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** SPAC Market Review - December 2021
It was another light day for SPAC news and no deal announcements for trading day 2 of 2022. The lack of deals certainly isn't due to a lack of SPACs looking for therm -- there are just about 575 SPACs actively search at this point. As we've discussed before, the deal announcement and close rate will have to pick up significantly in 2022 for the market to smoothly clear out the oversupply.
Overall there was little movement in pre-deal SPACs (trading at an average of $9.82) and only a few movers in SPACs with announced deals (trading at an average of $10.42 thanks to DWAC). Each mover had a story to it -- GGPI gave back along with other EV car makers, ESSC is a potential gamma squeeze play, CFVI's target Rumble announced news (see below), XPDI is coming up on their vote and VPCC dropped further as it deSPACs.
Recent DeSPACs were hit hard again today alongside the broader rotation away from growth. If the current mood remains the same SPACs that are looking to take currently unprofitable growth companies public will have very difficult deSPACs in 2022.
SPAC Quick Hits
- After falling almost 19% on Monday, today VPC Impact Acquisition Holdings III (VPCC) shareholders said "yes" to their deal with Dave. There was no mention of redemption numbers (investors should assume they are anywhere between high and very high) and the SPAC's stock fell another -3.7% to $8.02. VPCC's previous deSPAC, BAKKT, had a ~42% redemption rate.
- DCRN's target Tritium announced 2021 Q4 and whole year financials. Sales increased 416% year over year to $98M.
- CFVI's target Rumble announced they are beginning to serve their own ad inventory. "Current exchanges are opaque, they don't let advertisers choose where to advertise, and they are enormously susceptible to cancel culture pressure" says CEO Chris Pavlovski.
After today's vote on VPCC / Dave, there is only one vote left this week. PAIC, which votes on Thursday, was up 5% to $10.55.
Jan 06 | $ 10.55 | PAIC - Petra Acquisition Inc --> Revelation Biosciences, Inc
Jan 11 | $ 9.99 | CPSR - Capstar Special Purpose Acquisition Corp. --> Gelesis Inc
Jan 12 | $ 9.96 | DCRN - Decarbonization Plus Acquisition Corporation II --> Tritium
Jan 14 | $ 10.03 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Jan 14 | $ 9.97 | GMII - Gores Metropoulos II, Inc. --> Sonder Holdings Inc.
Jan 19 | $ 10.18 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 19 | $ 10.24 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 20 | $ 9.96 | TREB - Trebia Acquisition Corp --> System1
SPAC Stock Movers
5.08% ~ $ 10.55 | PAIC - Petra Acquisition Inc (Announced)
4.72% ~ $ 10.20 | BRIV - B. Riley Principal 250 Merger Corp. (Pre-Deal)
3.63% ~ $ 13.40 | ESSC - East Stone Acquisition Corporation (Announced)
2.42% ~ $ 10.15 | UPTD - TradeUP Acquisition Corp (Pre-Deal)
2.04% ~ $ 11.48 | CFVI - CF Acquisition Corp. VI (Announced)
1.53% ~ $ 9.98 | LION - Lionheart III CORP (Pre-Deal)
1.41% ~ $ 10.07 | BTNB - Bridgetown 2 Holdings Limited (Announced)
1.27% ~ $ 9.94 | WQGA - World Quantum Growth Acquisition Corp (Pre-Deal)
1.03% ~ $ 52.23 | DWAC - Digital World Acquisition Corp. (Announced)
1.02% ~ $ 9.90 | PEPL - PepperLime Health Acquisition Corp (Pre-Deal)
1.01% ~ $ 10.00 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
.82% ~ $ 9.81 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
.81% ~ $ 9.90 | PGSS - Pegasus Digital Mobility Acquisition Corp. (Pre-Deal)
.81% ~ $ 9.75 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.72% ~ $ 9.79 | OHPA - Orion Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.84 | RACB - Research Alliance Corp. II (Pre-Deal)
.72% ~ $ 9.84 | PSPC - Post Holdings Partnering Corporation (Pre-Deal)
.62% ~ $ 9.76 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.62% ~ $ 9.77 | TBSA - TB SA Acquisition Corp (Pre-Deal)
.62% ~ $ 9.80 | BHAC - Crixus BH3 Acquisition Corp. (Pre-Deal)
-4.54% ~ $ 9.77 | RVAC - Riverview Acquisition Corp. (Pre-Deal)
-3.72% ~ $ 8.02 | VPCC - VPC Impact Acquisition Holdings III, Inc. (Announced)
-2.77% ~ $ 9.84 | RNER - Mount Rainier Acquisition Corp. (Pre-Deal)
-2.64% ~ $ 9.95 | GVCI - Green Visor Financial Technology Acquisition Corp I (Pre-Deal)
-2.39% ~ $ 9.80 | IRRX - Integrated Rail and Resources Acquisition Corp. (Pre-Deal)
-2.38% ~ $ 9.85 | VMGA - VMG Consumer Acquisition Corp. (Pre-Deal)
-2.29% ~ $ 9.83 | CCTS - Cactus Acquisition Corp. 1 Ltd (Pre-Deal)
-2.17% ~ $ 11.73 | GGPI - Gores Guggenheim, Inc (Announced)
-1.99% ~ $ 9.83 | LGVC - LAMF Global Ventures Corp. I (Pre-Deal)
-1.82% ~ $ 10.24 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-1.49% ~ $ 9.93 | DPCS - DP Cap Acquisition Corp I (Pre-Deal)
-1.08% ~ $ 10.04 | GOGN - GoGreen Investments Corp (Pre-Deal)
-.97% ~ $ 10.17 | CND - Concord Acquisition Corp (Announced)
-.96% ~ $ 10.31 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
-.80% ~ $ 9.92 | IMPX - AEA-Bridges Impact Corp (Announced)
-.77% ~ $ 10.29 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-.72% ~ $ 9.75 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
-.61% ~ $ 9.77 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
-.61% ~ $ 9.84 | TCAC - Tuatara Capital Acquisition Corporation (Announced)
-.60% ~ $ 9.92 | ROCR - ROTH CH ACQUISITION III CO (Announced)
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The Know Who Drives Return Podcast (all episodes)
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)