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Welcome back to SPAC craziness. Last week the hyper euphoria of the Digital World Acquisition Corp (DWAC) / Trump tie-up sent the stock skyrocketing over $100. Today, however, a stark reminder of the risks (and volatility) associated with meme-ified stocks as DWAC took a tumble down ~30% to close < $60.
An 8-K with some more information was filed post market close, which outlines the details of the 40M in additional earnout shares rewardable to TMTG shareholders. They are priced based in tranches at $15, $20, and $30 - if DWAC stays anywhere near current trading levels those will be very easily hittable.
As always, buyer beware when jumping into meme-land. Still waiting, however, for any official communication or media from the DWAC/Trump teams. That should be a fun one.
Speaking of meme-able names, B Riley Principal 150 Merger Corp (BRPM) rose another +2% today following the news that it is buying FaZe Clan. FaZe, unlike the Trump deal, is an established and immensely popular brand that resonates with Gen Z and there is a ton of retail enthusiasm behind the tie up.
While many are proclaiming that SPACs are back given the momentum in many De-SPACs and a return of the deal pop (thankfully), it remains to be seen if this will reinvigorate the dried up PIPE market and result in more definitive agreements getting signed. 490 SPACs are still searching for a deal, a lot of wood yet to chop in that department.
After nearly a week off, three SPACs are set to vote on their mergers tomorrow, with TMTS trading at the largest premium of the 3.
Oct 27 | $ 9.99 | MCAD - Mountain Crest Acquisition Corp. II --> Better Therapeutics
Oct 27 | $ 9.80 | GNRS - GREENROSE ACQUISITION CORP --> Shango Holdings, Future Works, Theraplant, TrueHarvest
Oct 27 | $ 10.31 | TMTS - Spartacus Acquisition Corporation --> NextNav Holdings, LLC
Oct 28 | $ 13.58 | TDAC - Trident Acquisitions Corp --> AUTOLOTTO, INC.
Nov 02 | $ 10.00 | MOTN - Motion Acquisition Corp --> Ambulnz, Inc.
Nov 02 | $ 10.16 | KVSB - Khosla Ventures Acquisition Co. II --> Nextdoor, Inc.
Nov 02 | $ 10.00 | SWBK - Switchback II Corporation --> Bird Rides, Inc.
Nov 02 | $ 9.99 | RTPY - Reinvent Technology Partners Y --> Aurora Innovation, Inc.
Nov 09 | $ 10.00 | NGAB - Northern Genesis Acquisition Corp. II --> Embark Trucks
Today's Price Action
Announced deals seem to be getting some nice pops these days. The average SPAC closing price for announced deals is now $11.30 - granted that is skewed by DWAC but still nice to see some premiums out there.
9.52% ~ $ 11.50 | SEAH - Sports Entertainment Acquisition Corp (Announced)
5.88% ~ $ 11.16 | FTCV - FinTech Acquisition Corp. V (Announced)
5.15% ~ $ 11.02 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
4.39% ~ $ 9.99 | MCAD - Mountain Crest Acquisition Corp. II (Announced)
4.36% ~ $ 11.00 | CND - Concord Acquisition Corp (Announced)
4.17% ~ $ 12.50 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
2.88% ~ $ 10.73 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
2.79% ~ $ 10.70 | FPAC - Far Peak Acquisition Corp (Announced)
2.62% ~ $ 10.20 | RBAC - RedBall Acquisition Corp. (Announced)
2.33% ~ $ 10.09 | BTWN - Bridgetown Holdings Ltd (Pre-Deal)
2.32% ~ $ 11.45 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
1.71% ~ $ 10.10 | NGCA - NextGen Acquisition Corp. II (Announced)
1.68% ~ $ 12.72 | FST - FAST ACQ CP (Announced)
1.66% ~ $ 10.42 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.58% ~ $ 10.31 | TMTS - Spartacus Acquisition Corporation (Announced)
1.55% ~ $ 10.50 | GGPI - Gores Guggenheim, Inc (Announced)
1.31% ~ $ 10.08 | BTNB - Bridgetown 2 Holdings Limited (Announced)
1.17% ~ $ 10.40 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
-29.56% ~ $ 59.07 | DWAC - Digital World Acquisition Corp. (Announced)
-13.45% ~ $ 10.62 | BENE - Benessere Capital Acquisition Corp. (Pre-Deal)
-2.40% ~ $ 9.76 | CNDA - Concord Acquisition Corp II (Pre-Deal)
-2.09% ~ $ 13.58 | TDAC - Trident Acquisitions Corp (Announced)
-1.44% ~ $ 10.27 | ZGYH - Yunhong International (Pre-Deal)
-1.41% ~ $ 9.80 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-1.28% ~ $ 9.83 | REVE - Alpine Acquisition Corp. (Pre-Deal)
-1.22% ~ $ 9.73 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
-1.08% ~ $ 10.06 | ACBA - Ace Global Business Acquisition Limited (Announced)
-.98% ~ $ 10.12 | BREZ - Breeze Holdings Acquisition Corp (Pre-Deal)
-.91% ~ $ 9.80 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
-.82% ~ $ 9.65 | XPAX - XPAC Acquisition Corp (Pre-Deal)
-.79% ~ $ 10.06 | GLAQ - Globis Acquisition Corp. (Pre-Deal)
-.76% ~ $ 9.69 | CCAI - Cascadia Acquisition Corp. (Pre-Deal)
-.68% ~ $ 13.11 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-.61% ~ $ 9.82 | ROSS - Ross Acquisition Corp II (Pre-Deal)
-.60% ~ $ 10.00 | LMAO - LMF Acquisition Opportunities, Inc. (Pre-Deal)
-.58% ~ $ 9.91 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
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- Are Niccolo de Masi and dMY the Real SPAC Kings?
- Sarcos Robotics CEO Ben Wolff on Robots and SPACs
- 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
- A Positive SPAC Week as HZAC Shareholders Approve Deal. BOWX / WeWork is Next
- Say-On-Pay Failures 2021
- Spring Valley (SV) and AeroFarms end SPAC Merger
- Billy Beane's RedBall Nabs SeatGeek in SPAC Merger
- SPAC Market Remains Saturated, Deal Pace Needs to Pick Up to Clear
- Starry Going Public with FirstMark Horizon (FMAC)
- Don't Go Long on SPACs
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- No SPACs For You Say the Dems
- Risk Off, Tech Off, SPACs Off
- Podcast: Robinson Capital on Investing in SPACs for Yield
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- So Long SPAC Gamma Squeeze? MEKA Rises in IPO Surprise
- 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.)