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FirstMark Strikes $1.66B Deal with Starry, MEKA Continues Climb

MEKA continues to outperform, while broader SPACs remained flat. ITAC and LSAQ are set to close.

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In one of the most perplexing stories in SPAC land right now, the warrantless IPO from last week of MELI Kaszek Pioneer Corp (MEKA) continues to trade at a huge (for today's world) premium, closing up another +4.2% today to close at $12.56.

Sponsored by Mercado Libre and focused on Latin America, MEKA now trades at over a 25% premium to its offer price and does not have any warrants or an overfunded trust. Compare that to the average Pre-Deal SPAC of $9.82, and MEKA is a unicorn in the Pre-Deal SPAC universe. Congrats. 

FMAC and Starry in a $1.66B EV SPAC Deal

FirstMark Horizon Acquisition Corp (FMAC) announced a $1.6B deal to take broadband company Starry public via its SPAC. The deal financing includes a $130M PIPE with participation from the likes of ArrowMark Partners, Atreides, Fidelity, and Tiger Global. In addition, the company touts that 75% of founder shares are subject to either earnout or lockup provisions. 

This is the first SPAC deal for FirstMark who has two other SPACs on file, but yet to price their IPOs. FMAC rose +0.9% on the news to close near NAV at $9.90.

Other SPAC News

Live Oak Acquisition Corp. II (LOKB) and Navitas Semiconductor announced $18M in additional PIPE financing, plus a $30M FPA from Atalaya Capital ahead of their merger vote upcoming on 10/12. LOKB is hovering around NAV closing at $9.95 today. 

LifeSci Acquisition II Corp (LSAQ) and Science 37 (SNCE) closed their business combination and began trading as SNCE. The company notes "$235M" of proceeds which would indicate ~16% redemptions, but we'll wait for the official numbers.

Industrial Tech Acquisitions Inc. (ITAC) reported ~$58M in redemptions along with its merger vote with Arbe Robotics, that represents ~75% of its trust value. ITAC closed down 2% today to $8.20. 

SPAC Calendar

Oct 12 | $ 9.95 | LOKB - Live Oak Acquisition Corp. II --> Navitas Semiconductor
Oct 13 | $ 9.95 | MRAC - Marquee Raine Acquisition Corp. --> Enjoy Technology, Inc.
Oct 14 | $ 10.51 | LEGO - LEGATO MERGER CORP. --> Algoma Steel
Oct 14 | $ 10.00 | VIH - VPC Impact Acquisition Holdings --> BAKKT Holdings, LLC
Oct 14 | $ 9.98 | HZAC - HORIZON ACQ CP --> Vivid Seats Inc.
Oct 19 | $ 10.00 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Oct 19 | $ 10.00 | BOWX - BowX Acquisition Corp --> WeWork
Oct 20 | $ 9.98 | KURI - Alkuri Global Acquisition Corp. --> Babylon
Oct 20 | $ 10.08 | SGAM - Seaport Global Acquisition Corp --> Redbox
Oct 20 | $ 10.07 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics

Today's Price Action

Biggest Gainers

4.19% ~ $ 12.56 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
3.46% ~ $ 10.20 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
2.51% ~ $ 9.00 | SV - Spring Valley Acquisition Corp (Announced)
2.04% ~ $ 11.48 | TDAC - Trident Acquisitions Corp (Announced)
1.95% ~ $ 9.92 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
1.73% ~ $ 7.64 | STWO - ACON S2 Acquisition Corp (Announced)
1.63% ~ $ 9.98 | GLTA - Galata Acquisition Corp (Pre-Deal)
1.42% ~ $ 9.99 | KCAC - Kensington Capital Acquisition Corp. II (Announced)
1.13% ~ $ 9.82 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
.92% ~ $ 9.84 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
.92% ~ $ 9.90 | FMAC - FirstMark Horizon Acquisition Corp (Announced)
.91% ~ $ 10.00 | VPCC - VPC Impact Acquisition Holdings III, Inc. (Announced)
.90% ~ $ 10.09 | ADF - Aldel Financial Inc. (Announced)
.85% ~ $ 10.31 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
.82% ~ $ 9.81 | POW - Powered Brands (Pre-Deal)
.72% ~ $ 9.80 | FICV - Frontier Investment Corp (Pre-Deal)
.72% ~ $ 9.80 | ACII - Atlas Crest Investment Corp. II (Pre-Deal)
.67% ~ $ 9.80 | LITT - Logistics Innovation Technologies Corp. (Pre-Deal)

Biggest Losers

-3.73% ~ $ 9.82 | OXUS - Oxus Acquisition Corp. (Pre-Deal)
-2.90% ~ $ 9.96 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-2.03% ~ $ 8.20 | ITAC - Industrial Tech Acquisitions Inc (Announced)
-1.81% ~ $ 9.78 | FTVI - FinTech Acquisition Corp. VI (Pre-Deal)
-1.61% ~ $ 9.79 | CORS - Corsair Partnering Corporation (Pre-Deal)
-.96% ~ $ 9.76 | DHBC - DHB Capital Corp. (Pre-Deal)
-.92% ~ $ 9.69 | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
-.81% ~ $ 9.76 | GSQB - G Squared Ascend II, Inc. (Pre-Deal)
-.78% ~ $ 10.16 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-.78% ~ $ 10.22 | GLSPT - Global SPAC Partners Co. (Pre-Deal)
-.71% ~ $ 9.81 | GIIX - GORES HOLDINGS VIII, INC. (Pre-Deal)
-.61% ~ $ 9.79 | GSEV - Gores Holdings VII (Pre-Deal)
-.56% ~ $ 12.50 | FST - FAST ACQ CP (Announced)
-.51% ~ $ 9.68 | AGAC - African Gold Acquisition Corporation (Pre-Deal)
-.51% ~ $ 9.72 | BLNG - Belong Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.85 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
-.50% ~ $ 9.98 | ISAA - Iron Spark I Inc. (Pre-Deal)
-.47% ~ $ 10.63 | TPGY - TPG Pace Beneficial Finance 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.)

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