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Overall not a bad week for SPACs as there wasn't a lot of negative news and, on average, the market closed up each day. That said, the overall narrative remains -- it's a yield play until something big happens (listen: Jonathan Browne on investing in SPACs for yield).
HZAC shareholders approved the Vivid Seats deal today which saw it close up 6.65% at 12.03. It had been up around 14.5% over the last few days on the news that Draftings (DKNG) is making an investment via the HZAC PIPE.
The average discount / premium on SPACs with announced deals is back to almost flat after a strong SPAC week. That average hides a lot though as a majority of SPACs still remain well below NAV and a few strong performers like LOKB, HZAC, LEGO pulling the overall average up. Once LOKB, HZAC, and LEGO close next week we'll see a dip down again.
Deal Announcement Update
October's deal announcements haven't seen any pop, so the narrative there continues to hold as well. If they continue to trade down below $10 then expect the redemptions to keep coming fast and furious.
Oct 15 | $ 9.83 | ADER - 26 Capital Acquisition Corp --> Okada ManilaOct 14 | $ 9.92 | ACEV - ACE Convergence Acquisition Corp --> Tempo Automation
Oct 13 | $ 9.90 | RBAC - RedBall Acquisition Corp. --> SeatGeek
Oct 12 | $ 9.87 | DUNE - Dune Acquisition Corporation --> TradeZero
Oct 07 | $ 9.87 | FMAC - FirstMark Horizon Acquisition Corp --> Starry, Inc.
Oct 05 | $ 9.85 | SNII - Supernova Partners Acquisition Company II, Ltd. --> Rigetti Co, Inc.
Oct 04 | $ 9.92 | HLXA - HELIX ACQUISITION CORP --> MoonLake Immunotherapeutics AG
Oct 04 | $ 9.90 | GBRG - Goldenbridge Acquisition Limited --> AgiiPlus
Today's deal announcement of Okada Manila being valued at $2.6B by 26 Capital Acquisition Corp didn't move investors. It ended the day up only 0.5% at $9.83.
Latest Pod: Vacasa's Matt Roberts on their SPAC Deal with TPGS
Matt Roberts, CEO of Vacasa, joined David Drapkin this week on the Know Who Drives Return podcast. If you are a believer in the future of travel looking more and more like Airbnb then this is one to listen to.
SPAC Vote Calendar
Five SPACs go to vote next week with the BOWX / WeWork merger being the most interesting for the broader investor community to watch. It closed Friday at $10.05 and having come through the Adam Neumann era and COVID (or, at least the initial impacts) it will be very interesting to see what investors make of the long-term prospects for WeWork.
Oct 19 | $ 10.05 | BOWX - BowX Acquisition Corp --> WeWork
Oct 19 | $ 9.99 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Oct 20 | $ 9.21 | SGAM - Seaport Global Acquisition Corp --> Redbox
Oct 20 | $ 10.10 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
Oct 20 | $ 9.75 | KURI - Alkuri Global Acquisition Corp. --> Babylon
Oct 27 | $ 10.09 | GNRS - GREENROSE ACQUISITION CORP --> Shango Holdings, Future Works, Theraplant, TrueHarvest
Oct 27 | $ 10.12 | TMTS - Spartacus Acquisition Corporation --> NextNav Holdings, LLC
Nov 02 | $ 9.98 | SWBK - Switchback II Corporation --> Bird Rides, Inc.
Nov 02 | $ 9.97 | RTPY - Reinvent Technology Partners Y --> Aurora Innovation, Inc.
In case you missed it, David Drapkin had RTPY / Aurora on the pod this week and it's worth a listen as it comes up on the vote on November 2. Michael Thompson, RTPY's CEO, and Chris Urmson, Aurora's CEO were both great and went into a lot of detail on why they believe the self-driving tech behind RTPY / Aurora is a smart long-term investment.
Friday's SPAC Movers
Biggest SPAC Gainers
10.08% ~ $ 10.92 | MRAC - Marquee Raine Acquisition Corp. (Announced)
6.65% ~ $ 12.03 | HZAC - HORIZON ACQ CP (Announced)
6.42% ~ $ 12.43 | LOKB - Live Oak Acquisition Corp. II (Announced)
3.89% ~ $ 10.95 | AGC - Altimeter Growth Corp. (Announced)
3.69% ~ $ 10.68 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
2.17% ~ $ 11.75 | LEGO - LEGATO MERGER CORP. (Announced)
2.13% ~ $ 10.05 | BOWX - BowX Acquisition Corp (Announced)
2.06% ~ $ 12.86 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
1.34% ~ $ 9.85 | OEPW - One Equity Partners Open Water I Corp. (Pre-Deal)
1.19% ~ $ 10.23 | CND - Concord Acquisition Corp (Announced)
.93% ~ $ 9.80 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.78 | VAQC - Vector Acquisition Corporation II (Pre-Deal)
.69% ~ $ 10.18 | TPGS - TPG Pace Solutions Corp. (Announced)
.62% ~ $ 9.76 | MITA - Coliseum Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.76 | BOAS - BOA Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.73 | TWCB - Bilander Acquisition Corp. (Pre-Deal)
.60% ~ $ 10.00 | GGGV - G3 VRM Acquisition Corp. (Pre-Deal)
.56% ~ $ 12.52 | FST - FAST ACQ CP (Announced)
.51% ~ $ 9.81 | SDAC - Sustainable Development Acquisition I Corp. (Pre-Deal)
.51% ~ $ 9.83 | ADER - 26 Capital Acquisition Corp (Announced)
Biggest SPAC Losers
-8.63% ~ $ 9.21 | SGAM - Seaport Global Acquisition Corp (Announced)
-2.40% ~ $ 9.75 | KURI - Alkuri Global Acquisition Corp. (Announced)
-2.20% ~ $ 9.76 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
-2.01% ~ $ 9.75 | MON - Monument Circle Acquisition Corp (Pre-Deal)
-1.51% ~ $ 9.80 | BWC - Blue Whale Acquisition Corp I (Pre-Deal)
-1.03% ~ $ 11.50 | TDAC - Trident Acquisitions Corp (Announced)
-1.02% ~ $ 9.69 | LOKM - Live Oak Mobility Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.70 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.73 | ESM - ESM Acquisition Corporation (Pre-Deal)
-.70% ~ $ 9.88 | FOXW - FoxWayne Enterprises Acquisition Corp. (Pre-Deal)
-.62% ~ $ 9.67 | SPTK - SportsTek Acquisition Corp. (Pre-Deal)
-.62% ~ $ 9.69 | GXII - GX Acquisition Corp. II (Pre-Deal)
-.61% ~ $ 9.72 | KLAQ - KL Acquisition Corp (Pre-Deal)
-.61% ~ $ 9.74 | SCAQ - Stratim Cloud Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.93 | ATSPT - Archimedes Tech SPAC Partners Co (Pre-Deal)
-.60% ~ $ 9.78 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-.51% ~ $ 9.71 | ACQR - Independence Holdings Corp (Pre-Deal)
-.51% ~ $ 9.71 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-.51% ~ $ 9.84 | GIW - GigInternational1, Inc. (Pre-Deal)
-.50% ~ $ 9.95 | FSII - FS Development Corp. II (Announced)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- Vacasa CEO Matt Roberts on Travel and Merger with TPG Pace Solutions (TPGS)
- Aurora's Chris Urmson and Reinvent's Michael Thompson
- Okapi's Bruce Goldfarb on Activism, the Rise of Retail, AMC, and SPACs
- Scott Wagner and Tom Hegge From True Wind on SPACs
- Podcast: Robinson Capital on Investing in SPACs for Yield
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- DMYI's Niccolo de Masi on Quantum Computing & IonQ
- Procaps and Union Acquisition II (LATN) Discuss $1.1B SPAC Deal
- Are Niccolo de Masi and dMY the Real SPAC Kings?
- Sarcos Robotics CEO Ben Wolff on Robots and SPACs
- Say-On-Pay Failures 2021
- Spring Valley (SV) and AeroFarms end SPAC Merger
- Billy Beane's RedBall Nabs SeatGeek in SPAC Merger
- SPAC Market Remains Saturated, Deal Pace Needs to Pick Up to Clear
- Starry Going Public with FirstMark Horizon (FMAC)
- Don't Go Long on SPACs
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- No SPACs For You Say the Dems
- Risk Off, Tech Off, SPACs Off
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- So Long SPAC Gamma Squeeze? MEKA Rises in IPO Surprise
- LATN, AMHC Deals Pass, and Joe Ianiello Prices a $265M SPAC IPO
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- All SPAC Analysis from Boardroom Alpha
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)