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Lucid (LCID) Eclipses Ford, SoundHound Going Public via Archimedes Tech SPAC (ATSPT)

One of the original SPAC mania darlings, Lucid Motors, has eclipsed the market capitalization of Ford Motor. Plus ATSPT SPAC deal and an IPO update.

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Electric Vehicles (EVs) are once again all the rage in recent weeks as the mega-IPO of Rivian (RIVN), continued Tesla (TSLA) conversation/drama, and (most recently) Lucid Motors (LCID) have dominated financial news. 

Lucid was one of the original beneficiaries of the SPAC mania of 2020/2021, having gone public thru M. Klein's Churchill Capital Corp IV and famously nearing $60 before it ever even de-SPAC'ed. LCID stock rose another +24% today giving it a larger market capitalization (~$90B) than Ford ($79B)... let that sink in. 

The move came on the news that the company continues to expect to produce 20k vehicles next year. While a long way to go to prove out the execution (the company just began selling vehicles commercially and plans to deliver just 575 this year), the hype remains real and has the potential to further add credibility to the De-SPAC narrative. That is, despite quite lofty expectations, execution by the proper team is still possible and capital raise thru a SPAC is a viable path to the public markets. 

So far, so good. 

lcid1116

 SoundHound Going Public via Archimedes 

SoundHound is a leader in voice artificial intelligence, and struck a deal with Archimedes Tech SPAC that values the company at $2.1B enterprise value. The deal includes a $111M committed PIPE to help finance the deal, led by Oracle, Qatar First Bank, and Koch Industries among others. 

ATSPT (subunits) rose slightly +0.8% today on the news. 

SoundHound revenue projections, via investor deck

SoundHound revenue projections, via investor deck

Just one SPAC IPO today as Energem Corp. priced $100M. ENCP is based in Malaysia and sports $10.15 in its trust, rose 12c to close at $10.12 on Day-1. 

Recent Mergers

While recent merger activity (announced) has certainly picked up, there still doesn't seem to be a ton of momentum around the most recently announced SPAC mergers.

Nov 15 | $ 10.04 | CHPM - CHP Merger Corp. --> Accelus
Nov 15 | $ 9.95 | WALD - Waldencast Acquisition Corp. --> Obagi and Milk Makeup
Nov 10 | $ 9.86 | CPTK - Crown PropTech Acquisitions --> Brivo
Nov 10 | $ 9.85 | RCLF - Rosecliff Acquisition Corp I --> GETT
Nov 10 | $ 10.01 | VTAQ - Ventoux CCM Acquisition Corp. --> Presto
Nov 09 | $ 9.87 | TCAC - Tuatara Capital Acquisition Corporation --> SpringBig, Inc.
Nov 09 | $ 10.38 | HUGS - USHG Acquisition Corp. --> Panera Bread Co
Nov 08 | $ 9.88 | BIOT - Biotech Acquisition Company --> Blade Therapeutics, Inc.
Nov 08 | $ 9.90 | DSAC - Duddell Street Acquisition Corp --> FiscalNote, Inc.
Nov 05 | $ 11.00 | AGBA - AGBA ACQUISITION LIMITED --> TAG Holdings Limited
Nov 04 | $ 9.92 | QFTA - Quantum FinTech Acquisition Corp --> TradeStation Group, Inc.
Nov 02 | $ 10.28 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company

Today's Price Action

Biggest Gainers

7.47% ~ $ 11.22 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
3.99% ~ $ 13.30 | FSII - FS Development Corp. II (Announced)
3.72% ~ $ 15.33 | GGPI - Gores Guggenheim, Inc (Announced)
3.13% ~ $ 10.87 | DMYQ - dMY Technology Group, Inc. IV (Announced)
2.85% ~ $ 10.10 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
2.83% ~ $ 10.17 | MSDA - MSD Acquisition Corp. (Pre-Deal)
2.69% ~ $ 9.93 | VOSO - Virtuoso Acquisition Corp. (Announced)
2.22% ~ $ 10.12 | PIPP - Pine Island Acquisition Corp (Pre-Deal)
2.20% ~ $ 11.14 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
1.89% ~ $ 10.23 | RONI - Rice Acquisition Corp. II (Pre-Deal)
1.84% ~ $ 9.96 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
1.64% ~ $ 9.93 | ACTD - ArcLight Clean Transition Corp. II (Pre-Deal)
1.45% ~ $ 10.48 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
1.34% ~ $ 9.85 | FACT - Freedom Acquisition I Corp (Pre-Deal)
1.16% ~ $ 10.13 | NLIT - Northern Lights Acquisition Corp. (Pre-Deal)
1.13% ~ $ 9.87 | KVSA - Khosla Ventures Acquisition Co (Pre-Deal)
1.02% ~ $ 9.95 | KCGI - Kensington Capital Acquisition Corp. V (Pre-Deal)
1.00% ~ $ 15.08 | AGC - Altimeter Growth Corp. (Announced)

Biggest Losers

-7.88% ~ $ 9.00 | DFPH - DFP HEALTHC ACQ (Announced)
-5.43% ~ $ 13.40 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
-3.93% ~ $ 10.26 | MCMJ - Merida Merger Corp. I (Announced)
-3.49% ~ $ 11.88 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-3.37% ~ $ 10.31 | SVFA - SVF Investment Corp. (Pre-Deal)
-3.21% ~ $ 11.76 | FST - FAST ACQ CP (Announced)
-2.94% ~ $ 9.90 | ARGU - Argus Capital Corp. (Pre-Deal)
-2.60% ~ $ 9.74 | LOCC - Live Oak Crestview Climate Acquisition Corp. (Pre-Deal)
-1.91% ~ $ 10.28 | FTCV - FinTech Acquisition Corp. V (Announced)
-1.79% ~ $ 10.40 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-1.67% ~ $ 10.62 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-1.56% ~ $ 11.96 | CND - Concord Acquisition Corp (Announced)
-1.33% ~ $ 9.99 | FRSG - First Reserve Sustainable Growth Corp (Announced)
-1.27% ~ $ 10.14 | DGNS - DRAGONEER GR OP (Announced)
-1.14% ~ $ 10.38 | HUGS - USHG Acquisition Corp. (Announced)
-1.08% ~ $ 10.05 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
-1.06% ~ $ 10.28 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-1.04% ~ $ 13.26 | MEKA - MELI Kaszek Pioneer Corp (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.)