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5 SPAC IPOs (here we go again?) + EJF Acquisition taking Pagaya Public

EJFA strikes $8.5B SPAC deal with Pagaya, 5 SPAC IPOs, and 2 shareholder votes highlight the day in SPAC Land.

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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.

Source: Pagaya investor deck

Source: Pagaya investor deck

SPAC IPOs

5 new SPACs hit the market today with $950M in fresh capital. 4/5 featured overfunded trusts and just one repeat sponsor. 

SPAC Calendar

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

Biggest Gainers

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)

Biggest Losers

-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)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)

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