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.
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.
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)
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.
- Pre-Deal SPACs are Cheap
- SPACs Edge Higher, CCIV Shareholder Vote Tomorrow
- SPACs Fall with Stocks in Down Day
- A SPAC Risk Exposed?
- Ackman / PSTH Deal Falls Apart, and Merger Monday is Back
- RTPY Rises on Deal with Aurora, PFDR Strikes $1.4B Deal with Service Max
- Will Large Redemptions Force a Change in Sponsor Economics?
- SEC, Gensler Lay the Hammer on Stable Road (SRAC) & Momentus
- LCAP Rises on MSP Deal, ASPL Sees Huge Redemptions in Wheels Up Vote
- Lionheart Acquisition (LCAP) Announces $32.6B SPAC Deal with MSP Recovery
- Nextdoor Leads the Way in Busy Merger Week
- Despite Higher Activity Level SPACs Showing Some Weakness
- SPAC Deal Announcement Pops and Warrants Surge
- Hyperfine, Circle, and Alpha Tau Healthcare Get SPAC Deals
- Pre-Deal SPACs are Cheap
- Two New SPAC Deals (DMYQ, ATHN)
- Khosla Ventures Acquisition II Soars on Nextdoor Deal
- Khosla taking Nextdoor Public in $4.3B Deal and CF Acquisition Announced Satellogic $850M Deal
- Weekly SPAC Wrap - July 2
- Bowlero Gets a $2.6B SPAC Deal
- Chamath's Bio SPACs Rise, WPF has Large Redemptions
- Stable Road (SRAC) Cuts Deal Valuation in Half -- Market Loves It
- SPACs Flat, LACQ and IACA Votes Pass
- 10 SPAC Deal Votes Close Out June
- De-SPACs Get Set to Join the Russell 3000
- Weekly Director/CEO/CFO Moves: Matthew Furlong Takes the Helm at GameStop & EBAY Gets a New CFO
- Churchill (CCIV) & Lucid Sets its Vote Date
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)