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Dune Acquisition (DUNE) Targets Retail Trading with TradeZero Deal

Dune Acquisition announced a $556M EV deal for trading platform TradeZero. Gesher I prices $100M IPO targeting Israeli companies.

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Dune Acquisition Corp (DUNE) kicked off SPAC merger activity this week, following a quiet day yesterday when the SEC was closed. DUNE announced a $556M EV transaction to take trading platform TradeZero public. 

TradeZero is mostly a play on the boom in retail investors as the platform is most popular among that cohort. However, the transaction financing did not include a PIPE. Dune, which closed at $9.87, sports a $172.5M trust. However, given where SPAC redemptions have been shaking out, it's hard to see them meeting their minimum $80M cash balance at that price. Keep an eye out here. 

Speaking of the proliferation of retail investors, ICYMI check out our podcast with Bruce Goldfarb of Okapi Partners who touches on that growing dynamic and what it means for companies. 

Elsewhere in SPACs

Seaport Global Acquisition Corp (SGAM) announced a redemption backstop for its Redbox deal which is set to vote next week, 10/20. 

Gesher I Acquisition Corp (GIAC) priced a $100M IPO, with a $10.10 in trust and 1/2 warrant. The SPAC will focus on targets in Israel. It closed down 3c to $9.97. 

SPAC Calendar

Oct 13 | $ 10.09 | MRAC - Marquee Raine Acquisition Corp. --> Enjoy Technology, Inc.
Oct 14 | $ 9.86 | VIH - VPC Impact Acquisition Holdings --> BAKKT Holdings, LLC
Oct 14 | $ 10.90 | LEGO - LEGATO MERGER CORP. --> Algoma Steel
Oct 14 | $ 9.99 | HZAC - HORIZON ACQ CP --> Vivid Seats Inc.
Oct 19 | $ 9.98 | BOWX - BowX Acquisition Corp --> WeWork
Oct 19 | $ 9.99 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Oct 20 | $ 9.98 | KURI - Alkuri Global Acquisition Corp. --> Babylon

Today's Price Action

Biggest Gainers

4.72% ~ $ 10.65 | PONO - PONO Capital Corp (Pre-Deal)
4.24% ~ $ 10.09 | MRAC - Marquee Raine Acquisition Corp. (Announced)
2.98% ~ $ 12.77 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
1.70% ~ $ 8.66 | ITAC - Industrial Tech Acquisitions Inc (Announced)
1.21% ~ $ 10.90 | LEGO - LEGATO MERGER CORP. (Announced)
.92% ~ $ 9.85 | LAAA - Lakeshore Acquisition I Corp. (Pre-Deal)
.88% ~ $ 9.71 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
.82% ~ $ 9.85 | LDHA - LDH Growth Corp I (Pre-Deal)
.82% ~ $ 9.86 | VIH - VPC Impact Acquisition Holdings (Announced)
.72% ~ $ 9.78 | DHBC - DHB Capital Corp. (Pre-Deal)
.66% ~ $ 9.92 | OXAC - Oxbridge Acquisition Corp. (Pre-Deal)
.63% ~ $ 9.76 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
.61% ~ $ 9.86 | OXUS - Oxus Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.92 | ASAX - Astrea Acquisition Corp. (Announced)
.59% ~ $ 9.73 | TBSA - TB SA Acquisition Corp (Pre-Deal)
.52% ~ $ 9.73 | SMIH - Summit Healthcare Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.76 | EQHA - EQ Health Acquisition Corp (Pre-Deal)

Biggest Losers

LOKB fell the most today as it held its merger vote with Navitas Semiconductor. Waiting for the official results / where redemptions shook out on this one. 

-7.71% ~ $ 10.06 | LOKB - Live Oak Acquisition Corp. II (Announced)
-2.89% ~ $ 9.75 | BWC - Blue Whale Acquisition Corp I (Pre-Deal)
-1.23% ~ $ 11.22 | TDAC - Trident Acquisitions Corp (Announced)
-1.23% ~ $ 9.67 | MTAL - Metals Acquisition Corp (Pre-Deal)
-.96% ~ $ 10.07 | ACBA - Ace Global Business Acquisition Limited (Announced)
-.92% ~ $ 9.71 | CPTK - Crown PropTech Acquisitions (Pre-Deal)
-.92% ~ $ 9.72 | OSI - Osiris Acquisition Corp. (Pre-Deal)
-.81% ~ $ 9.82 | APAC - StoneBridge Acquisition Corp. (Pre-Deal)
-.75% ~ $ 10.23 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
-.72% ~ $ 9.65 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.70 | FZT - FAST Acquisition Corp. II (Pre-Deal)
-.71% ~ $ 9.81 | HMCO - HumanCo Acquisition Corp. (Pre-Deal)
-.70% ~ $ 9.88 | FOXW - FoxWayne Enterprises Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.71 | ACII - Atlas Crest Investment Corp. II (Pre-Deal)
-.61% ~ $ 9.79 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
-.59% ~ $ 10.03 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-.56% ~ $ 9.71 | SPTK - SportsTek Acquisition Corp. (Pre-Deal)
-.56% ~ $ 9.73 | ESM - ESM Acquisition Corporation (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.)

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