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** SPAC Market Review - December 2021
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.
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
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)
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)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
Monthly SPAC Market Review
Exec Moves (all issues)
- CEO / CFO / Director Resignations & Appointments | Jan 14, 2022
- CEO / CFO / Director Resignations & Appointments | Dec 31, 2021
The Know Who Drives Return Podcast (all episodes)
- Tal Keinan on Sky Harbour and merger with Yellowstone Acquisition (YSAC)
- Rangeley’s Chris DeMuth Jr. on Value Investing and SPACs
- Sonder's Francis Davidson on Re-Designing Hospitality and GMII Merger
- Amy Nauiokas on FinTech VC, SPACs, Diversity, and Anthemis Digital (ADAL)
- Dave CEO Jason Wilk on Saving Customers Billions and their SPAC Deal with VPCC
- Tim Hentschel on HotelPanner Merger Astrea Acquisition (ASAX)
- Greenbox POS Talking Blockchain and Stablecoin Coyni
- SPAC Sponsor Spotlight: Live Oak Merchant Partners
- BM Technologies’ (BMTX) Luvleen Sidhu on Becoming a Bank and FinTech Evolution
- Will SeatGeek’s Primary Strategy Propel them to Ticketing Victory?
- Why Navitas Semiconductor (NVTS) Is the Next Big Thing in Chips with CEO Gene Sheridan
- Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)