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** SPAC Market Review - December 2021
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:
- Patrick Orlando's Benesserre (BENE) barely survived extension vote
- DAVE (deSPAC from VPCC) dropped almost 32% to $5.89 on its second day after trading with its new ticker.
- While there were no deals, a couple SPAC deal rumors -- LCAA and BWAC -- did come out (hat tip to Bloomberg's excellent team).
- DWAC and CFVI have been volatile as there are reports that Trump's Truth Social app will be available in February.
- GMII and Sonder have stepped up their media as their vote approaches next week with several business updates.
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.
Latest Know Who Drives Return Podcast
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)
Today's deSPAC movers were mixed with some big ups and some bigger downs.
More from Boardroom Alpha
For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
Monthly SPAC Market Review
Exec Moves (all issues)
- CEO / CFO / Director Resignations & Appointments | Dec 31, 2021
- CEO / CFO / Director Resignations & Appointments | Dec 23, 2021
The Know Who Drives Return Podcast (all episodes)
- Amy Nauiokas on FinTech VC, SPACs, Diversity, and Anthemis Digital (ADAL)
- Dave CEO Jason Wilk on Saving Customers Billions and their SPAC Deal with VPCC
- Tim Hentschel on HotelPanner Merger Astrea Acquisition (ASAX)
- Greenbox POS Talking Blockchain and Stablecoin Coyni
- SPAC Sponsor Spotlight: Live Oak Merchant Partners
- BM Technologies’ (BMTX) Luvleen Sidhu on Becoming a Bank and FinTech Evolution
- Will SeatGeek’s Primary Strategy Propel them to Ticketing Victory?
- Why Navitas Semiconductor (NVTS) Is the Next Big Thing in Chips with CEO Gene Sheridan
- Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)