FSII and TREB Announce SPAC Deals. NSTB, CLII, FCAC, and RACA Get Their Votes

June's surge of SPAC deal votes is almost complete and the SPAC market is as healthy as ever.
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Monday felt relatively quiet in SPAC land, but it did include DFP Healthcare announcing a deal and two successful deal votes (IACA, LACQ). Tuesday starts with two deal announcements and will follow with four SPAC merger votes.

SPAC Deal Announcements - FSII and TREB

FS Development Corp II (FSII) picked Pardes Bioscience and Trebia Acquisition (TREB) picked System1. Bill Foley's TREB deal has no PIPE, but does have a $200M backstop from Cannae and at least a $200M debt commitment to backstop redemptions. FSII closed Monday at $9.88 with very light volume and TREB closed at $9.85 and is up about 0.8% in premarket.

SPAC Merger Votes

Today will be busy for SPAC investors watching deal votes with NSTB, CLII, FCAC, and RACA all happening today. All are trading at or above NAV, with CLII well above, so don't expect any surprises or too many redemptions. 

Jun 29 | $ 9.99 | NSTB - Northern Star Investment Corp. II --> Apex Clearing Holdings
Jun 29 | $ 16.50 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 29 | $ 10.26 | FCAC - Falcon Capital Acquisition Corp --> sharecare
Jun 29 | $ 10.06 | RACA - Therapeutics Acquisition Corp --> POINT Biopharma
Jun 30 | $ 9.64 | ALUS - Alussa Energy Acquisition Corp --> FREYR
Jun 30 | $ 11.50 | HOL - Holicity Inc --> Astra
Jun 30 | $ 12.38 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
Jun 30 | $ 9.99 | WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions

Other SPAC news

  • Payoneer (formerly FTAC Olympus Acquisition Corp sponsored by Betsy Cohen) closed down ~1.5% after debuted on the Nasdaq on Monday. It closed at $10.60 so, remains above the initial SPAC offering price of $10 and is up ~3.6% premarket.
  • Navigation Capital is launching 4 new SPACs. Each is $150m. The timing is probably good from their perspective as June's de-SPACs have cleared out a little (but not enough!) of the oversupply, the overall SPAC narrative is better, and June's IPOs are almost all holding near or above NAV. But, SPAC investors won't necessarily be thrilled as they will likely want to see more SPACs clearing out before many more come in.
  • Elliott Opportunity II (EOCW / U) begins trading today. It is a $530m SPAC upsized from $500m, has 1/4 warrants, and has a technology/technology enabled focus. Note, that while it has a "II" in the name, it is actually the first from Elliott to price, with the debut ($1B size) still waiting to price
  • LACQ vote passed on Monday and closed +1.26% on the day to $14.48. Don't expect many (or any) redemptions given where the common stock is trading.
  • IACA vote passed on Monday with ~7% of shares redeemed, and the stock closed down 0.49% to $10.18.

Monday's SPAC Movers

Biggest Gainers

8.18% ~ $ 10.98 | TBA - Thoma Bravo Advantage (Announced)
7.59% ~ $ 20.84 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
7.23% ~ $ 27.00 | CCIV - Churchill Capital Corp IV (Announced)
6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
6.24% ~ $ 13.45 | CMLF - CM Life Sciences Inc (Announced)
5.50% ~ $ 11.50 | HOL - Holicity Inc (Announced)
4.22% ~ $ 12.83 | CMII - CM Life Sciences II Inc. (Announced)
4.19% ~ $ 10.95 | VACQ - Vector Acquisition Corp (Announced)
3.95% ~ $ 10.26 | FCAC - Falcon Capital Acquisition Corp (Announced)
3.63% ~ $ 16.54 | PSAC - Property Solutions Acquisition Corp (Announced)
3.31% ~ $ 9.99 | AACQ - Artius Acquisition Inc. (Announced)
2.95% ~ $ 12.55 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
2.58% ~ $ 9.94 | NBST - Newbury Street Acquisition Corporation (Pre-Deal)
2.58% ~ $ 9.95 | AFAQ - AF Acquisition Corp. (Pre-Deal)
2.17% ~ $ 9.90 | HCAQ - HealthCor Catalio Acquisition Corp. (Pre-Deal)
2.04% ~ $ 16.50 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
1.97% ~ $ 18.16 | SSPK - Silver Spike Acquisition Corp. (Announced)
1.68% ~ $ 11.19 | BCTG - BCTG Acquisition Corp. (Announced)
1.62% ~ $ 10.01 | ARYA - Arya Sciences Acquisition Corp III (Announced)
1.45% ~ $ 9.82 | IBER - Ibere Pharmaceuticals (Pre-Deal)

Biggest Losers

-4.78% ~ $ 17.15 | RICE - Rice Acquisition Corp. (Announced)
-3.50% ~ $ 9.64 | ALUS - Alussa Energy Acquisition Corp (Announced)
-3.00% ~ $ 9.69 | KAII - Kismet Acquisition Two Corp. (Pre-Deal)
-2.66% ~ $ 12.07 | FST - FAST ACQ CP (Announced)
-2.57% ~ $ 9.84 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
-2.24% ~ $ 10.02 | DGNS - DRAGONEER GR OP (Pre-Deal)
-2.23% ~ $ 12.72 | SRAC - Stable Road Acquisition Corp. (Announced)
-2.20% ~ $ 9.80 | ATVC - Tribe Capital Growth Corp I (Pre-Deal)
-1.83% ~ $ 11.78 | PDAC - Peridot Acquisition Corp (Announced)
-1.62% ~ $ 10.32 | CMLT - CM Life Sciences III Inc. (Pre-Deal)
-1.62% ~ $ 22.51 | PSTH - Pershing Square Tontine Holdings (Announced)
-1.61% ~ $ 9.79 | FLAC - Frazier Lifesciences Acquisition Corporation (Pre-Deal)
-1.60% ~ $ 10.43 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-1.53% ~ $ 9.65 | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-1.52% ~ $ 9.75 | WPCB - Warburg Pincus Capital Corporation I—B (Pre-Deal)
-1.50% ~ $ 14.43 | GHVI - Gores Holdings VI Inc (Announced)
-1.42% ~ $ 9.70 | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
-1.42% ~ $ 9.72 | LCA - Landcadia Holdings IV, Inc. (Pre-Deal)

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