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4 SPAC Deals Announced (DYNS, ITHX, GLAQ, LNFA) on Another Down Day

Announcing a SPAC deal on a day like today would take something special for an upward pop. DYNS / Senti Biosciences, ITHX / Mondee, GLAQ / Forafric, and LNFA / ZeroFox didn't seem to have it.

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Four SPAC merger deals were announced today (DYNS, ITHX, GLAQ, LNFA) and, unsurprisingly given the market, none of the deals had pops along with the announcements. This should be viewed both within the context of a broader market that is being hammered and the SPAC market which continues to have too many SPACs with too few great deals being announced. 

The average pre-deal SPAC is now trading at $9.81. Given the under-NAV pricing has been persistent for the last several months the down market will have both retail and institutional investors shying away from SPACs. Some who are focused on yield (still the best SPAC play to make) or watching for pre-DA warrants on the cheap will find increasing opportunities, but that won't provide enough support to change the down trend.

Also of note, CFV which is taking Satellogic public, delayed its vote for the second time. The vote has now moved to December 30th. The delay is again because the CFV team is having continuing "discussions regarding potential additional financing for the post combination company".  

Four SPAC Deals on Monday: DYNS, ITHX, GLAQ, LNFA

Recent SPAC Deals

Overall, the majority of recent SPAC deals continue to trade below NAV. Expect this to continue unless there is a deal that (a) the market views as exception, (b) the retail crowd rallies to it, of (b) there is a material change in the SPAC market's current dynamic. On the latter, there is very little in the short-term that would be a catalyst on the positive side.

Dec 20 | $ 10.14 | GLAQ - Globis Acquisition Corp. --> Forafric
Dec 20 | $ 9.88 | DYNS - Dynamics Special Purpose Corp. --> SENTI BIOSCIENCES, INC.
Dec 20 | $ 9.80 | ITHX - ITHAX Acquisition Corp. --> MONDEE HOLDINGS, LLC
Dec 20 | $ 10.05 | LNFA - L&F Acquisition Corp --> ZeroFox, Inc.
Dec 17 | $ 9.94 | CLAQ - cleantech Acquisition Corp. --> Nauticus Robotics Inc
Dec 17 | $ 9.80 | AACI - Armada Acquisition Corp. I --> Rezolve Ltd.
Dec 16 | $ 9.93 | FOUN - Founder SPAC --> Rubicon Technologies
Dec 16 | $ 9.78 | NAAC - North Atlantic Acquisition Corporation --> TeleSign Holdings, Inc.
Dec 14 | $ 10.03 | SV - Spring Valley Acquisition Corp --> NuScale Power
Dec 14 | $ 10.22 | GIIX - GORES HOLDINGS VIII, INC. --> Footprint International Holdco, Inc.
Dec 13 | $ 9.85 | HYAC - Haymaker Acquisition Corp. III --> Biote
Dec 13 | $ 9.98 | RAM - Aries I Acquisition Corp --> InfiniteWorld
Dec 13 | $ 9.99 | IMPX - AEA-Bridges Impact Corp --> LiveWire
Dec 13 | $ 9.92 | GACQ - Global Consumer Acquisition Corp. --> GP Global and Luminex
Dec 13 | $ 9.96 | SVFC - SVF Investment Corp. 3 --> Symbotic
Dec 10 | $ 9.83 | NMMC - North Mountain Merger Corp --> CORCENTRIC, INC.
Dec 10 | $ 9.87 | PRPB - CC NEUBERGER PR --> Getty Images
Dec 08 | $ 9.85 | VGII - Virgin Group Acquisition Corp. II --> Grove Collaborative, Inc.
Dec 07 | $ 9.82 | PTOC - Pine Technology Acquisition Corp. --> Tomorrow.io
Dec 07 | $ 9.92 | FOXW - FoxWayne Enterprises Acquisition Corp. --> Aerami Therapeutics
Dec 07 | $ 9.90 | OACB - Oaktree Acquisition Corp II --> Alvotech Holdings SA
Dec 06 | $ 10.03 | VCKA - Vickers Vantage Corp. I --> Scilex Holding Company
Dec 03 | $ 9.86 | APSG - Apollo Strategic Growth Capital --> American Express Global Business Travel
Dec 02 | $ 9.96 | ACTD - ArcLight Clean Transition Corp. II --> OPAL Fuels
Dec 02 | $ 9.83 | BOAS - BOA Acquisition Corp. --> Selina
Dec 01 | $ 9.81 | ACAH - Atlantic Coastal Acquisition Corp. --> Essentium, Inc.
Dec 01 | $ 9.84 | SCLE - Broadscale Acquisition Corp --> Voltus, Inc.
Dec 01 | $ 11.95 | CFVI - CF Acquisition Corp. VI --> Rumble

SPAC Merger Vote Calendar

Tuesday, December 21st, sees 4 SPAC deals go to vote. Given the market's recent risk-off behavior and the lower trading prices, watch for big redemptions on at least a few of these.

Dec 21 | $ 10.14 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Dec 21 | $ 9.88 | EUSG - European Sustainable Growth Acquisition Corp. --> ADS-TEC Energy GmbH
Dec 21 | $ 9.74 | ATMR - Altimar Acquisition Corp. II --> Fathom Digital Manufacturing Corporation
Dec 21 | $ 9.99 | MACQ - MCAP Acquisition Corporation --> AdTheorent Inc.
Dec 23 | $ 10.20 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Dec 23 | $ 10.12 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc

Today's SPAC Movers

SPAC Gainers
7.71% ~ $ 9.99 | CFV - CF Acquisition Corp. V (Announced)
4.17% ~ $ 9.74 | ATMR - Altimar Acquisition Corp. II (Announced)
3.26% ~ $ 10.14 | HCAQ - HealthCor Catalio Acquisition Corp. (Announced)
2.82% ~ $ 11.67 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
2.36% ~ $ 9.99 | MACQ - MCAP Acquisition Corporation (Announced)
1.65% ~ $ 9.85 | EDNC - Endurance Acquisition Corp. (Pre-Deal)
1.40% ~ $ 10.15 | ATSPT - Archimedes Tech SPAC Partners Co (Announced)
1.33% ~ $ 9.90 | LCW - Learn CW Investment Corp (Pre-Deal)
1.30% ~ $ 10.15 | GTAC - Global Technology Acquisition Corp. I (Pre-Deal)
1.15% ~ $ 10.51 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
1.14% ~ $ 50.63 | DWAC - Digital World Acquisition Corp. (Announced)
.93% ~ $ 9.74 | PEPL - PepperLime Health Acquisition Corp (Pre-Deal)
.72% ~ $ 11.22 | GGPI - Gores Guggenheim, Inc (Announced)
.65% ~ $ 9.95 | ROSE - Rose Hill Acquisition Corp (Pre-Deal)
.61% ~ $ 9.89 | GMII - Gores Metropoulos II, Inc. (Announced)
.61% ~ $ 9.89 | GMBT - Queen’s Gambit Growth Capital (Announced)
.61% ~ $ 9.96 | ACAQ - Athena Consumer Acquisition Corp. (Pre-Deal)
.59% ~ $ 10.28 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
.51% ~ $ 9.80 | XFIN - ExcelFin Acquisition Corp. (Pre-Deal)
.50% ~ $ 9.87 | DNAC - Social Capital Suvretta Holdings Corp. III (Pre-Deal)

SPAC Losers
-3.98% ~ $ 10.62 | ESSC - East Stone Acquisition Corporation (Announced)
-2.60% ~ $ 10.12 | FSII - FS Development Corp. II (Announced)
-2.45% ~ $ 9.95 | SAMA - Schultze Special Purpose Acquisition Corp. II (Pre-Deal)
-1.59% ~ $ 9.88 | DYNS - Dynamics Special Purpose Corp. (Announced)
-1.33% ~ $ 10.37 | CND - Concord Acquisition Corp (Announced)
-1.30% ~ $ 9.86 | FTCV - FinTech Acquisition Corp. V (Announced)
-1.30% ~ $ 9.90 | AEAE - AltEnergy Acquisition Corp (Pre-Deal)
-1.28% ~ $ 9.75 | HCAR - Healthcare Services Acquisition Corporation (Pre-Deal)
-1.21% ~ $ 9.81 | ACAH - Atlantic Coastal Acquisition Corp. (Announced)
-1.20% ~ $ 9.87 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.14% ~ $ 9.94 | CLAQ - cleantech Acquisition Corp. (Announced)
-1.12% ~ $ 9.69 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
-1.10% ~ $ 9.89 | NCAC - Newcourt Acquisition Corp (Pre-Deal)
-1.06% ~ $ 10.23 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-1.02% ~ $ 9.70 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
-1.02% ~ $ 9.75 | LDHA - LDH Growth Corp I (Pre-Deal)
-1.01% ~ $ 9.80 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
-.99% ~ $ 10.05 | USCT - TKB Critical Technologies 1 (Pre-Deal)
-.91% ~ $ 9.81 | YTPG - TPG Pace Beneficial II Corp. (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.)