CCIV/Lucid is Official. Now What?

The CCIV/Lucid deal is finally official and SPACs are stuck in the mud.
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With the CCIV/Lucid deal finally becoming official today and trading as a de-SPAC'd company beginning on Monday the 26th it feels like "Peak SPAC" is finally, and fully, behind us. We're now stuck in the mud of an oversupplied market with the wheels spinning -- IPOs roughly matching de-SPAC rate -- and the market going nowhere. 

CCIV/Lucid helped create and define "Peak SPAC"

CCIV/Lucid helped create and define "Peak SPAC"

The majority of pre-deal SPACs continue to trade below $10 -- with the average now about $9.78. Most SPAC IPOs are trading immediately under $10 (with the exception of a few that have overfunded trusts) as well. 

It's hard to say what, if anything will jump start the SPAC market again, but to really start getting healthy again it would be wise for sponsors to take the rest of the summer off from new SPAC IPOs. By letting the market clear out more and, ideally, having de-SPACs start to prove themselves with post merger performance, the opinion of SPACs could swing back quickly (given how fast and how often it has changed in the past 1 year!)

Today also saw two deal announcements, with neither exciting the market all that much.

  • (DGNS) DRAGONEER announced a deal with CVENT and closed at $9.95.  
  • (BTNB) Bridgetown 2 Holdings Limited announced a deal with PropertyGuru Group and closed at $9.94.

Next week is set up for another 6 SPACs to vote

TWND was supposed to vote this week, but adjourned. It will be interesting to see where redemptions shake out on both ROCC and TWND, given where common is trading.

Jul 27 | $ 9.77 | ROCC - Roth CH Acquisition II Co. --> Reservoir Holdings, Inc.
Jul 27 | $ 9.92 | CAP - Capitol Investment Corp V --> States Title Holding, Inc.
Jul 28 | $ 9.99 | NEBC - Nebula Caravel Acquisition Corporation --> Rover
Jul 29 | $ 9.97 | RTPZ - Reinvent Technology Partners Z --> Hippo Enterprises Inc.
Jul 29 | $ 9.98 | DGNR - Dragoneer Growth Opportunities Corp --> CCC Information Services Inc.
Jul 30 | $ 9.82 | TWND - Tailwind Acquisition Corp --> QOMPLX, Inc.

This Week's SPAC Deal Announcements

Another 9 deals were announced this week continuing a steady pace of announcements -- and showing that SPACs, while no longer "the shiniest thing", can find and make deals.

spac_da_20210723

Friday's SPAC Movers

SPAC Biggest Gainers
5.90% ~ $ 24.25 | CCIV - Churchill Capital Corp IV (Announced)
2.47% ~ $ 10.78 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
2.04% ~ $ 9.98 | FVAM - 501 ACQ CORP (Pre-Deal)
1.83% ~ $ 10.01 | GIW - GigInternational1, Inc. (Pre-Deal)
1.78% ~ $ 10.27 | CMLT - CM Life Sciences III Inc. (Pre-Deal)
1.66% ~ $ 9.79 | BYTS - BYTE Acquisition Corp. (Pre-Deal)
1.64% ~ $ 9.93 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
1.45% ~ $ 9.79 | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)
1.11% ~ $ 10.00 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
.98% ~ $ 10.30 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
.93% ~ $ 9.77 | PLMI - Plum Acquisition Corp. I (Pre-Deal)
.93% ~ $ 9.79 | IPVA - InterPrivate II Acquisition Corp. (Pre-Deal)
.91% ~ $ 9.94 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
.83% ~ $ 9.72 | ASAX - Astrea Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.78 | GPAC - Global Partner Acquisition Corp II (Pre-Deal)
.82% ~ $ 9.79 | AMPI - Advanced Merger Partners, Inc. (Pre-Deal)
.82% ~ $ 9.84 | FTAA - FTAC Athena Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.85 | LCAAU - L Catterton Asia Acquisition Corp (Pre-Deal)
.77% ~ $ 9.87 | RXRA - RXR Acquisition Corp (Pre-Deal)
.75% ~ $ 9.84 | JYAC - Jiya Acquisition Corp. (Pre-Deal)

SPAC Biggest Losers
-3.88% ~ $ 10.15 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
-3.50% ~ $ 16.56 | RICE - Rice Acquisition Corp. (Announced)
-2.75% ~ $ 9.69 | FRON - Frontier Acquisition Corp. (Pre-Deal)
-2.72% ~ $ 9.65 | CAP - Capitol Investment Corp V (Announced)
-2.57% ~ $ 11.00 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
-2.53% ~ $ 10.40 | FTCV - FinTech Acquisition Corp. V (Announced)
-2.34% ~ $ 11.25 | CMII - CM Life Sciences II Inc. (Announced)
-2.29% ~ $ 10.23 | BOWX - BowX Acquisition Corp (Announced)
-2.14% ~ $ 10.51 | BCTG - BCTG Acquisition Corp. (Announced)
-2.14% ~ $ 10.08 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-2.02% ~ $ 11.15 | TDAC - Trident Acquisitions Corp (Announced)
-1.96% ~ $ 10.00 | THCB - Tuscan Holdings Corp. (Announced)
-1.89% ~ $ 9.59 | ROCC - Roth CH Acquisition II Co. (Announced)
-1.84% ~ $ 10.67 | AGC - ALTIMETER GROWTH CORP (Announced)
-1.73% ~ $ 10.77 | VACQ - Vector Acquisition Corp (Announced)
-1.34% ~ $ 12.50 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-1.34% ~ $ 9.60 | ROSS - Ross Acquisition Corp II (Pre-Deal)
-1.20% ~ $ 20.56 | PSTH - Pershing Square Tontine Holdings (Pre-Deal)
-1.20% ~ $ 9.87 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-1.15% ~ $ 10.33 | PDAC - Peridot 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.)