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Jimmy Chill Sick on SPACs. High Redemptions Continue.

SPAC market sentiment is about as low as it has been in quite some time. Jim Cramer's latest SPAC related tweets and the continuing, elevated redemption rates are just two signs.

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SPAC market sentiment is about as low as it has been in quite some time. This may be epitomized by a combination of Jim Cramer's latest SPAC related tweets, the continuing, elevated redemption rates, and both common and warrant prices for the average SPAC continuing to fall.

The SPAC market could be crushed under the weight of record high redemptions

The SPAC market could be crushed under the weight of record high redemptions

For the record though, this market meltdown is about more than just SPACs and recent IPOs haven't fared much better either.

DeSPACs and IPOs are both risky these days

DeSPACs and IPOs are both risky these days

Elsewhere in SPAC Land

  • The average pre-deal SPAC is now trading around $9.79 and 83% are now under $10. 
  • SPAC issuance will likely end lower in January, again slowing after a small run up through November of 2021. This is good news for the market, and even slower issuance in February would be welcome.
  • The average pre-deal warrant is now down to $0.49. There will certainly be opportunities for those investing in SPAC warrants, but given the likely increase in liquidations and the lower volumes, they remain high risk.
  • Sports Entertainment Acquisition (SEAH) has its shareholder vote tomorrow, Wednesday the 26th. It closed Tuesday at $8.08 after dropping into the $8s after going ex-redemption several days ago.
  • YSAC / SKYH released redemption numbers of 89% of trust (12.06M shares). Incredibly, while this is another high number, it isn't among the highest the SPAC market has seen recently. It will officially trade as SKYH tomorrow, Jan 26th.
  • CFV will officially trade as Satellogic (SATL) starting tomorrow Jan 26th

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SPAC Calendar

Jan 26 | $ 8.08 | SEAH - Sports Entertainment Acquisition Corp --> Super Group
Jan 31 | $ 10.00 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Jan 31 | $ 10.05 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Feb 01 | $ 9.96 | 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 | $ 9.97 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Feb 03 | $ 9.98 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Feb 08 | $ 10.17 | TVAC - Thayer Ventures Acquisition Corporation --> Inspirato LLC
Feb 09 | $ 9.97 | GCAC - Growth Capital Acquisition Corp. --> Cepton Technologies, Inc
Feb 09 | $ 9.97 | MBAC - M3-Brigade Acquisition II Corp --> Syniverse Corp
Feb 14 | $ 9.96 | ROCR - ROTH CH ACQUISITION III CO --> QualTek
Feb 15 | $ 9.97 | HCCC - Healthcare Capital Corp. --> Alpha Tau Medical Ltd.

Today's Price Action

Biggest Gainers

27.64% ~ $ 13.90 | VMAC - Vistas Media Acquisition Company Inc.
5.25% ~ $ 9.22 | TREB - Trebia Acquisition Corp (Announced)
2.63% ~ $ 68.98 | DWAC - Digital World Acquisition Corp. (Announced)
1.89% ~ $ 8.08 | SEAH - Sports Entertainment Acquisition Corp (Announced)
1.75% ~ $ 9.88 | LCW - Learn CW Investment Corp (Pre-Deal)
1.41% ~ $ 10.04 | GOGN - GoGreen Investments Corp (Pre-Deal)
1.34% ~ $ 9.84 | AKIC - Sports Ventures Acquisition Corp. (Announced)
1.11% ~ $ 10.01 | IOAC - Innovative International Acquisition Corp. (Pre-Deal)
1.03% ~ $ 9.78 | ALCC - AltC Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.73 | KSI - Kadem Sustainable Impact Corporation (Pre-Deal)
.61% ~ $ 9.89 | ROCG - Roth CH Acquisition IV Co. (Pre-Deal)
.61% ~ $ 9.96 | ROCR - ROTH CH ACQUISITION III CO (Announced)
.59% ~ $ 10.22 | HUGS - USHG Acquisition Corp. (Announced)
.52% ~ $ 9.71 | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)
.52% ~ $ 9.71 | POND - Angel Pond Holdings Corp (Pre-Deal)
.52% ~ $ 9.72 | OHPA - Orion Acquisition Corp. (Pre-Deal)
.52% ~ $ 9.75 | CLRM - Clarim Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.76 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
.51% ~ $ 9.77 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
.51% ~ $ 9.79 | ARIZ - Arisz Acquisition Corp. (Announced)

Biggest Losers

-2.91% ~ $ 11.67 | CFVI - CF Acquisition Corp. VI (Announced)
-2.88% ~ $ 10.11 | MLAI - McLaren Technology Acquisition Corp. (Pre-Deal)
-2.11% ~ $ 9.74 | IGTA - Inception Growth Acquisition Ltd (Pre-Deal)
-1.70% ~ $ 9.82 | STET - ST Energy Transition I Ltd. (Pre-Deal)
-1.32% ~ $ 9.72 | EDNC - Endurance Acquisition Corp. (Pre-Deal)
-1.22% ~ $ 9.70 | FTPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
-1.02% ~ $ 9.63 | PSPC - Post Holdings Partnering Corporation (Pre-Deal)
-1.01% ~ $ 9.78 | DYNS - Dynamics Special Purpose Corp. (Announced)
-1.01% ~ $ 9.80 | MCAE - Mountain Crest Acquisition Corp. III (Pre-Deal)
-.93% ~ $ 9.62 | APTM - Alpha Partners Technology Merger Corp. (Pre-Deal)
-.93% ~ $ 9.63 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-.91% ~ $ 9.80 | AEAE - AltEnergy Acquisition Corp (Pre-Deal)
-.90% ~ $ 9.89 | PAFO - Pacifico Acquisition Corp. (Pre-Deal)
-.82% ~ $ 9.62 | SEDA - SDCL EDGE Acquisition Corp (Pre-Deal)
-.81% ~ $ 9.77 | ACTD - ArcLight Clean Transition Corp. II (Announced)
-.81% ~ $ 9.84 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-.72% ~ $ 9.62 | BSAQ - Black Spade Acquisition Co (Pre-Deal)
-.72% ~ $ 9.72 | MDH - MDH Acquisition Corp. (Announced)
-.62% ~ $ 9.68 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-.61% ~ $ 9.85 | APN - Apeiron Capital Investment Corp. (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)

The Know Who Drives Return Podcast (all episodes)

(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)