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DWAC Continues Dive, MANSCAPED Strikes $1B Deal with Bright Lights Acquisition Corp (BLTS)

Deal values the mens grooming company at $1B and sports a who's who of celebrity backers. The SPAC market languished and DWAC continues to plunge.

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Digital World Acquisition Corp (DWAC) continues its roller coaster activity and dove again today, falling another 12% after dropping yesterday as well. That leaves DWAC closing < $40 for the first time since the Trump merger was announced last month. All that being said, we knew this one would be in for a wild ride, so don't expect that to ease up at all. The less than stellar press surrounding the sponsor (see Orlando's recent liquidation) is also likely not adding positive fuel to this fire.

DWAC1123

MANSCAPED Strikes Deal with Blue Lights Acquisition (BLTS)

So it's not a goose egg after all in terms of deal announcements this Thanksgiving Week. This morning was kicked off with the news that Bright Lights Acquisition Corp (BLTS) would be taking men's grooming company MANSCAPED public in a $1B deal. MANSCAPED, which sports products such as the Lawn Mower 4.0, focuses on, well you can guess.

The transaction includes a $75M PIPE that is priced at $9.20 per share for an "illiquidity discount" - which is surely not likely to excite any current shareholders at $10. As you are aware, it's very rare for PIPE shares to be priced at a disco

The company has sported decent growth over the last few years with expected ~$290M in 2021 revenues that ramp to over $500M by 2023. The $1B enterprise value equates to 2.6x 2022E revenue.

Source: investor presentation

Source: investor presentation

BLTS common shares rose modestly on the day +1.5% to $9.93, while the warrants (BLTSW) had a decently big +33% pop, but are still trading < $1 at $0.94. Investors seem skeptical about this one, even though the company sports a high profile list of celebrity backers and spokespeople including Rob Grownkowski and Ciara

Today's Price Action

Biggest Gainers

Not a lot to report on here today with limited SPACs rising at all. 

1.93% ~ $ 10.05 | GLTA - Galata Acquisition Corp (Pre-Deal)
1.85% ~ $ 9.91 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
1.45% ~ $ 9.93 | BLTS - Bright Lights Acquisition Corp. (Announced)
1.27% ~ $ 10.35 | GRCY - Greencity Acquisition Corp (Pre-Deal)
1.00% ~ $ 10.00 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
.99% ~ $ 10.17 | AGCB - Altimeter Growth Corp. 2 (Pre-Deal)
.93% ~ $ 9.77 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
.92% ~ $ 9.83 | AKIC - Sports Ventures Acquisition Corp. (Pre-Deal)
.87% ~ $ 9.90 | MCAE - Mountain Crest Acquisition Corp. III (Pre-Deal)
.82% ~ $ 9.78 | HWEL - Healthwell Acquisition Corp. I (Pre-Deal)
.82% ~ $ 9.80 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.82% ~ $ 9.80 | AFTR - AfterNext HealthTech Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.82 | CORS - Corsair Partnering Corporation (Pre-Deal)
.82% ~ $ 9.82 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
.76% ~ $ 10.56 | FPAC - Far Peak Acquisition Corp (Announced)
.72% ~ $ 9.75 | GXII - GX Acquisition Corp. II (Pre-Deal)
.72% ~ $ 9.78 | MITA - Coliseum Acquisition Corp. (Pre-Deal)

Biggest Losers

-11.97% ~ $ 39.48 | DWAC - Digital World Acquisition Corp. (Announced)
-7.58% ~ $ 10.12 | DMYS - dMY Technology Group, Inc. VI (Pre-Deal)
-6.67% ~ $ 9.80 | GATE - Marblegate Acquisition Corp. (Pre-Deal)
-6.28% ~ $ 12.99 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-5.79% ~ $ 12.70 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-4.82% ~ $ 11.06 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-4.73% ~ $ 9.88 | MTRY - Monterey Bio Acquisition Corp (Pre-Deal)
-4.56% ~ $ 9.84 | TGVC - TG Venture Acquisition Corp. (Pre-Deal)
-4.31% ~ $ 9.55 | IACB - ION Acquisition Corp 2 (Announced)
-4.16% ~ $ 11.06 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-3.73% ~ $ 13.42 | GGPI - Gores Guggenheim, Inc (Announced)
-3.63% ~ $ 11.41 | DMYQ - dMY Technology Group, Inc. IV (Announced)
-2.97% ~ $ 13.07 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-2.61% ~ $ 11.18 | CND - Concord Acquisition Corp (Announced)
-2.58% ~ $ 9.44 | DDMX - DD3 Acquisition Corp. II (Announced)

This Week's SPAC IPOs

Nov 23 | $ 10.07 | VHNA - Vahanna Tech Edge Acquisition I Corp.
Nov 22 | $ 10.05 | LGTO - LEGATO MERGER CORP. II
Nov 22 | $ 10.23 | MANA - Mana Capital Acquisition Corp.
Nov 22 | $ 10.13 | LAX - 8i Acquisition 2 Corp.

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