It was a fairly active day in SPAC land with action across the lifecycle spectrum, yet no major shift changes in the narrative. 5 new SPACs priced IPOs and 4 needed overfunded trusts to get deals priced. Not surprisingly, the majority traded down.
One more SPAC vote on tap for this week ahead of what is set to be a busy week of votes two weeks from now.
EJF Acquisition and Pagaya
EJF Acquisition Corp (EJFA) struck a $8.5B deal to take Israel-based Pagaya Technologies public via SPAC. Pagaya is an AI-powered fintech that helps financial service providers broaden access.
Pagaya touts a fee-based revenue model with ~$175M in revenue for 1H2021, and projecting out to reach > $1B by 2023. The deal financing includes a $200M PIPE from "entities associated with EJFA." EJFA rose +1.96% on the news to $9.89.
5 new SPACs hit the market today with $950M in fresh capital. 4/5 featured overfunded trusts and just one repeat sponsor.
D8 Holdings Corp. shareholders approved its merger with Vicarious Surgical and will trade as RBOT on 9/20. ~$267M in redemptions, 77%, leaving the trust with $77.5M. The $142M PIPE was upsized from the originally agreed $115M at deal announcement.
Rotor Acquisition Corp (ROT) held its vote on Sarcos Robotics today. Waiting for the official results, but ICYMI we sat down with Sarcos CEO Ben Wolff to talk about the deal, have a listen.
Sep 16 | $ 10.00 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
Sep 21 | $ 9.98 | FUSE - Fusion Acquisition Corp. --> MoneyLion Inc.
Sep 22 | $ 10.15 | LATN - Union Acquisition Corp. II --> Procaps Group
Sep 28 | $ 9.97 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences
Sep 28 | $ 10.01 | DMYI - dMY Technology Group Inc III --> ionQ, Inc.
Sep 28 | $ 9.97 | PTK - PTK Acquisition Corp. --> Valens Semiconductor
Sep 28 | $ 10.08 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
Sep 28 | $ 9.97 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd
Sep 28 | $ 10.00 | STPC - Star Peak Corp II --> Benson Hill, Inc.
Today's Price Action
2.12% ~ $ 9.89 | EJFA - EJF Acquisition Corp (Announced)
1.56% ~ $ 9.75 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
1.34% ~ $ 9.83 | PSPC - Post Holdings Partnering Corporation (Pre-Deal)
1.29% ~ $ 10.22 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
1.13% ~ $ 9.83 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
1.04% ~ $ 9.75 | SCAQ - Stratim Cloud Acquisition Corp. (Pre-Deal)
.92% ~ $ 9.87 | PPGH - Poema Global Holdings Corp. (Pre-Deal)
.83% ~ $ 9.76 | GSQD - G Squared Ascend I Inc. (Pre-Deal)
.80% ~ $ 9.98 | IIAC - Investindustrial Acquisition Corp. (Announced)
.72% ~ $ 9.75 | ESM - ESM Acquisition Corporation (Pre-Deal)
.72% ~ $ 9.76 | ITQ - Itiquira Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.79 | TRTL - TortoiseEcofin Acquisition Corp. III (Pre-Deal)
.72% ~ $ 9.82 | DNAC - Social Capital Suvretta Holdings Corp. III (Pre-Deal)
.71% ~ $ 9.99 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
.70% ~ $ 10.00 | CTAC - Cerberus Telecom Acquisition Corp (Announced)
.62% ~ $ 9.79 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
.62% ~ $ 9.79 | TEKK - Tekkorp Digital Acquisition Corp (Pre-Deal)
.61% ~ $ 9.97 | GGGV - G3 VRM Acquisition Corp. (Pre-Deal)
-7.85% ~ $ 9.39 | ACIC - Atlas Crest Investment Corp (Announced)
-2.96% ~ $ 10.81 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-2.85% ~ $ 9.53 | DEH - D8 Holdings Corp. (Announced)
-1.82% ~ $ 11.30 | LEGO - LEGATO MERGER CORP. (Announced)
-1.27% ~ $ 9.71 | DILA - Dila Capital Acquisition Corp (Pre-Deal)
-1.27% ~ $ 10.13 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
-1.16% ~ $ 10.19 | VIH - VPC Impact Acquisition Holdings (Announced)
-1.12% ~ $ 12.31 | FST - FAST ACQ CP (Announced)
-1.02% ~ $ 9.72 | EPWR - Empowerment & Inclusion Capital I Corp (Pre-Deal)
-1.01% ~ $ 9.83 | BSGA - Blue Safari Group Acquisition Corp (Pre-Deal)
-.99% ~ $ 9.84 | SPK - SPK Acquisition Corp. (Pre-Deal)
-.89% ~ $ 10.01 | PACE - TPG Pace Tech Opportunities Corp (Announced)
-.88% ~ $ 10.18 | FTCV - FinTech Acquisition Corp. V (Announced)
-.80% ~ $ 9.92 | BTNB - Bridgetown 2 Holdings Limited (Announced)
-.71% ~ $ 9.73 | CLAA - Colonnade Acquisition Corp. II (Pre-Deal)
-.71% ~ $ 9.83 | RCHG - Recharge Acquisition Corp (Pre-Deal)
-.62% ~ $ 9.64 | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)
-.61% ~ $ 9.70 | LDHA - LDH Growth Corp I (Pre-Deal)
More from Boardroom Alpha
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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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)