It was another mostly quiet day in SPAC land and no change in the overall mood nor market trends. SPACs are mostly stuck below $10, redemptions at vote continue to be high, and IPOs remain scarce (thankfully). Though, we did see one new IPO price:
And for those looking for the latest in meme-ification, watch for redemptions with low floats causing havoc.
Lucid (LCID) to Redeem Warrants
On Wednesday Lucid Group (LCID) announced that it would redeem its outstanding warrants on October 8th. The redemption will be cashless which means that warrant holders will be rewarded with fractional shares of LCID.
"Lucid has chosen in part to require cashless exercise of the Public Warrants to enable warrant holders, including our retail investors, to hold shares in Lucid without cash exercise. We also expect this action will minimize dilution from these public warrants."
- Peter Rawlinson, CEO & CTO of Lucid Group
Investors need to remember that this isn't automatic. So, if you are holding warrants in LCID you will need to contact your broker to effect the transaction (or sell before October 8th). If you don't you will miss out.
Novus Capital Corp. II (NXU) & Energy Vault
The Wall Street Journal has Energy Vault merging with Novus Capital Corp. II (NXU) in a $1.6 Billion SPAC deal. According to the Journal:
Energy Vault uses a block tower system to store and release renewable energy from wind and solar operations. Employing software to gauge when power demand is low, it uses surplus renewable energy to essentially store power by constructing the tower with a crane. When demand rises, the crane unstacks the tower, producing kinetic energy by dropping the blocks so that they can turn generators and create electricity.
The deal includes a $100M PIPE that will be anchored by SoftBank and Palantir. Novus Capital Corp. II closed Wednesday at $9.69 and is up after hours about 1.65% to $9.85 -- so a little deal pop, but minor and remains well below NAV. It's been below NAV for the full year, so investors shouldn't expect that to change and will want to watch redemptions on this deal as well.
SPAC Merger Votes
Some interesting SPAC merger votes upcoming. Don't expect a change in trend on redemptions -- they will stay high and there will likely be material volatility around it.
Sep 09 | $ 17.32 | RICE - Rice Acquisition Corp. --> Aria Energy & Achaea Energy
Sep 10 | $ 9.99 | QELL - Qell Acquisition Corp --> Lilium
Sep 14 | $ 9.93 | SRNG - Soaring Eagle Acquisition Corp. --> Ginkgo
Sep 14 | $ 9.99 | ACIC - Atlas Crest Investment Corp --> Archer Aviation
Sep 14 | $ 10.00 | PACE - TPG Pace Tech Opportunities Corp --> Nerdy Inc.
Sep 15 | $ 9.99 | ROT - Rotor Acquisition Corp --> SARCOS CORP.
Sep 15 | $ 9.98 | DEH - D8 Holdings Corp. --> Vicarious Surgical Inc.
Sep 16 | $ 9.98 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
Sep 21 | $ 9.97 | FUSE - Fusion Acquisition Corp. --> MoneyLion Inc.
Sep 22 | $ 10.16 | LATN - Union Acquisition Corp. II --> Procaps Group
Sep 28 | $ 9.97 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd
Sep 28 | $ 9.96 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences
Sep 28 | $ 9.98 | STPC - Star Peak Corp II --> Benson Hill, Inc.
Sep 28 | $ 10.00 | DMYI - dMY Technology Group Inc III --> ionQ, Inc.
Sep 28 | $ 9.96 | PTK - PTK Acquisition Corp. --> Valens Semiconductor
Sep 28 | $ 10.06 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
Today's SFTW / Blacksky vote passed with about 67% of trust redeemed:
SPAC Stock Movers
Biggest SPAC Losers
-5.82% ~ $ 10.36 | VIH - VPC Impact Acquisition Holdings (Announced)
-4.69% ~ $ 12.00 | TDAC - Trident Acquisitions Corp (Announced)
-3.63% ~ $ 12.48 | FST - FAST ACQ CP (Announced)
-2.33% ~ $ 9.66 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
-1.52% ~ $ 10.40 | SFTW - Osprey Technology Acquisition Corp. (Announced)
-1.34% ~ $ 10.29 | CND - Concord Acquisition Corp (Announced)
-1.25% ~ $ 10.31 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-1.11% ~ $ 11.60 | LEGO - LEGATO MERGER CORP. (Announced)
-1.10% ~ $ 9.91 | BTWN - Bridgetown Holdings Ltd (Pre-Deal)
-1.03% ~ $ 9.63 | SNII - Supernova Partners Acquisition Company II, Ltd. (Pre-Deal)
-.91% ~ $ 9.85 | CNTQ - Chardan NexTech Acquisition 2 Corp. (Pre-Deal)
-.88% ~ $ 9.71 | BSAQ - Black Spade Acquisition Co (Pre-Deal)
-.84% ~ $ 9.66 | LITT - Logistics Innovation Technologies Corp. (Pre-Deal)
-.82% ~ $ 9.71 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
-.80% ~ $ 9.87 | DGNS - DRAGONEER GR OP (Announced)
-.75% ~ $ 9.64 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)
-.69% ~ $ 10.12 | IPOD - Social Capital Hedosophia Holdings Corp IV (Pre-Deal)
-.62% ~ $ 9.68 | BGSX - Build Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.70 | ASPA - Abri SPAC I, Inc. (Pre-Deal)
-.61% ~ $ 9.83 | GIW - GigInternational1, Inc. (Pre-Deal)
Biggest SPAC Gainers
11.07% ~ $ 8.93 | BLUW - Blue Water Acquisition Corporation (Announced)
1.71% ~ $ 9.83 | DILA - Dila Capital Acquisition Corp (Pre-Deal)
1.55% ~ $ 9.85 | ATAQ - Altimar Acquisition Corp. III (Pre-Deal)
1.14% ~ $ 9.74 | OSI - Osiris Acquisition Corp. (Pre-Deal)
1.14% ~ $ 9.78 | TETC - Tech and Energy Transition Corporation (Pre-Deal)
.96% ~ $ 9.96 | BCAC - Brookline Capital Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.75 | FINM - Marlin Technology Corp (Pre-Deal)
.93% ~ $ 9.80 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
.92% ~ $ 9.82 | FZT - FAST Acquisition Corp. II (Pre-Deal)
.85% ~ $ 9.84 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
.85% ~ $ 9.88 | FRSG - First Reserve Sustainable Growth Corp (Announced)
.81% ~ $ 9.98 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
.70% ~ $ 10.05 | LSAQ - LIFE SCI ACQ II (Announced)
.70% ~ $ 10.05 | ACBA - Ace Global Business Acquisition Limited (Announced)
.66% ~ $ 9.98 | FLAC - Frazier Lifesciences Acquisition Corporation (Pre-Deal)
.62% ~ $ 9.73 | DRAY - Macondray Capital Acquisition Corp. I (Pre-Deal)
.62% ~ $ 9.81 | LAAA - Lakeshore Acquisition I Corp. (Pre-Deal)
.61% ~ $ 9.86 | HCCC - Healthcare Capital Corp. (Announced)
.61% ~ $ 9.90 | OPA - Magnum Opus Acquisition Limited (Announced)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)