Highland Transcend Partners and Novus Capital II Strike SPAC Deals

SPAC mergers are back with HTPA striking a deal with Packable and NXU making it official with Energy Vault. Rice shareholders approve deal with almost no redemptions.
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SPAC merger activity finally came back to life with two new deals announced, though both saw just modest pops and are still trading well below NAV. At this point, it's hard to see what (if any) catalyst is needed for investors to get excited about SPAC deals anymore. Any big returns to be had are being saved for De-SPAC companies executing on their visions. 

See a rundown of the day's SPAC activity below.  

Highland Transcend Partners I Corp taking Packable Public

The transaction carries a $1.55B EV valuation and is supported by a $180M PIPE. Highland has ~$300M in trust and closed up +1.4% today to $9.84. 

Novus Capital Corporation II and Energy Vault

After being rumored yesterday by the WSJ, Novus Capital made its $1.13B EV deal with Energy Vault official. The deal carries a $100M PIPE with investors including Palantir, Softbank, Adage and Novus (the SPAC sponsor). NXU has ~$288M in trust and also closed +1.44% to $9.83.

SPAC Calendar

Included in next week's merger votes is Rotor Acquisition Corp (ROT) and Sarcos Robotics. We sat down with CEO Ben Wolff to discuss the company and it's prospects, you can have a listen here. Very interesting discussion. 

Today, Rice Acquisition Corp announced that its shareholders approved their merger with Aria Energy and Archaea Energy and almost minimal redemptions at "less than 0.2%" Unsurprising that redemptions were low given where the stock is trading, RAC closed up +6.8% to close at $18.50. Expect the newly named Archaea Energy to trade as LFG next week. 

Sep 10 | $ 10.14 | QELL - Qell Acquisition Corp --> Lilium
Sep 14 | $ 9.78 | ACIC - Atlas Crest Investment Corp --> Archer Aviation
Sep 14 | $ 9.94 | SRNG - Soaring Eagle Acquisition Corp. --> Ginkgo
Sep 14 | $ 10.00 | PACE - TPG Pace Tech Opportunities Corp --> Nerdy Inc.
Sep 15 | $ 9.99 | DEH - D8 Holdings Corp. --> Vicarious Surgical Inc.
Sep 15 | $ 9.98 | ROT - Rotor Acquisition Corp --> SARCOS CORP.
Sep 16 | $ 9.98 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
Sep 21 | $ 9.99 | FUSE - Fusion Acquisition Corp. --> MoneyLion Inc.
Sep 22 | $ 10.14 | LATN - Union Acquisition Corp. II --> Procaps Group

Today's Price Action

Biggest Gainers

9.71% ~ $ 11.41 | SFTW - Osprey Technology Acquisition Corp. (Announced)
7.84% ~ $ 9.63 | BLUW - Blue Water Acquisition Corporation (Announced)
6.81% ~ $ 18.50 | RICE - Rice Acquisition Corp. (Announced)
2.40% ~ $ 10.26 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
2.32% ~ $ 10.60 | VIH - VPC Impact Acquisition Holdings (Announced)
2.10% ~ $ 11.19 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.75% ~ $ 12.21 | TDAC - Trident Acquisitions Corp (Announced)
1.71% ~ $ 9.83 | DILA - Dila Capital Acquisition Corp (Pre-Deal)
1.55% ~ $ 9.85 | ATAQ - Altimar Acquisition Corp. III (Pre-Deal)
1.50% ~ $ 10.14 | QELL - Qell Acquisition Corp (Announced)
1.44% ~ $ 9.83 | NXU - Novus Capital Corporation II (Announced)
1.39% ~ $ 9.84 | HTPA - Highland Transcend Partners I Corp (Announced)
1.36% ~ $ 12.65 | FST - FAST ACQ CP (Announced)
1.24% ~ $ 9.82 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
1.03% ~ $ 11.72 | LEGO - LEGATO MERGER CORP. (Announced)
1.03% ~ $ 9.83 | SVFC - SVF Investment Corp. 3 (Pre-Deal)
1.00% ~ $ 9.78 | OMEG - Omega Alpha SPAC (Pre-Deal)
.93% ~ $ 9.77 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)

Biggest Losers

-2.10% ~ $ 9.78 | ACIC - Atlas Crest Investment Corp (Announced)
-1.21% ~ $ 9.83 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
-1.03% ~ $ 9.64 | TUGC - TradeUP Global Corp (Pre-Deal)
-1.02% ~ $ 9.68 | TETC - Tech and Energy Transition Corporation (Pre-Deal)
-.76% ~ $ 9.77 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
-.62% ~ $ 9.63 | TSPQ - TCW Special Purpose Acquisition Corp (Pre-Deal)
-.62% ~ $ 9.68 | PICC - Pivotal Investment Corporation III (Pre-Deal)
-.62% ~ $ 9.68 | BGSX - Build Acquisition Corp. (Pre-Deal)
-.62% ~ $ 9.69 | CTAQ - Carney Technology Acquisition Corp. II (Pre-Deal)
-.61% ~ $ 9.72 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
-.61% ~ $ 9.83 | GIW - GigInternational1, Inc. (Pre-Deal)
-.58% ~ $ 10.23 | CND - Concord Acquisition Corp (Announced)
-.51% ~ $ 9.70 | PMGM - Priveterra Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.70 | FINM - Marlin Technology Corp (Pre-Deal)
-.51% ~ $ 9.71 | CLAA - Colonnade Acquisition Corp. II (Pre-Deal)
-.51% ~ $ 9.75 | FACA - Figure Acquisition Corp. I (Pre-Deal)
-.51% ~ $ 9.77 | FZT - FAST Acquisition Corp. II (Pre-Deal)
-.51% ~ $ 9.85 | VPCB - VPC Impact Acquisition Holdings II (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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