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A Bad Week for SPACs - 0 Deals. 4 IPOs. deSPACs Plunge.

SPACs had a bad start to 2022 with no new deals announced, 4 more (unwanted?) SPACs hitting the market, and deSPACs getting pounded while the market shifted from growth.

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With ZERO deal announcements it was a surprising and painful week for SPACs. Market participants were rightly unhappy to see 4 new SPAC IPOs, totaling $1.3B, coming into the market when no deals were announced. There are simply too many SPACs at this point. The market needs to slow down, execute on some GREAT deals, and build some momentum back.

Three of the four new SPACs (VBOC, CXAC, CITE) were from first-time sponsors and they each overfunded trusts to get the SPAC out the door. The fourth, SCRM, was from Harry Sloan and Eagle Equity and they went big with a $750M IPO and "old school" by not overfunding the trust.

Here's where they closed on Friday -- note they all broke NAV:
$ 10.09 | CXAC - C5 Acquisition Corp
$ 9.99 | VBOC - Viscogliosi Brothers Acquisition Corp
$ 9.92 | SCRM - Screaming Eagle Acquisition Corp.
$ 10.09 | CITE - Cartica Acquisition Corp

Also of note this week:

SPAC Warrants Continue to Slide

SPAC warrants have been sliding down for a while now and this week saw that slide continue. The average warrant price for SPACs with a deal is now $1.05 (propped up by DWAC) and pre-deal is $0.63. Given the market, general SPAC sentiment, and SPAC performance there is little volume in warrants at the moment and less enthusiasm.

Source: Boardroom Alpha

Source: Boardroom Alpha

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SPAC Calendar

Here's how the rest of January looks for SPAC deal votes. Given the market, how almost every deSPAC has traded recently, and their current prices, it's going to be redemption heavy.

Jan 11 | $ 9.73 | CPSR - Capstar Special Purpose Acquisition Corp. --> Gelesis Inc
Jan 12 | $ 8.92 | DCRN - Decarbonization Plus Acquisition Corporation II --> Tritium
Jan 14 | $ 9.96 | GMII - Gores Metropoulos II, Inc. --> Sonder Holdings Inc.
Jan 14 | $ 9.99 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Jan 19 | $ 10.06 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 19 | $ 10.17 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 20 | $ 9.96 | TREB - Trebia Acquisition Corp --> System1
Jan 31 | $ 10.03 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems

SPAC Stock Movers

Biggest SPAC Losers
-10.44% ~ $ 53.98 | DWAC - Digital World Acquisition Corp. (Announced)
-8.70% ~ $ 8.92 | DCRN - Decarbonization Plus Acquisition Corporation II (Announced)
-6.91% ~ $ 13.75 | ESSC - East Stone Acquisition Corporation (Announced)
-4.52% ~ $ 11.62 | CFVI - CF Acquisition Corp. VI (Announced)
-2.86% ~ $ 9.84 | DPCS - DP Cap Acquisition Corp I (Pre-Deal)
-2.49% ~ $ 9.80 | ROCL - Roth CH Acquisition V Co. (Pre-Deal)
-2.06% ~ $ 9.73 | CPSR - Capstar Special Purpose Acquisition Corp. (Announced)
-1.10% ~ $ 9.89 | GOGN - GoGreen Investments Corp (Pre-Deal)
-.92% ~ $ 9.71 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
-.71% ~ $ 9.85 | ARYD - ARYA Sciences Acquisition Corp IV (Announced)
-.60% ~ $ 9.90 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.68 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
-.49% ~ $ 10.06 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-.41% ~ $ 9.80 | GSQB - G Squared Ascend II, Inc. (Pre-Deal)
-.40% ~ $ 9.90 | PPGH - Poema Global Holdings Corp. (Announced)
-.40% ~ $ 9.94 | USCT - TKB Critical Technologies 1 (Pre-Deal)
-.36% ~ $ 9.82 | ACAH - Atlantic Coastal Acquisition Corp. (Announced)
-.35% ~ $ 9.84 | PRPC - CC Neuberger Principal Holdings III (Pre-Deal)
-.32% ~ $ 9.22 | PAIC - Petra Acquisition Inc (Announced)
-.31% ~ $ 9.90 | GMBT - Queen’s Gambit Growth Capital (Announced)

Biggest SPAC Gainers
8.03% ~ $ 10.49 | INTE - Integral Acquisition Corp 1 (Pre-Deal)
2.75% ~ $ 10.10 | CCTS - Cactus Acquisition Corp. 1 Ltd (Pre-Deal)
2.30% ~ $ 9.77 | NPAB - New Providence Acquisition Corp. II (Pre-Deal)
2.26% ~ $ 11.29 | GGPI - Gores Guggenheim, Inc (Announced)
1.43% ~ $ 9.94 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.14% ~ $ 9.76 | PEGR - Project Energy Reimagined Acquisition Corp. (Pre-Deal)
1.12% ~ $ 9.90 | LVRA - Levere Holdings Corp (Pre-Deal)
1.11% ~ $ 10.00 | XFIN - ExcelFin Acquisition Corp. (Pre-Deal)
1.03% ~ $ 9.80 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
1.03% ~ $ 9.82 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
1.02% ~ $ 9.95 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
1.01% ~ $ 10.00 | AEAE - AltEnergy Acquisition Corp (Pre-Deal)
.98% ~ $ 9.76 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.75 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.79 | MTAL - Metals Acquisition Corp (Pre-Deal)
.93% ~ $ 9.80 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
.92% ~ $ 9.82 | RACB - Research Alliance Corp. II (Pre-Deal)
.91% ~ $ 9.99 | DTRT - DTRT Health Acquisition Corp. (Pre-Deal)
.87% ~ $ 10.46 | HUGS - USHG Acquisition Corp. (Announced)
.82% ~ $ 9.80 | NDAC - NightDragon Acquisition Corp (Pre-Deal)

DeSPACs Movers

Today's deSPAC movers were mixed with some big ups and some bigger downs.

Source: Boardroom Alpha

Source: Boardroom Alpha

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)