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DWAC Drops 12.4% and Patrick Orlando's ZGYH Leaves Warrant Holders Holding the Bag

It was a tough day for SPACs overall, but for those betting on Patrick Orlando's SPACs, it was especially bad.

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It was a tough day overall for SPACs (see biggest gainers / losers below), and as usually is the case, those SPACs with announced deals saw the biggest moves. DWAC -- the Donald Trump / Patrick Orland  SPAC -- took the biggest hit today dropping 12.4% to $44.85. The biggest risk here remains the fact that it is a SPAC built entirely on air with no real substance beneath it. Could it one day become a real business? Maybe, but until then anyone holding it at prices well above NAV are taking a big risk. 

On a related note, both to the risk and the DWAC SPAC, Patrick Orlando's Yunhong International Co. (ZGYH) Friday announced its dissolution and liquidation, redeeming public shares at $10.31. 

Patrick Orlando's SPAC ZGYH is liquidating

Patrick Orlando's SPAC ZGYH is liquidating

For those holding the common, this isn't too big a deal as it will redeem over NAV. However, for those holding warrants in a material amount, it is a big deal. On Friday the warrants closed at $0.59 before falling precipitously and then not trading on Monday. 

Many had looked to ZGYH as a sympathy play alongside DWAC, but for those keeping track, there should have been concerns given ZGYH had previously failed to complete a merger and the sponsor group had never completed a SPAC. For more, you can see our original note when DWAC first announced.

Also today CHP Merger Corp (CHPM) announced that it adjourned its meeting and will hold a new vote on November 24th to extend their business combination deadline.

In the category of "top sponsors", Betsy Cohen filed for yet another SPAC. FTAC Emerald will be a $220M SPAC with 1/2 warrant and $10.10 trust. This continues the trend of SPACs offering sweeter initial terms. 

Merger Announcements

No new deals announced today, and to date, there have been 15 mergers announced so far in November. None have resulted in significant gains as on average the continue to hover around NAV. Overall, only a handful are much above $10 with DWAC at the top end. Of those above $11 there are usually good stories alongside them. For example, GGPI at $13.94 is being pulled up by the EV craze (though most got hit today) as is DCRC which is taking Solid Power public, DMYQ is benefitting from IONQ's performance and sponsor Niccolo de Massi's full court press. Whether the narratives behind the outperformance are lasting is yet to be seen.

Most SPACs with deals are trading below NAV

Most SPACs with deals are trading below NAV

Recent SPAC Deal Announcements
Nov 18 | $ 10.41 | BSGA - Blue Safari Group Acquisition Corp --> Bitdeer
Nov 17 | $ 9.86 | ASPC - Alpha Capital Acquisition Company --> Semantix
Nov 16 | $ 10.34 | ATSPT - Archimedes Tech SPAC Partners Co --> SoundHound
Nov 15 | $ 9.95 | WALD - Waldencast Acquisition Corp. --> Obagi and Milk Makeup
Nov 15 | $ 10.05 | CHPM - CHP Merger Corp. --> Accelus
Nov 10 | $ 9.85 | RCLF - Rosecliff Acquisition Corp I --> GETT
Nov 10 | $ 9.89 | CPTK - Crown PropTech Acquisitions --> Brivo
Nov 10 | $ 10.00 | VTAQ - Ventoux CCM Acquisition Corp. --> Presto
Nov 09 | $ 10.36 | HUGS - USHG Acquisition Corp. --> Panera Bread Co
Nov 09 | $ 9.88 | TCAC - Tuatara Capital Acquisition Corporation --> SpringBig, Inc.
Nov 08 | $ 9.88 | BIOT - Biotech Acquisition Company --> Blade Therapeutics, Inc.
Nov 08 | $ 9.91 | DSAC - Duddell Street Acquisition Corp --> FiscalNote, Inc.
Nov 05 | $ 11.04 | AGBA - AGBA ACQUISITION LIMITED --> TAG Holdings Limited
Nov 04 | $ 9.91 | QFTA - Quantum FinTech Acquisition Corp --> TradeStation Group, Inc.
Nov 02 | $ 10.07 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company

SPAC Deal Vote Calendar

Today ISOS / Bowlero announced its vote date for December 14. Here are the other upcoming SPAC votes:

Nov 23 | $ 9.98 | THMA - Thimble Point Acquisition Corp. --> Pear Therapeutics, Inc.
Nov 24 | $ 9.98 | FORE - Foresight Acquisition Corp. --> P3 Health Partners
Nov 29 | $ 9.98 | IACB - ION Acquisition Corp 2 --> Innovid
Nov 30 | $ 10.01 | TPGS - TPG Pace Solutions Corp. --> Vacasa
Nov 30 | $ 14.04 | AGC - Altimeter Growth Corp. --> Grab
Dec 03 | $ 9.97 | GIG - GigCapital4, Inc. --> BigBear.ai
Dec 03 | $ 11.84 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Dec 06 | $ 10.34 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Dec 07 | $ 9.97 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Dec 07 | $ 9.95 | PFDR - Pathfinder Acquisition Corporation --> ServiceMax
Dec 07 | $ 10.03 | DGNS - DRAGONEER GR OP --> CVENT
Dec 07 | $ 13.48 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Dec 08 | $ 9.97 | CFV - CF Acquisition Corp. V --> Satellogic
Dec 14 | $ 10.05 | ISOS - Isos Acquisition Corp. --> Bowlero
Dec 28 | $ 10.01 | ATHN - Athena Technology Acquisition Corp. --> Heliogen

Today's SPAC Stock Movers

Biggest Gainers
3.86% ~ $ 11.84 | DMYQ - dMY Technology Group, Inc. IV (Announced)
1.70% ~ $ 10.19 | MBTC - Nocturne Acquisition Corporation (Pre-Deal)
1.31% ~ $ 10.05 | CHPM - CHP Merger Corp. (Announced)
1.31% ~ $ 13.94 | GGPI - Gores Guggenheim, Inc (Announced)
1.17% ~ $ 10.34 | ATSPT - Archimedes Tech SPAC Partners Co (Announced)
1.03% ~ $ 9.82 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
.97% ~ $ 9.92 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
.69% ~ $ 10.19 | SVFA - SVF Investment Corp. (Pre-Deal)
.69% ~ $ 10.26 | RONI - Rice Acquisition Corp. II (Pre-Deal)
.68% ~ $ 10.41 | BSGA - Blue Safari Group Acquisition Corp (Announced)
.67% ~ $ 9.98 | FORE - Foresight Acquisition Corp. (Announced)
.51% ~ $ 9.78 | OHPA - Orion Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.83 | LDHA - LDH Growth Corp I (Pre-Deal)
.51% ~ $ 9.86 | GLTA - Galata Acquisition Corp (Pre-Deal)
.51% ~ $ 9.87 | ADRA - Adara Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.94 | ALCC - AltC Acquisition Corp. (Pre-Deal)
.50% ~ $ 10.02 | MPAC - Model Performance Acquisition Corp (Announced)
.50% ~ $ 10.04 | GGGV - G3 VRM Acquisition Corp. (Pre-Deal)
.48% ~ $ 10.39 | FTCV - FinTech Acquisition Corp. V (Announced)
.41% ~ $ 9.78 | HIII - Hudson Executive Investment Corp. III (Pre-Deal)

Biggest Losers
-12.42% ~ $ 44.85 | DWAC - Digital World Acquisition Corp. (Announced)
-7.61% ~ $ 8.62 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-5.94% ~ $ 13.47 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-3.42% ~ $ 14.14 | FSII - FS Development Corp. II (Announced)
-3.41% ~ $ 13.86 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-3.37% ~ $ 11.48 | CND - Concord Acquisition Corp (Announced)
-3.18% ~ $ 10.34 | PIPP - Pine Island Acquisition Corp (Pre-Deal)
-2.38% ~ $ 9.86 | SWSS - Springwater Special Situations Corp. (Pre-Deal)
-2.19% ~ $ 11.62 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-2.12% ~ $ 9.69 | DDMX - DD3 Acquisition Corp. II (Announced)
-1.60% ~ $ 10.48 | FPAC - Far Peak Acquisition Corp (Announced)
-1.51% ~ $ 10.42 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
-1.31% ~ $ 10.53 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
-1.22% ~ $ 10.49 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.12% ~ $ 9.72 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-.79% ~ $ 9.90 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-.79% ~ $ 10.07 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-.78% ~ $ 10.22 | GRCY - Greencity Acquisition Corp (Pre-Deal)
-.72% ~ $ 9.68 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-.70% ~ $ 9.87 | FACA - Figure Acquisition Corp. I (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.)