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Gores Discloses Their Highest Redemptions on Quiet SPAC Day

On little other SPAC news for the day, Gores Metropolous II and Sonder disclosed 96% redemptions following their merger vote. CFV drops on deal vote.

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While stocks whipsawed their way through the day, ultimately finishing up following a large early drop, SPACs mostly stayed on the sideline. Another day of no deal announcements and IPOs is becoming an all-too-familiar story thus far in 2022. 

Gores Metropolous II and Sonder (SOND) finally released their redemption figures (vote was back on 1/14) which came out to a very high 96% of the SPAC's trust or $433.5M in funds redeemed. SOND, which was down ~13% today, is ticking back up a little in after-market trading. 

For Gores, one of the most trusted and experienced SPAC sponsors, this marks by far the highest level of redemptions that they have seen on a SPAC deal. It's a sign of the times in SPAC land right now, low confidence in the performance of all deals is putting even the most trusted sponsors at risk of high redemptions. 

Elsewhere in SPACs

Novus Capital Corp. II (NXU) and Energy Vault set a Feb-10 date for their merger vote. NXU closed near NAV at $9.96.

Broadscale Acquisition (SCLE) filed a preliminary S-4 for its Voltus deal, no meeting date is set yet.

SPAC Calendar

Following CFV's vote today, tomorrow comes Yellowstone Acquisition (YSAC) and Sky Harbour. YSAC already hit the ex-redemption technical last week, and is trading in the $8s right now. 

Jan 25 | $ 8.34 | YSAC - Yellowstone Acquisition Co --> Sky Harbour LLC
Jan 26 | $ 7.93 | SEAH - Sports Entertainment Acquisition Corp --> Super Group
Jan 31 | $ 9.99 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Jan 31 | $ 10.05 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Feb 01 | $ 9.97 | OCA - Omnichannel Acquisition Corp --> Kin
Feb 01 | $ 9.98 | ENVI - Environmental Impact Acquisition Corp. --> Greenlight Biosciences Inc.
Feb 01 | $ 9.99 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Feb 01 | $ 9.98 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Feb 03 | $ 9.97 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company

Today's Price Action

Biggest Gainers

5.26% ~ $ 10.41 | MLAI - McLaren Technology Acquisition Corp. (Pre-Deal)
5.25% ~ $ 9.22 | TREB - Trebia Acquisition Corp (Announced)
1.59% ~ $ 10.89 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
1.43% ~ $ 9.96 | GLBL - Cartesian Growth Corporation (Announced)
1.35% ~ $ 12.02 | CFVI - CF Acquisition Corp. VI (Announced)
1.34% ~ $ 9.85 | EDNC - Endurance Acquisition Corp. (Pre-Deal)
.92% ~ $ 9.90 | ARYD - ARYA Sciences Acquisition Corp IV (Announced)
.88% ~ $ 10.32 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
.62% ~ $ 9.72 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.67 | ALPA - ALPHA HEALTHCARE ACQUISITION CORP III (Pre-Deal)
.52% ~ $ 9.75 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
.51% ~ $ 9.80 | BIOT - Biotech Acquisition Company (Announced)
.51% ~ $ 9.89 | EJFA - EJF Acquisition Corp (Announced)
.51% ~ $ 9.90 | GTAC - Global Technology Acquisition Corp. I (Pre-Deal)
.46% ~ $ 9.75 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.75 | IBER - Ibere Pharmaceuticals (Pre-Deal)
.41% ~ $ 9.77 | PTIC - PropTech Investment Corporation II (Pre-Deal)
.41% ~ $ 9.81 | ITHX - ITHAX Acquisition Corp. (Announced)
.41% ~ $ 9.84 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
.41% ~ $ 9.88 | BRD - Beard Energy Transition Acquisition Corp. (Pre-Deal)

Biggest Losers

In a currently all too familiar pattern, CFV fell nearly 30% on its deal vote day. While numbers haven't been disclosed yet, expect another high-redemption and low-float setup here. 

-29.20% ~ $ 8.73 | CFV - CF Acquisition Corp. V (Announced)
-8.08% ~ $ 67.21 | DWAC - Digital World Acquisition Corp. (Announced)
-3.76% ~ $ 7.93 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-2.89% ~ $ 9.87 | CNGL - Canna-Global Acquisition Corp (Pre-Deal)
-2.78% ~ $ 9.81 | KACL - Kairous Acquisition Corp. Ltd (Pre-Deal)
-1.77% ~ $ 8.34 | YSAC - Yellowstone Acquisition Co (Announced)
-1.48% ~ $ 9.98 | MEOA - Minority Equality Opportunities Acquisition Inc. (Pre-Deal)
-1.23% ~ $ 9.65 | FICV - Frontier Investment Corp (Pre-Deal)
-1.19% ~ $ 9.95 | IGTA - Inception Growth Acquisition Ltd (Pre-Deal)
-1.08% ~ $ 10.10 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
-1.07% ~ $ 10.16 | HUGS - USHG Acquisition Corp. (Announced)
-1.01% ~ $ 9.85 | ACAH - Atlantic Coastal Acquisition Corp. (Announced)
-.97% ~ $ 9.81 | RCFA - RCF Acquisition Corp. (Pre-Deal)
-.93% ~ $ 9.62 | APTM - Alpha Partners Technology Merger Corp. (Pre-Deal)
-.91% ~ $ 9.80 | AEAE - AltEnergy Acquisition Corp (Pre-Deal)
-.91% ~ $ 9.85 | FPAC - Far Peak Acquisition Corp (Announced)
-.90% ~ $ 9.89 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
-.90% ~ $ 9.91 | CND - Concord Acquisition Corp (Announced)
-.82% ~ $ 9.70 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
-.81% ~ $ 9.81 | FACA - Figure Acquisition 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.)