Khosla taking Nextdoor Public in $4.3B Deal and CF Acquisition Announced Satellogic $850M Deal

The week kicks off with two deal announcements and a merger vote coming on the 8th. But, don't expect fireworks until the votes really get going next week.
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Welcome back from your July 4th holiday! Expect a quieter, though not dead, week for SPACs as we have lull before July's deal votes really get going next week. For a look back at last week, see our wrap here.

Overall, the market continues to hover in its healthier equilibrium post peak SPAC from the beginning of the year. June's de-SPAC votes were welcomed from all corners as it helped to clear out some of the oversupply, most deals went through with limited redemptions, and trading was generally rational. 

But, there will be plenty of investors that are nervous sponsors will get too excited again and start to bring too many new SPACs on the market. Right now there are almost 300 SPACs sitting in the pre-IPO/S-1 stage. Last week alone saw 13 SPAC IPOs for over $3B. So even with the flood of votes/de-SPACs in June, the supply of pre-deal SPACs continues to hover around the 420 mark. That's a lot of deals that will have to happen over the next 12-18 months and pressure will continue to build if more SPACs IPO and the mass of aging SPACs from the Jan/Feb/March 2021 vintages aren't able to find and execute deals at an orderly pace.

Tuesday Deal Announcements

Khosla Ventures Acquisition Co. II (KSVB) Picks Nextdoor
This morning starts with a SPAC deal for Khosla Ventures (KSVB) who will be taking Nextdoor public. Nextdoor is led by CEO Sarah Friar and CFO Mike Doyle. Many will remember that Friar was previously CFO of Square.

The deal has a $270 million PIPE from T. Rowe Price, Baron Capital Group, Dragoneer, and Soroban Capital. Announced alongside the SPAC deal, Nextdoor is founding the Nextdoor Kind Foundation, a nonprofit that will invest in neighborhoods to help them thrive.

Investor deck available here

Investors seem to be happy with it up 2.2% in premarket -- though it closed Friday under NAV at $9.91.

CF Acquisition V (CFV) Picks Satellogic
CF Acquisition V (CFV) also announced a deal this morning. It is taking Satellogic public in a $850M enterprise value deal. Satellogic is a "proven leader in Earth Observation with vertically integrated platform." The deal has a $100M PIPE. 

For full details on the deal, you can see the investor presentation here.

Recent Merger Announcements Not Seeing Lift
Looking at the recent set of deal announcements, most are trading below NAV with only a few exceptions. Investors had been seeing some pop around ex-redemption dates of deals, but its no guarantee to happen going forward. It's also worth noting that there have been a number of recent deals that have suffered material redemptions -- HEC (63%), CRSA (61%), AACQ (61%), ACAC (53%) -- for those deals trading materially below NAV 

July SPAC Deal Votes

July is shaping up to be another healthy de-SPAC month with about 13 SPACs already set to vote on their deals. Only one this week with SPRQ going to a vote on the 8th, but then things get busy with votes, sometimes multiple, every day next week. Watch for some more votes to be added in July as well.

Jul 08 | $ 9.88 | SPRQ - Spartan Acquisition Corp II --> Sunlight Financial LLC
Jul 12 | $ 24.66 | RSVA - Rodgers Silicon Valley Acquisition Corp --> Enovix Corp
Jul 12 | $ 9.99 | ASPL - Aspirational Consumer Lifestyle Corp --> Wheels Up Partners Holdings LLC
Jul 13 | $ 10.00 | AONE - one --> Markforged
Jul 13 | $ 12.39 | LCY - Landcadia Holdings III Inc --> The Hillman Group, Inc.
Jul 14 | $ 10.03 | EMPW - Empower Ltd --> Holley
Jul 15 | $ 10.25 | DCRB - Decarbonization Plus Acquisition Corp --> Hyzon Motors Inc.
Jul 16 | $ 14.54 | THCB - Tuscan Holdings Corp. --> Microvast, Inc.
Jul 19 | $ 10.30 | ANDA - Andina Acquisition Corp. III --> Stryve Foods, LLC
Jul 20 | $ 14.86 | PSAC - Property Solutions Acquisition Corp --> Faraday Future
Jul 20 | $ 9.98 | ACND - Ascendant Digital Acquisition Corp --> Beacon Street Group
Jul 20 | $ 9.97 | RAAC - Revolution Acceleration Acquisition Corp --> Berkshire Grey
Jul 21 | $ 9.98 | VCVC - 10X Capital Venture Acquisition Corp --> REE Automotive Ltd.

SPAC Deals

For those still looking to add SPACs at a discount to their baskets below is a list of some of the pre-deal SPACs trading the most below NAV.

-3.80% | NBST - Newbury Street Acquisition Corporation (Pre-Deal)
-3.80% | PUCK - Goal Acquisitions Corp. (Pre-Deal)
-3.80% | TWLV - Twelve Seas Investment Company II (Pre-Deal)
-3.80% | OPA - Magnum Opus Acquisition Limited (Pre-Deal)
-3.80% | AGAC - African Gold Acquisition Corporation (Pre-Deal)
-3.80% | MACQ - MCAP Acquisition Corporation (Pre-Deal)
-3.70% | TUGC - TradeUP Global Corp (Pre-Deal)
-3.70% | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-3.70% | KSIC - Kadem Sustainable Impact Corporation (Pre-Deal)
-3.70% | ITQ - Itiquira Acquisition Corp. (Pre-Deal)
-3.70% | SPTK - SportsTek Acquisition Corp. (Pre-Deal)
-3.70% | ACAH - Atlantic Coastal Acquisition Corp. (Pre-Deal)
-3.70% | HCCC - Healthcare Capital Corp. (Pre-Deal)
-3.60% | OSTR - Oyster Enterprises Acquisition Corp. (Pre-Deal)
-3.60% | JCIC - Jack Creek Investment Corp. (Pre-Deal)
-3.60% | FTEV - FinTech Evolution Acquisition Group (Pre-Deal)
-3.50% | VELO - Velocity Acquisition Corp (Pre-Deal)
-3.50% | MACA - Moringa Acquisition Corp (Pre-Deal)
-3.50% | EAC - Edify Acquisition Corp. (Pre-Deal)
-3.50% | PSAG - Property Solutions Acquisition Corp. II (Pre-Deal)
-3.50% | ASAX - Astrea Acquisition Corp. (Pre-Deal)
-3.50% | KIII - Kismet Acquisition Three Corp. (Pre-Deal)
-3.50% | EJFA - EJF Acquisition Corp (Pre-Deal)
-3.50% | CPTK - Crown PropTech Acquisitions (Pre-Deal)
-3.50% | MDH - MDH Acquisition Corp. (Pre-Deal)
-3.50% | BYTS - BYTE Acquisition Corp. (Pre-Deal)
-3.50% | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-3.50% | PMGM - Priveterra Acquisition Corp. (Pre-Deal)
-3.50% | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)
-3.50% | MSAC - Medicus Sciences Acquisition Corp. (Pre-Deal)
-3.50% | DNZ - D and Z Media Acquisition Corp. (Pre-Deal)
-3.50% | TRCA - Twin Ridge Capital Acquisition Corp. (Pre-Deal)
-3.45% | MON - Monument Circle Acquisition Corp (Pre-Deal)
-3.42% | OHPA - Orion Acquisition Corp. (Pre-Deal)
-3.40% | BITE - Bite Acquisition Corp. (Pre-Deal)
-3.40% | SLCR - Silver Crest Acquisition Corporation (Pre-Deal)
-3.40% | CHAA - Catcha Investment Corp (Pre-Deal)
-3.40% | ARRW - Arrowroot Acquisition Corp. (Pre-Deal)
-3.40% | IGNY - Ignyte Acquisition Corp. (Pre-Deal)
-3.40% | TETC - Tech and Energy Transition Corporation (Pre-Deal)
-3.40% | AFAQ - AF Acquisition Corp. (Pre-Deal)
-3.40% | BOAS - BOA Acquisition Corp. (Pre-Deal)
-3.40% | SWET - Athlon Acquisition Corp. (Pre-Deal)
-3.40% | MACC - Mission Advancement Corp. (Pre-Deal)
-3.40% | FSNB - Fusion Acquisition Corp. II (Pre-Deal)
-3.35% | DLCA - Deep Lake Capital Acquisition Corp. (Pre-Deal)
-3.30% | KAII - Kismet Acquisition Two Corp. (Pre-Deal)
-3.30% | ZWRK - Z-Work Acquisition Corp. (Pre-Deal)
-3.30% | GLBL - Cartesian Growth Corporation (Pre-Deal)
-3.30% | TLGA - TLG Acquisition One Corp. (Pre-Deal)
-3.30% | RCLF - Rosecliff Acquisition Corp I (Pre-Deal)
-3.30% | CLAS - Class Acceleration Corp. (Pre-Deal)
-3.30% | PAQC - Provident Acquisition Corp. (Pre-Deal)
-3.30% | IBER - Ibere Pharmaceuticals (Pre-Deal)
-3.25% | HYAC - Haymaker Acquisition Corp. III (Pre-Deal)
-3.25% | MTAC - MedTech Acquisition Corporation (Pre-Deal)
-3.20% | ASPC - Alpha Capital Acquisition Company (Pre-Deal)
-3.20% | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-3.20% | BGSX - Build Acquisition Corp. (Pre-Deal)
-3.20% | DSAC - Duddell Street Acquisition Corp (Pre-Deal)
-3.20% | NVSA - New Vista Acquisition Corp (Pre-Deal)
-3.20% | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
-3.20% | JOFF - JOFF Fintech Acquisition Corp (Pre-Deal)
-3.20% | SCAQ - Stratim Cloud Acquisition Corp. (Pre-Deal)
-3.20% | WARR - Warrior Technologies Acquisition Company (Pre-Deal)
-3.20% | AGGR - Agile Growth Corp. (Pre-Deal)
-3.20% | CRU - Crucible Acquisition Corporation (Pre-Deal)
-3.20% | FINM - Marlin Technology Corp (Pre-Deal)
-3.20% | TWNI - Tailwind International Acquisition Corp. (Pre-Deal)
-3.20% | TBSA - TB SA Acquisition Corp (Pre-Deal)
-3.20% | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
-3.20% | MIT - Mason Industrial Technology, Inc. (Pre-Deal)
-3.20% | ADEX - ADIT EDTECH ACQUISITION CORP. (Pre-Deal)
-3.20% | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
-3.10% | TMAC - The Music Acquisition Corporation (Pre-Deal)
-3.10% | BLTS - Bright Lights Acquisition Corp. (Pre-Deal)
-3.10% | EUSG - European Sustainable Growth Acquisition Corp. (Pre-Deal)
-3.10% | AEAC - Authentic Equity Acquisition Corp. (Pre-Deal)
-3.10% | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-3.10% | AAQC - Accelerate Acquisition Corp. (Pre-Deal)
-3.10% | HCAR - Healthcare Services Acquisition Corporation (Pre-Deal)
-3.10% | PPGH - Poema Global Holdings Corp. (Pre-Deal)
-3.10% | HHLA - HH&L Acquisition Co. (Pre-Deal)
-3.10% | COVA - Crescent Cove Acquisition Corp. (Pre-Deal)
-3.10% | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
-3.10% | SHAC - SCP & CO Healthcare Acquisition Company (Pre-Deal)
-3.10% | POW - Powered Brands (Pre-Deal)
-3.10% | SDAC - Sustainable Development Acquisition I Corp. (Pre-Deal)
-3.10% | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)

Friday's SPAC Mover's

Friday's Biggest Gainers
8.83% ~ $ 14.54 | THCB - Tuscan Holdings Corp. (Announced)
7.57% ~ $ 13.36 | TDAC - Trident Acquisitions Corp (Announced)
3.92% ~ $ 11.39 | VACQ - Vector Acquisition Corp (Announced)
3.57% ~ $ 13.62 | FST - FAST ACQ CP (Announced)
3.44% ~ $ 9.63 | ALUS - Alussa Energy Acquisition Corp (Announced)
3.38% ~ $ 14.07 | SRAC - Stable Road Acquisition Corp. (Announced)
2.23% ~ $ 10.53 | GNPK - Genesis Park Acquisition Corp (Announced)
1.92% ~ $ 10.64 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.75% ~ $ 10.47 | NGCA - NextGen Acquisition Corp. II (Pre-Deal)
1.54% ~ $ 9.90 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
1.33% ~ $ 12.53 | CMII - CM Life Sciences II Inc. (Announced)
1.33% ~ $ 9.89 | PFDR - Pathfinder Acquisition Corporation (Pre-Deal)
1.25% ~ $ 9.75 | WPF - Foley Trasimene Acquisition Corp. (Announced)
1.02% ~ $ 9.95 | MSDA - MSD Acquisition Corp. (Pre-Deal)
.98% ~ $ 12.33 | PDAC - Peridot Acquisition Corp (Announced)
.93% ~ $ 9.79 | RXRA - RXR Acquisition Corp (Pre-Deal)
.92% ~ $ 9.90 | CND - Concord Acquisition Corp (Pre-Deal)
.86% ~ $ 9.93 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
.83% ~ $ 9.77 | CFIV - CF Acquisition Corp. IV (Pre-Deal)
.82% ~ $ 9.78 | DTOC - Digital Transformation Opportunities Corp. (Pre-Deal)

Friday's Biggest Losers
-4.93% ~ $ 14.86 | PSAC - Property Solutions Acquisition Corp (Announced)
-3.13% ~ $ 9.80 | FTCPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
-2.88% ~ $ 15.52 | GHVI - Gores Holdings VI Inc (Announced)
-2.53% ~ $ 27.02 | CCIV - Churchill Capital Corp IV (Announced)
-2.16% ~ $ 9.77 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
-2.07% ~ $ 13.70 | CMLF - CM Life Sciences Inc (Announced)
-2.06% ~ $ 11.40 | AGC - ALTIMETER GROWTH CORP (Announced)
-2.06% ~ $ 10.48 | DMYI - dMY Technology Group Inc III (Announced)
-2.05% ~ $ 10.50 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
-1.78% ~ $ 11.01 | BCTG - BCTG Acquisition Corp. (Announced)
-1.22% ~ $ 9.73 | HCAQ - HealthCor Catalio Acquisition Corp. (Pre-Deal)
-1.10% ~ $ 9.88 | SPRQ - Spartan Acquisition Corp II (Announced)
-1.02% ~ $ 9.71 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
-.99% ~ $ 9.99 | RMGB - RMG Acquisition Corporation II (Announced)
-.91% ~ $ 9.76 | FTAA - FTAC Athena Acquisition Corp. (Pre-Deal)
-.83% ~ $ 9.71 | FMIV - Forum Merger IV Corporation (Pre-Deal)
-.82% ~ $ 9.70 | LEGA - Lead Edge Growth Opportunities, Ltd (Pre-Deal)
-.80% ~ $ 9.86 | LGV - Longview Acquisition Corp. II (Pre-Deal)
-.78% ~ $ 17.80 | RICE - Rice Acquisition Corp. (Announced)

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