Free Investor Resources from Boardroom Alpha
** Podcast: Know Who Drives Return
** CEO/CFO/Director Moves Newsletter
** Daily SPAC Newsletter
** Full SPAC Listing
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.
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
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)
-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)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
Know Who Drives Return Podcast
- Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing
- DMYQ & Planet: Is Planet Ready for Primetime?
- CUBI: New Customers Bank CEO Sam Sidhu on Digital Assets, Crypto Banking, and Leadership
- Super Group / SEAH Aim for Global Online Gaming & Betting Wins, with CEOs Neal Menashe and John Collins
- Wejo CEO Richard Barlow on why Connected Vehicle Data is the Future (SPAC: VOSO)
- Podcast: Codere Online (SPAC:DDMX) and the Gaming / Betting Landscape in LatAm
- Podcast: CompoSecure / DBDR Going Beyond Metal Cards into Crypto with CEOs Jon Wilk & Don Basile
- Podcast: DWAC and Trump / TMTG Make SPACs Great Again
- Inspirato's Brent Handler and Web Neighbor on the Future of Subscription Travel
- Vacasa CEO Matt Roberts on Travel and Merger with TPG Pace Solutions (TPGS)
- Aurora's Chris Urmson and Reinvent's Michael Thompson
- Okapi's Bruce Goldfarb on Activism, the Rise of Retail, AMC, and SPACs
- See the full Know Who Drivers Return podcast library
Latest SPAC Analysis
- Did You Get Your SPAC Deals on Black Friday?
- Patrick Orlando of DWAC Strikes again With Benessere Capital Acquisition (BENE) Deal
- MANSCAPED Strikes $1B Deal with Bright Lights Acquisition Corp (BLTS)
- DWAC Drops 12.4% and Patrick Orlando's ZGYH Leaves Warrant Holders Holding the Bag
- IONQ Continues to Run, ASPC Strikes LatAm Software Deal with Semantix
- Khosla Ventures and Valo Health Terminate SPAC Deal
- SPAC M&A Pace is Heating Up
- SPAC Resurgence Continues and DeSPACs are Hot
- TradeStation Group Strikes SPAC Deal with Quantum FinTech (QFTA)
- SPAC IPO Pace Picking Up; Liquidation Rate to Follow?
- SilverBox Engaged (SBEA) rises 15% on Black Rifle Coffee Pact, Are SPAC Deal Pops Back?
- GS to Offer New SPAC-Linked Product + 4 SPACs to Vote Tomorrow
- October SPAC Issuance nears $10B and SPACs are Hot Again
- Could Esports' FaZe Clan Go MEME as it Goes Public via B Riley SPAC?
- Trump SPAC DWAC Rises over 100% Again to Cap Wild Week
- Digital World Acquisition (DWAC) Soars on Trump Deal
- Is IONQ Changing the DeSPAC Narrative? WeWork is Officially Public (almost)
- GS Acquisition (GSAH) / Mirion and BowX (BOWX) / WeWork Set for Merger Votes
- Say-On-Pay Failures 2021
- Billy Beane's RedBall Nabs SeatGeek in SPAC Merger
- 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.)