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Is IONQ Changing the DeSPAC Narrative? WeWork is Officially Public (almost)

IONQ has surged after hitting lows post DeSPAC. Is this a one-off or are other DeSPACs following suit?

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The biggest SPAC news of the day was probably that the BowX / WeWork vote passed and WeWork is now officially (well, almost) a public company. In many ways it seems fitting that WeWork finally making it to the public markets would be done via a SPAC merger, but it is still a little surprising (and disappointing?) that there wasn't one last twist in the WeWork plot. We don't yet know the redemption figures and it doesn't officially close until Wednesday the 20th, so there could yet be one more interesting turn yet. It is expected to start trading on the 21st as WE on the NYSE.

Following suit with most recent DeSPACs (more below), BowX / WeWork dropped almost 10% on the day and will likely start it's life as a public company well below $10.

bowx_wework_stock

The GSAH / Mirion shareholder vote also passed and will start trading as MIR on the 21st as well. Interestingly, in their press release they state:

 "The deadline for GSAH stockholders to withdraw any election to have their shares redeemed in connection with the Business Combination will be 5:00 p.m. Eastern Time on Tuesday, October 19, 2021."

This follows their press release yesterday, the 18th where they pre-announced likely redemptions which would leave $554M in the GSAH trust. It will be interesting to watch where the ultimate % of redemptions and value in trust end up.

IONQ Changing the DeSPAC Narrative?

IONQ is now up over 18% since it DeSPAC'd closing Tuesday at $10.91. After an initial plunge that was consistent with the narrative to date, it has surged back off its lows. It remains a bit of a retail SPAC darling on FinTwit and with the DMY / Niccolo de Masi team putting their weight behind it, it could continue to disrupt the current deSPAC narrative.

IONQ has surged off its post deSPAC lows

IONQ has surged off its post deSPAC lows

We spoke to Niccolo about IONQ on the podcast the other day. You can listen here:

Unfortunately, most deSPACs are following a different path than IONQ. ESS Technology, which is the deSPAC of STWO, has been a standout as well, but most others are languishing well below $10.

$ 8.49 | VIH - VPC Impact Acquisition Holdings --> BAKKT Holdings, LLC
$ 17.16 | STWO - ACON S2 Acquisition Corp --> Ess Technology Inc
$ 8.08 | ITAC - Industrial Tech Acquisitions Inc --> Arbe Robotics Ltd
$ 10.94 | LSAQ - LIFE SCI ACQ II --> Science 37
$ 10.13 | KCAC - Kensington Capital Acquisition Corp. II --> Wallbox BV
$ 6.20 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
$ 10.91 | DMYI - dMY Technology Group Inc III --> ionQ, Inc.
$ 6.27 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences Ltd
$ 7.20 | PTK - PTK Acquisition Corp. --> Valens Semiconductor
$ 9.52 | LATN - Union Acquisition Corp. II --> Procaps Group SA
$ 8.41 | SPFR - Jaws Spitfire Acquisition Corporation --> VELO3D
$ 7.15 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
$ 6.17 | STPC - Star Peak Corp II --> Benson Hill, Inc.
$ 8.43 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd
$ 6.30 | ROT - Rotor Acquisition Corp --> SARCOS CORP.

In case you missed it, we spoke to both ROT / Sarcos and LATN / Procaps recently on the pod. You can listen here (and don't forget to follow to get all the latest pods):

ROT / Sarcos

Procaps / LATN

SPAC IPOs

A few SPAC IPOs from Monday in case you missed them. While the pace continues to be subdued, the market would probably welcome the banks and sponsors taking the rest of the year off -- there is still way too much in the market.

SPAC Vote Calendar

Three SPAC deal votes go to shareholders on Wednesday before a little bit of a break before things pickup again.

Oct 20 | $ 9.93 | KURI - Alkuri Global Acquisition Corp. --> Babylon
Oct 20 | $ 9.49 | SGAM - Seaport Global Acquisition Corp --> Redbox
Oct 20 | $ 9.95 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
Oct 27 | $ 10.13 | TMTS - Spartacus Acquisition Corporation --> NextNav Holdings, LLC
Oct 27 | $ 10.11 | GNRS - GREENROSE ACQUISITION CORP --> Shango Holdings, Future Works, Theraplant, TrueHarvest
Oct 28 | $ 11.96 | TDAC - Trident Acquisitions Corp --> AUTOLOTTO, INC.
Nov 02 | $ 9.97 | RTPY - Reinvent Technology Partners Y --> Aurora Innovation, Inc.
Nov 02 | $ 9.98 | SWBK - Switchback II Corporation --> Bird Rides, Inc.

Know Who Drives Return Podcast

Great new session dropped today with Inspirato CEO Brent Handler. Inspirato is being taken public by Thayer Ventures Acquisition Corp (TVAC) in a $1.1B deal. Inspirato is trying to deliver on "travel as a subscription" and will face stiff competion form traditional players (e.g. Marriott, Hilton, etc) and newcomers (e.g. Airbnb, Vacasa) for consumers' travel dollars.

SPAC Stock Gainers / Losers

Biggest Gainers
2.56% ~ $ 10.00 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
1.42% ~ $ 10.00 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
1.31% ~ $ 10.02 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
1.08% ~ $ 11.25 | LEGO - LEGATO MERGER CORP. (Announced)
1.01% ~ $ 10.00 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
.93% ~ $ 9.79 | MTAL - Metals Acquisition Corp (Pre-Deal)
.67% ~ $ 9.80 | PANA - Panacea Acquisition Corp. II (Pre-Deal)
.63% ~ $ 12.84 | FST - FAST ACQ CP (Announced)
.62% ~ $ 9.76 | MITA - Coliseum Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.78 | AAQC - Accelerate Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.95 | SVFC - SVF Investment Corp. 3 (Pre-Deal)
.61% ~ $ 10.29 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
.55% ~ $ 9.99 | PONO - PONO Capital Corp (Pre-Deal)
.52% ~ $ 9.70 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
.51% ~ $ 9.83 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
.51% ~ $ 9.84 | MEAC - Mercury Ecommerce Acquisition Corp (Pre-Deal)
.48% ~ $ 10.39 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
.46% ~ $ 10.97 | MRAC - Marquee Raine Acquisition Corp. (Announced)
.41% ~ $ 9.73 | TRTL - TortoiseEcofin Acquisition Corp. III (Pre-Deal)
.41% ~ $ 9.73 | TWNT - Tailwind Two Acquisition Corp. (Pre-Deal)

Biggest Losers
-9.90% ~ $ 9.37 | BOWX - BowX Acquisition Corp (Announced)
-4.97% ~ $ 9.95 | BCYP - Big Cypress Acquisition Corp. (Announced)
-2.53% ~ $ 10.41 | AGC - Altimeter Growth Corp. (Announced)
-2.00% ~ $ 9.80 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
-1.72% ~ $ 9.70 | BWC - Blue Whale Acquisition Corp I (Pre-Deal)
-1.35% ~ $ 10.26 | GSAH - GS Acquisition Holdings Corp II (Announced)
-1.11% ~ $ 13.38 | LOKB - Live Oak Acquisition Corp. II (Announced)
-1.02% ~ $ 9.72 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
-1.00% ~ $ 9.91 | CLAQ - cleantech Acquisition Corp. (Pre-Deal)
-.96% ~ $ 9.67 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
-.82% ~ $ 9.70 | SCOB - ScION Tech Growth II (Pre-Deal)
-.80% ~ $ 9.92 | HLXA - HELIX ACQUISITION CORP (Announced)
-.75% ~ $ 10.60 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-.70% ~ $ 9.87 | GLBL - Cartesian Growth Corporation (Announced)
-.70% ~ $ 9.93 | KURI - Alkuri Global Acquisition Corp. (Announced)
-.61% ~ $ 9.71 | TLGA - TLG Acquisition One Corp. (Pre-Deal)
-.61% ~ $ 9.82 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
-.60% ~ $ 9.86 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
-.51% ~ $ 9.70 | HHLA - HH&L Acquisition Co. (Pre-Deal)
-.51% ~ $ 9.71 | GFOR - Graf Acquisition Corp. IV (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.)