Are SPAC IPOs Back?
16 SPACs have IPO'ed over the last 2 weeks, including another 3 this morning. However, today's deals appear to have had more of a struggle pricing than Chamath's that priced yesterday. 2/3 deals today were downsized, by $100M and $50M respectively, and one had to offer more attractive warrant coverage.
The recent IPOs had generally been trading above NAV (with a few exceptions), though the set is now more mixed with a seeming premium for better known sponsors: Chamath, Elliott (despite being their first SPAC), and Cohen.
Jun 30 | $ 10.11 | DNAA - Social Capital Suvretta Holdings Corp. I
Jun 30 | $ 10.12 | DNAB - Social Capital Suvretta Holdings Corp. II
Jun 30 | $ 10.11 | DNAC - Social Capital Suvretta Holdings Corp. III
Jun 30 | $ 10.10 | DNAD - Social Capital Suvretta Holdings Corp. IV
Jun 29 | $ 10.01 | EOCW - Elliott Opportunity II Corp.
Jun 29 | $ 9.99 | SHQA - Shelter Acquisition Corporation I
Jun 29 | $ 9.93 | MCAF - Mountain Crest Acquisition Corp. IV
Jun 29 | $ 9.85 | GOBI - Gobi Acquisition Corp.
Jun 29 | $ 9.93 | THCP - Thunder Bridge Capital Partners IV, Inc.
Jun 23 | $ 10.09 | FTVI - FinTech Acquisition Corp. VI
Jun 23 | $ 10.13 | NLIT - Northern Lights Acquisition Corp.
Jun 22 | $ 9.88 | MITA - Coliseum Acquisition Corp.
Jun 22 | $ 10.07 | GPCO - Golden Path Acquisition Corporation
Given the uptick in SPAC IPOs, some SPAC investors will be nervous that sponsors are getting greedy and pushing too much back into an already oversupplied market. If the pace accelerates, they will more likely than not be right to be worried.
ISOS Acquisition Strikes Deal with Bowlero
ISOS Acquisition (ISOS) made official its deal with bowling alley operator Bowlero valuing the company at a post-money valuation of $2.6B EV (though pay attention to the footnotes on that one). The transaction includes $450M in PIPE financing comprised both of equity and a mandatory convertible pref.
There are a lot of interesting details in the footnotes of the Transaction Overview slide in the deck. A few of note:
- The deal includes a $39M transaction bonus for Bowlero management ($25M in cash, $14M in stock).
- The pro forma ownership excludes an earnout equivalent to 20.75M shares issued to the Bowlero shareholders triggered in two parts equally at prices of $15.00 and $17.50 per share
- Up to 1.34M of sponsor shares are subject to forfeiture pro rata with the first $80mm of redemptions
SPAC Deal Votes
June closed out with 4 SPACs voting on deals -- all passed, but WPF had significant redemptions:
- ALUS - Alussa Energy Acquisition Corp --> FREYR
- Expected to be completed Wednesday, July 7, 2021 and to start trading as “FREY” from July 8
- No details yet on redemptions
- Closed at $9.91
- APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
- Only 17,372 redemptions
- Closed at $12.25
- HOL - Holicity Inc --> Astra
- Expected to start trading on July 1, 2021 under the new ticker symbol “ASTR”
- Only 10,981 redemptions
- Closed at $12.35
- WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions
- $200M in redemptions -- 19.9mm share redemptions represent around 19% of trust
- Foley Trasimene will buy 5.6mm of those shares redeemed
- Closed at $9.77
July SPAC Votes
July is getting set to be another big month of deal votes as well. There will be a bit of a break during the July 4th holiday week, but then we'll start seeing votes happening regularly throughout the month.
Jul 08 | $ 9.99 | SPRQ - Spartan Acquisition Corp II --> Sunlight Financial LLC
Jul 12 | $ 22.97 | RSVA - Rodgers Silicon Valley Acquisition Corp --> Enovix Corp
Jul 12 | $ 9.98 | ASPL - Aspirational Consumer Lifestyle Corp --> Wheels Up Partners Holdings LLC
Jul 13 | $ 9.98 | AONE - one --> Markforged
Jul 13 | $ 12.40 | LCY - Landcadia Holdings III Inc --> The Hillman Group, Inc.
Jul 14 | $ 10.01 | EMPW - Empower Ltd --> Holley
Jul 15 | $ 10.31 | DCRB - Decarbonization Plus Acquisition Corp --> Hyzon Motors Inc.
Jul 16 | $ 13.63 | THCB - Tuscan Holdings Corp. --> Microvast, Inc.
Jul 19 | $ 10.31 | ANDA - Andina Acquisition Corp. III --> Stryve Foods, LLC
Jul 20 | $ 15.58 | PSAC - Property Solutions Acquisition Corp --> Faraday Future
Jul 20 | $ 9.97 | RAAC - Revolution Acceleration Acquisition Corp --> Berkshire Grey
Wednesday's SPAC Movers
13.20% ~ $ 16.21 | GHVI - Gores Holdings VI Inc (Announced)
9.50% ~ $ 28.82 | CCIV - Churchill Capital Corp IV (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
4.73% ~ $ 12.63 | TDAC - Trident Acquisitions Corp (Announced)
4.72% ~ $ 13.97 | SRAC - Stable Road Acquisition Corp. (Announced)
3.78% ~ $ 14.01 | CMLF - CM Life Sciences Inc (Announced)
3.36% ~ $ 11.38 | BCTG - BCTG Acquisition Corp. (Announced)
3.31% ~ $ 12.18 | PDAC - Peridot Acquisition Corp (Announced)
2.85% ~ $ 18.05 | RICE - Rice Acquisition Corp. (Announced)
2.30% ~ $ 12.46 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
2.19% ~ $ 10.27 | RACA - Therapeutics Acquisition Corp (Announced)
2.10% ~ $ 10.20 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
1.91% ~ $ 22.97 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
1.81% ~ $ 10.69 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.43% ~ $ 22.76 | PSTH - Pershing Square Tontine Holdings (Announced)
1.40% ~ $ 10.14 | RACB - Research Alliance Corp. II (Pre-Deal)
1.33% ~ $ 10.69 | DMYI - dMY Technology Group Inc III (Announced)
-7.35% ~ $ 12.35 | HOL - Holicity Inc (Announced)
-7.20% ~ $ 9.28 | FCAC - Falcon Capital Acquisition Corp (Announced)
-2.65% ~ $ 12.32 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-2.54% ~ $ 12.26 | CMII - CM Life Sciences II Inc. (Announced)
-2.21% ~ $ 15.02 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
-2.08% ~ $ 13.63 | THCB - Tuscan Holdings Corp. (Announced)
-1.96% ~ $ 9.76 | AFAQ - AF Acquisition Corp. (Pre-Deal)
-1.83% ~ $ 15.58 | PSAC - Property Solutions Acquisition Corp (Announced)
-1.71% ~ $ 9.77 | WPF - Foley Trasimene Acquisition Corp. (Announced)
-1.68% ~ $ 9.96 | TPGS - TPG Pace Solutions Corp. (Pre-Deal)
-1.58% ~ $ 11.81 | FST - FAST ACQ CP (Announced)
-1.41% ~ $ 9.81 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
-1.32% ~ $ 9.75 | SPGS - Simon Property Group Acquisition Holdings, Inc. (Pre-Deal)
-1.20% ~ $ 9.84 | MAQC - Maquia Capital Acquisition Corporation (Pre-Deal)
-1.20% ~ $ 9.88 | ISOS - Isos Acquisition Corp. (Pre-Deal)
-1.20% ~ $ 9.91 | ALUS - Alussa Energy Acquisition Corp (Announced)
-1.11% ~ $ 9.77 | DMYQ - dMY Technology Group, Inc. IV (Pre-Deal)
-1.11% ~ $ 9.78 | LVRA - Levere Holdings Corp (Pre-Deal)
-1.02% ~ $ 9.70 | SCOB - ScION Tech Growth II (Pre-Deal)
More from Boardroom Alpha
More from Boardroom AlphaMore from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- Chamath's Bio SPACs Rise, WPF has Large Redemptions
- Stable Road (SRAC) Cuts Deal Valuation in Half -- Market Loves It
- SPACs Flat, LACQ and IACA Votes Pass
- 10 SPAC Deal Votes Close Out June
- De-SPACs Get Set to Join the Russell 3000
- Weekly Director/CEO/CFO Moves: Matthew Furlong Takes the Helm at GameStop & EBAY Gets a New CFO
- Churchill (CCIV) & Lucid Sets its Vote Date
- Spinning and Buzzing in SPAC-Land
- SPACs are Here to Stay
- FTOC and AACQ SPAC Deals Pass Shareholder Votes in an Otherwise Quiet Day
- You Tell Us: Are SPACs Back?
- 4 Mergers Mostly Rise, Thoma Bravo Passes with Chunk of Redemptions
- SPACs Start Week Muted
- Will the Better SPAC Narrative Hold this Week?
- SPAC Wrap: Mixed Feelings
- CEO, CFO, and Director Moves
- DraftKings, Lordstown Reignite SPAC Criticisms
- Decarbonization Plus (DCRC) + Solid Power in $1.24B SPAC Deal
- RIDE Continues its Fall, Fortress II (FAII) Votes Tomorrow
- Lordstown (RIDE) CEO Steve Burns Resigns; Boxed + SVOK
- Gamestop's Big Moves; Director/Officer Moves w/o June 11
- De-SPACs Are Popping, Another eVTOL Merger
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)