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The late day announcement of Khosla Ventures (KSVA) and Valo Health took the market for a surprise after hours. The announcement was a shock as the vote was slated for tomorrow, November 16, and Khosla's strong reputation that includes its initial SPAC transaction where it took Nextdoor (KIND) public (+33% since IPO).
It had otherwise felt like another solid day for SPACs with the energy back and two deals announced. Given the overall SPAC mood and narrative at the moment this won't be much of a blow to the market. But, the terminations are coming at an increasing rate and it is worth watching how terminations progress in the coming months.
Pre-deal SPACs remain at a solid discount. On average, they are trading at $9.84. This though remains materially higher than just a few months ago and shows that some strength -- or at least a willingness to take more bets -- has returned to the pre-deal space.
Altimeter Growth (AGC), which is merging with Grab, dropped another 8% today on the back of Grab's third-quarter earnings disappointment. Post-deal announcement is a critical period for SPACs and any signs of weakness are quickly pounced on by investors. SPAC investors need to continue to watch for performance catalysts -- negative and positive -- through each stage of the SPAC. Positive execution news is often, though not always, rewarded, but negative execution news is always penalized.
On the positive side, Decarbonization Plus Acquisition Corporation III (DCRC) popped at the end of the trading day, closing up over 18% for the day at $14.17. DCRC is another EV related play as it is merging with solid state batter maker Solid Power.
CHPM Announces SPAC Deal with Accelus
The CHPM / Accelus deal is valued at $482M and includes no PIPE (yet). Accelus is a medical technology company developing technology to support minimally invasive spine-related surgery. The deal is expected to close in early 2022. While there was significant volume of trading on the deal, the price didn't move and closed at $10.03.
WALD Announces SPAC Deal with Obagi and Milk Makeup
The WALD SPAC deal will bring together two leading cosmetic companies in a deal valued at $1.2B. Waldencast's Founder and CEO Michel Brousset will lead the combined business. The deal has a $105M PIPE and $333M in forward purchase agreements. The WALD deal announcement also drove higher volume, but only a little in price action as it closed up ~2% at $10.
November's SPAC IPOs
The SPAC IPO market is back, in part fueled by the rich structures of overfunded trusts and attractive warrants. There has already been almost $7B in new SPAC issuance already in November and the pace isn't expected to slow given the resurgence in the overall SPAC market.
$ 10.05 | LGVC - LAMF Global Ventures Corp. I
$ 10.08 | MCAG - Mountain Crest Acquisition Corp. V
$ 10.04 | IRRX - Integrated Rail and Resources Acquisition Corp.
$ 10.06 | VMGA - VMG Consumer Acquisition Corp.
$ 10.07 | CBRG - Chain Bridge I
$ 10.11 | ACDI - Ascendant Digital Acquisition Corp. III
$ 10.08 | AFAC - Arena Fortify Acquisition Corp.
$ 10.15 | BCSA - Blockchain Coinvestors Acquisition Corp. I
$ 10.10 | GVCI - Green Visor Financial Technology Acquisition Corp I
$ 10.08 | RCF - RCF Acquisition Corp.
$ 10.07 | DPCS - DP Cap Acquisition Corp I
$ 10.10 | HTAQ - Hunt Companies Acquisition Corp. I
$ 10.08 | APN - Apeiron Capital Investment Corp.
$ 10.21 | MCAA - Mountain Co. I Acquisition Corp.
$ 10.07 | RRAC - Rigel Resource Acquisition Corp.
$ 10.17 | IQMD - Intelligent Medicine Acquisition Corp.
$ 10.10 | MPRA - Mercato Partners Acquisition Corp
$ 10.14 | NPAB - New Providence Acquisition Corp. II
$ 10.08 | SVNA - 7 Acquisition Corp
$ 10.10 | SZZL - Sizzle Acquisition Corp.
$ 10.24 | DHAC - Digital Health Acquisition Corp.
$ 10.11 | LGST - Semper Paratus Acquisition Corp
$ 10.14 | TOAC - Talon 1 Acquisition Corp
$ 10.11 | FNVT - Finnovate Acquisition Corp.
$ 10.18 | CNDB - Concord Acquisition Corp III
$ 10.06 | SHCA - Spindletop Health Acquisition Corp.
$ 10.06 | LHRT - Lionheart III CORP
$ 10.12 | JUN - Juniper II Corp.
$ 10.21 | LIBY - Liberty Resources Acquisition Corp.
$ 10.15 | TGVC - TG Venture Acquisition Corp.
$ 10.08 | MLAI - McLaren Technology Acquisition Corp.
$ 10.10 | ONYX - Onyx Acquisition Co. I
$ 10.07 | FRLA - Fortune Rise Acquisition Corp
$ 10.02 | INTE - Integral Acquisition Corp 1
$ 10.06 | TRAQ - Trine II Acquisition Corp
November's SPAC Vote Calendar
Not a lot of SPAC deal votes remaining in November. As mentioned above, the KSVA / Valo Health vote had been scheduled for tomorrow. The Leo Holdings III (LIII) / Local Bounti deal is expected to pass as they pre-announced today and stated that all conditions are met. The VOSO / Wejo deal is up for vote and we recently had them on the podcast.
Overall, the expectation for each will be that they pass and the only real question is the level of redemptions. Given how the market has been trading, some may hope for more at bats for high redemption / low float trades.
Nov 16 | $ 9.67 | VOSO - Virtuoso Acquisition Corp. --> Wejo
Nov 16 | $ 10.03 | LIII - Leo Holdings III Corp --> Local Bounti Corp
Nov 18 | $ 9.96 | FORE - Foresight Acquisition Corp. --> P3 Health Partners
Nov 18 | $ 9.97 | DDMX - DD3 Acquisition Corp. II --> Codere Online
Nov 23 | $ 9.98 | THMA - Thimble Point Acquisition Corp. --> Pear Therapeutics, Inc.
Nov 29 | $ 9.97 | IACB - ION Acquisition Corp 2 --> Innovid
Nov 30 | $ 10.25 | TPGS - TPG Pace Solutions Corp. --> Vacasa
Today's SPAC Gainers & Losers
Biggest SPAC Gainers
18.28% ~ $ 14.17 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
15.38% ~ $ 14.78 | GGPI - Gores Guggenheim, Inc (Announced)
8.71% ~ $ 10.98 | DFPH - DFP HEALTHC ACQ (Announced)
6.70% ~ $ 10.67 | SVFA - SVF Investment Corp. (Pre-Deal)
4.32% ~ $ 12.31 | SEAH - Sports Entertainment Acquisition Corp (Announced)
3.42% ~ $ 10.90 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
2.48% ~ $ 12.79 | FSII - FS Development Corp. II (Announced)
2.21% ~ $ 13.87 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
2.15% ~ $ 10.00 | WALD - Waldencast Acquisition Corp. (Announced)
2.09% ~ $ 10.27 | DGNS - DRAGONEER GR OP (Announced)
1.91% ~ $ 10.68 | MCMJ - Merida Merger Corp. I (Announced)
1.86% ~ $ 10.96 | FPAC - Far Peak Acquisition Corp (Announced)
1.67% ~ $ 10.32 | DCRN - Decarbonization Plus Acquisition Corporation II (Announced)
1.54% ~ $ 9.90 | FRON - Frontier Acquisition Corp. (Pre-Deal)
1.49% ~ $ 10.25 | TPGS - TPG Pace Solutions Corp. (Announced)
1.45% ~ $ 10.13 | FRSG - First Reserve Sustainable Growth Corp (Announced)
1.24% ~ $ 10.65 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
1.22% ~ $ 59.90 | DWAC - Digital World Acquisition Corp. (Announced)
1.21% ~ $ 10.03 | LIII - Leo Holdings III Corp (Announced)
1.18% ~ $ 10.33 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
Biggest SPAC Losers
-8.80% ~ $ 14.93 | AGC - Altimeter Growth Corp. (Announced)
-6.18% ~ $ 8.35 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-3.59% ~ $ 9.87 | BMAC - Black Mountain Acquisition Corp. (Pre-Deal)
-3.30% ~ $ 9.67 | VOSO - Virtuoso Acquisition Corp. (Announced)
-2.36% ~ $ 9.92 | DSAQ - Direct Selling Acquisition Corp. (Pre-Deal)
-1.71% ~ $ 9.78 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
-1.70% ~ $ 12.15 | CND - Concord Acquisition Corp (Announced)
-1.51% ~ $ 9.76 | KVSA - Khosla Ventures Acquisition Co (Announced)
-1.04% ~ $ 10.44 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-1.04% ~ $ 10.49 | BENE - Benessere Capital Acquisition Corp. (Pre-Deal)
-.66% ~ $ 10.59 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-.61% ~ $ 9.79 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.80 | CNDA - Concord Acquisition Corp II (Pre-Deal)
-.51% ~ $ 9.71 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
-.51% ~ $ 9.81 | CLIM - Climate Real Impact Solutions II Acquisition Corporation (Pre-Deal)
-.50% ~ $ 10.04 | RONI - Rice Acquisition Corp. II (Pre-Deal)
-.41% ~ $ 9.72 | FSRX - FinServ Acquisition Corp. II (Pre-Deal)
-.41% ~ $ 9.73 | COLI - Colicity Inc (Pre-Deal)
-.40% ~ $ 9.88 | GIIX - GORES HOLDINGS VIII, INC. (Pre-Deal)
-.40% ~ $ 9.93 | MOTV - Motive Capital Corp (Announced)
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
Know Who Drives Return Podcast
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- Aurora's Chris Urmson and Reinvent's Michael Thompson
- Okapi's Bruce Goldfarb on Activism, the Rise of Retail, AMC, and SPACs
- See the full Know Who Drivers Return podcast library
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)