeeze, but take care as that can cut both ways.

East Stone Acquisition Corporation (ESSC), which had Reddit and Twitter highlighting it as a potential low float squeeze paid off for investors on Wednesday when it surged to $12.28. Unfortunately for investors that didn't get out at the highs (or worse bought in during FOMO), it gave back a lot today dropping 12% to $10.82 with volume significantly higher than is typical.

DMYQ pre-announced redemption details prior to tomorrow's vote and, consistent with the sponsor dMY's track record, only 2% ended up redeeming. There is a lot of excitement around DMYQ and Planet Labs. Definitely one to watch given dMY's record with IONQ, RSI, and GENI.

Three SPAC deals were announced last night and this morning. The CFVI deal with Rumble Video that was announced last night saw CFVI pop 8.5% today. That is a very strong pop relative to what we've been seeing, so watch for it to come back down in the coming days. Again, see our special report for more on deal pops and give backs

ACTD also announced a deal with Opal Fuels valued at $1.75B and BOAS announced a deal with Selina valued at $1.2B.

SPAC Calendar

On Friday the highly anticipated DMYQ / Planet Labs SPAC merger finally goes to vote. Then next week the market gets hit 7 SPAC votes with 4 happening in one day.

Dec 03 | $ 9.99 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Dec 03 | $ 9.68 | GIG - GigCapital4, Inc. --> BigBear.ai
Dec 06 | $ 10.01 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Dec 07 | $ 11.25 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Dec 07 | $ 9.84 | PFDR - Pathfinder Acquisition Corporation --> ServiceMax
Dec 07 | $ 9.58 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Dec 07 | $ 9.08 | DGNS - DRAGONEER GR OP --> CVENT
Dec 08 | $ 9.97 | CFV - CF Acquisition Corp. V --> Satellogic
Dec 13 | $ 9.96 | YAC - Yucaipa Acquisition Corporation --> SIGNA Sports United
Dec 14 | $ 9.97 | ISOS - Isos Acquisition Corp. --> Bowlero
Dec 14 | $ 9.97 | BSN - Broadstone Acquisition Corp. --> Vertical Aerospace
Dec 14 | $ 10.10 | FST - FAST ACQ CP --> Fertitta Entertainment, Inc.
Dec 16 | $ 9.98 | CMLT - CM Life Sciences III Inc. --> EQRx, Inc.
Dec 21 | $ 9.97 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Dec 23 | $ 10.15 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Dec 23 | $ 14.20 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc
Dec 28 | $ 9.97 | ATHN - Athena Technology Acquisition Corp. --> Heliogen

Today's Price Action

Biggest Gainers
8.46% ~ $ 10.58 | CFVI - CF Acquisition Corp. VI (Announced)
6.22% ~ $ 47.11 | DWAC - Digital World Acquisition Corp. (Announced)
4.51% ~ $ 10.66 | ADF - Aldel Financial Inc. (Announced)
2.85% ~ $ 10.10 | ACTD - ArcLight Clean Transition Corp. II (Announced)
1.98% ~ $ 9.03 | FORE - Foresight Acquisition Corp. (Announced)
1.45% ~ $ 13.32 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
1.32% ~ $ 10.01 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
1.03% ~ $ 9.80 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
1.03% ~ $ 9.81 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
1.02% ~ $ 9.90 | SWSS - Springwater Special Situations Corp. (Pre-Deal)
.92% ~ $ 9.84 | BOAS - BOA Acquisition Corp. (Announced)
.82% ~ $ 9.82 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.81% ~ $ 9.94 | CCV - Churchill Capital Corp V (Pre-Deal)
.62% ~ $ 9.75 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.77 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
.62% ~ $ 9.77 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.62% ~ $ 9.81 | ARYE - ARYA Sciences Acquisition Corp V (Pre-Deal)
.61% ~ $ 9.92 | SMAP - Sportsmap Tech Acquisition Corp. (Pre-Deal)
.56% ~ $ 9.76 | LITT - Logistics Innovation Technologies Corp. (Pre-Deal)
.51% ~ $ 9.83 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)

Biggest Losers
-11.89% ~ $ 10.82 | ESSC - East Stone Acquisition Corporation (Announced)
-8.93% ~ $ 9.08 | DGNS - DRAGONEER GR OP (Announced)
-5.54% ~ $ 9.72 | FTEV - FinTech Evolution Acquisition Group (Pre-Deal)
-4.99% ~ $ 10.10 | FST - FAST ACQ CP (Announced)
-4.89% ~ $ 9.72 | ENER - Accretion Acquisition Corp. (Pre-Deal)
-3.91% ~ $ 9.58 | SVOK - Seven Oaks Acquisition Corp. (Announced)
-3.63% ~ $ 10.62 | CND - Concord Acquisition Corp (Announced)
-3.12% ~ $ 9.63 | TPGS - TPG Pace Solutions Corp. (Announced)
-3.07% ~ $ 14.20 | FSII - FS Development Corp. II (Announced)
-3.02% ~ $ 11.25 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-3.01% ~ $ 9.68 | GIG - GigCapital4, Inc. (Announced)
-2.72% ~ $ 12.52 | GGPI - Gores Guggenheim, Inc (Announced)
-2.63% ~ $ 9.99 | DMYQ - dMY Technology Group, Inc. IV (Announced)
-2.22% ~ $ 10.12 | ATSPT - Archimedes Tech SPAC Partners Co (Announced)
-1.95% ~ $ 12.55 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-1.68% ~ $ 9.12 | THMA - Thimble Point Acquisition Corp. (Announced)
-1.33% ~ $ 9.65 | HWKZ - Hawks Acquisition Corp (Pre-Deal)
-1.19% ~ $ 9.93 | GLTA - Galata Acquisition Corp (Pre-Deal)
-.98% ~ $ 10.10 | RONI - Rice Acquisition Corp. II (Pre-Deal)
-.98% ~ $ 10.13 | FTCV - FinTech Acquisition Corp. V (Announced)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)