DWAC Surging on PIPE News + Today's SPAC Wrap
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Not surprisingly the SPAC market followed the broader market down today. From a price perspective there was limited movement in pre-deal SPACs given how tightly they tend to trade below $10 these days.
Foresight Acquisition Corp (FORE) dropped over 10%, closing at $8.85 as it adjourned its meeting until Friday, December 3.
East Stone Acquisition Corporation (ESSC) surged up over 18%, closing at $12.28 as investors realized it may be the next low-float play.
Reuters released a report that Digital World Acquisition Corp. (DWAC) is looking to raise a $1B PIPE for its upcoming merger with Trump Media & Technology. The PIPE would be priced at a 20% discount to 10-day VWAP (around $44 now). DWAC is surging in the aftermarket up over 30%.
Deal Announcements
Two deals were announced today. The Atlantic Coastal Acquisition (ACAH) / Essentium deal popped by about 1.1% but left ACAH trading at $9.89 at the close. Broadscale Acquisition Corp. (SCLE) announced a deal with Voltus and closed the day up under 1% at $9.88.
SPAC Vote Calendar
December is starting to fill up with SPAC merger votes. Wednesday is the ENFA / Buzzfeed vote and then on Thursday DMYQ / Planet will go to vote. Given the downward price pressure this week on DMYQ it will be interesting to watch redemptions. Don't expect many though given dMY's historically low redemption rates.
Dec 02 | $ 10.00 | ENFA - 890 5th Avenue Partners, Inc. --> BuzzFeed
Dec 03 | $ 10.26 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Dec 03 | $ 9.98 | GIG - GigCapital4, Inc. --> BigBear.ai
Dec 06 | $ 9.88 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Dec 07 | $ 9.97 | SVOK - Seven Oaks Acquisition Corp. --> Boxed
Dec 07 | $ 9.93 | PFDR - Pathfinder Acquisition Corporation --> ServiceMax
Dec 07 | $ 11.60 | DCRC - Decarbonization Plus Acquisition Corporation III --> Solid Power Inc.
Dec 07 | $ 9.97 | DGNS - DRAGONEER GR OP --> CVENT
Dec 08 | $ 9.97 | CFV - CF Acquisition Corp. V --> Satellogic
Dec 13 | $ 9.98 | YAC - Yucaipa Acquisition Corporation --> SIGNA Sports United
Dec 14 | $ 9.97 | ISOS - Isos Acquisition Corp. --> Bowlero
Dec 14 | $ 9.94 | BSN - Broadstone Acquisition Corp. --> Vertical Aerospace
Dec 14 | $ 10.63 | FST - FAST ACQ CP --> Fertitta Entertainment, Inc.
Dec 16 | $ 9.94 | CMLT - CM Life Sciences III Inc. --> EQRx, Inc.
Dec 21 | $ 9.96 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Dec 23 | $ 10.17 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Dec 23 | $ 14.65 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc
Dec 28 | $ 9.99 | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Today's Price Action
Biggest Gainers
18.08% ~ $ 12.28 | ESSC - East Stone Acquisition Corporation (Announced)
7.15% ~ $ 44.35 | DWAC - Digital World Acquisition Corp. (Announced)
5.65% ~ $ 10.29 | FTEV - FinTech Evolution Acquisition Group (Pre-Deal)
4.27% ~ $ 10.05 | GLTA - Galata Acquisition Corp (Pre-Deal)
2.74% ~ $ 13.13 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
2.60% ~ $ 10.26 | DMYQ - dMY Technology Group, Inc. IV (Announced)
1.12% ~ $ 9.89 | ACAH - Atlantic Coastal Acquisition Corp. (Announced)
1.03% ~ $ 9.81 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
1.01% ~ $ 10.03 | HLXA - HELIX ACQUISITION CORP (Announced)
.92% ~ $ 9.88 | SCLE - Broadscale Acquisition Corp (Announced)
.82% ~ $ 9.78 | HWKZ - Hawks Acquisition Corp (Pre-Deal)
.82% ~ $ 9.82 | ATVC - Tribe Capital Growth Corp I (Pre-Deal)
.66% ~ $ 9.85 | IIII - INSU Acquisition Corp. III (Pre-Deal)
.62% ~ $ 9.77 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.61% ~ $ 9.82 | TIOA - Tio Tech A (Pre-Deal)
.61% ~ $ 9.93 | DNAC - Social Capital Suvretta Holdings Corp. III (Pre-Deal)
.59% ~ $ 10.23 | BENE - Benessere Capital Acquisition Corp. (Announced)
.51% ~ $ 9.76 | DHBC - DHB Capital Corp. (Pre-Deal)
.51% ~ $ 9.77 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
.51% ~ $ 9.81 | GPAC - Global Partner Acquisition Corp II (Pre-Deal)
Biggest Losers
-10.06% ~ $ 8.85 | FORE - Foresight Acquisition Corp. (Announced)
-4.38% ~ $ 12.87 | GGPI - Gores Guggenheim, Inc (Announced)
-4.23% ~ $ 10.63 | FST - FAST ACQ CP (Announced)
-3.07% ~ $ 10.28 | GLSPT - Global SPAC Partners Co. (Pre-Deal)
-3.06% ~ $ 10.47 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-2.80% ~ $ 9.72 | BHAC - Crixus BH3 Acquisition Corp. (Pre-Deal)
-2.56% ~ $ 11.02 | CND - Concord Acquisition Corp (Announced)
-2.44% ~ $ 11.60 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-2.10% ~ $ 10.25 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-1.84% ~ $ 12.80 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-1.62% ~ $ 9.70 | NFYS - Enphys Acquisition Corp. (Pre-Deal)
-1.58% ~ $ 9.96 | PBAX - Phoenix Biotech Acquisition Corp. (Pre-Deal)
-1.52% ~ $ 9.73 | RACB - Research Alliance Corp. II (Pre-Deal)
-1.49% ~ $ 9.90 | IXAQ - IX Acquisition Corp. (Pre-Deal)
-1.38% ~ $ 9.28 | THMA - Thimble Point Acquisition Corp. (Announced)
-1.22% ~ $ 9.74 | PTIC - PropTech Investment Corporation II (Pre-Deal)
-1.16% ~ $ 10.22 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
-1.11% ~ $ 9.80 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
-1.07% ~ $ 10.16 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
-1.05% ~ $ 24.41 | PCPC - Periphas Capital Partnering Corporation (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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- See the full Know Who Drivers Return podcast library
Latest SPAC Analysis
- Did You Get Your SPAC Deals on Black Friday?
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- DWAC Drops 12.4% and Patrick Orlando's ZGYH Leaves Warrant Holders Holding the Bag
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- SPAC M&A Pace is Heating Up
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- SPAC IPO Pace Picking Up; Liquidation Rate to Follow?
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- 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.)
