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In a welcome turn for investors it was "risk-on" in the markets today. On average the pre-deal and announced deal SPACs didn't move much despite the broader markets strong upward move. The average pre-deal SPAC stayed at about $9.82 with a little more than half seeing downward moves.
The most notable activity for SPACs today was the raft of DeSPACs that surged alongside, and beyond, the broader market. It's important to note that for many of the deSPACs the strong surges were on prices well below the original $10 NAV. So, while welcome, investors that are bag holding from early investments into these companies will still be hurting.
DeSPAC Gainers with a +10% or Better Move
22.91% | $ 7.78 | Quantum-Si Inc (QSI) <-- HighCape Capital Acquisition Corp (CAPA)
15.93% | $ 6.84 | Planet Labs PBC (PL) <-- dMY Technology Group, Inc. IV (DMYQ)
14.99% | $ 22.09 | Arqit Quantum Inc (ARQQ) <-- Centricus Acquisition Corp. (CENH)
13.83% | $ 4.69 | Stryve Foods Inc (SNAX) <-- Andina Acquisition Corp. III (ANDA)
13.01% | $ 9.21 | AgileThought Inc (AGIL) <-- LIV Capital Acquisition Corp. (LIVK)
12.11% | $ 3.24 | Ensysce Biosciences Inc (ENSC) <-- Leisure Acquisition Corp. (LACQ)
11.71% | $ 4.58 | Enjoy Technology Inc (ENJY) <-- Marquee Raine Acquisition Corp. (MRAC)
10.88% | $ 13.45 | Science 37 Holdings Inc (SNCE) <-- LIFE SCI ACQ II (LSAQ)
10.52% | $ 11.87 | Ermenegildo Zegna Holditalia SpA (ZGN) <-- Investindustrial Acquisition Corp. (IIAC)
DeSPAC Losers with a -10% or Worse Move
-18.94% | $ 9.67 | Boxed Inc (BOXD) <-- Seven Oaks Acquisition Corp. (SVOK)
-18.16% | $ 9.15 | Vertical Aerospace Ltd (EVTL) <-- Broadstone Acquisition Corp. (BSN)
SPAC Sponsor dMY Benefits from "Risk On" and Betting on Themselves
The dMY team was one of the biggest beneficiaries of today's "risk on" moves as IONQ popped +6% and, as shown above, PL surged almost +16%. While PL ended the day at $6.84, well below the SPAC NAV of $10, it was a welcome move for those that believe (a) in Planet and (b) the dMY team.
It's also notable that in recent days both Niccolo de Masi (now a PL board member and previously the SPAC sponsor) and head of product Kevin Weil both made open market purchases of PL stock.
Elsewhere in SPAC Land
- There were four SPAC deal votes today -- HCAQ, EUSG, MACQ, ATMR. So far we only have the results for EUSG where shareholders approved the ADS-TEC Energy deal with 66% redeeming.
- The redemption numbers are out for the Bowlero / ISOS deal vote with "only" ~55% redeeming. That number will likely surprise most on the low side given the deal and where it had been trading prior.
- SPAC sponsor dMY withdrew its pre-IPO SPAC that was going to be ADMY. See the filing here.
SPAC Deal: Zanite Acquisition ( ZNTE ) + EVE
Tuesday only saw one deal announcement after Monday's four. Zanite Acquisition (ZNTE) announced it is taking EVE, an "urban air mobility business created by Embraer S.A." public in a SPAC deal valued at $2.4B. ZNTE closed the day up slightly at $10.17.
Latest Know Who Drives Return Podcast Episode
We just released our latest episode with Tim Hentschel, CEO of HotelPlanner. HotelPlanner is going public in a 3-way SPAC merger with ASAX and Reserverations.com.
There are just few more SPAC votes before the market closes for the holiday.
Dec 23 | $ 10.00 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc
Dec 23 | $ 9.99 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Dec 28 | $ 9.98 | NGCA - NextGen Acquisition Corp. II --> Virgin Orbit
Dec 28 | $ 9.97 | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Dec 30 | $ 9.96 | CFV - CF Acquisition Corp. V --> Satellogic
Jan 04 | $ 9.96 | VPCC - VPC Impact Acquisition Holdings III, Inc. --> DAVE INC.
Jan 06 | $ 10.17 | PAIC - Petra Acquisition Inc --> Revelation Biosciences, Inc
Jan 12 | $ 9.94 | DCRN - Decarbonization Plus Acquisition Corporation II --> Tritium
Jan 14 | $ 9.98 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Jan 19 | $ 10.15 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Today's SPAC Movers
2.86% ~ $ 10.43 | HCAQ - HealthCor Catalio Acquisition Corp. (Announced)
1.93% ~ $ 10.02 | ROCG - Roth CH Acquisition IV Co. (Pre-Deal)
1.65% ~ $ 9.85 | EDNC - Endurance Acquisition Corp. (Pre-Deal)
1.23% ~ $ 9.89 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.03% ~ $ 9.85 | LDHA - LDH Growth Corp I (Pre-Deal)
1.01% ~ $ 10.00 | WALD - Waldencast Acquisition Corp. (Announced)
.98% ~ $ 10.33 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
.80% ~ $ 10.08 | SBEA - SilverBox Engaged Merger Corp I (Announced)
.72% ~ $ 9.78 | SPTK - SportsTek Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.79 | FLAC - Frazier Lifesciences Acquisition Corporation (Pre-Deal)
.72% ~ $ 9.84 | FVAM - 501 ACQ CORP (Pre-Deal)
.72% ~ $ 9.86 | PGSS - Pegasus Digital Mobility Acquisition Corp. (Pre-Deal)
.71% ~ $ 9.88 | LUXA - Lux Health Tech Acquisition Corp (Pre-Deal)
.61% ~ $ 9.86 | XFIN - ExcelFin Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.88 | TCVA - TCV Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.96 | ACAQ - Athena Consumer Acquisition Corp. (Pre-Deal)
.60% ~ $ 10.02 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
.60% ~ $ 10.05 | LMAO - LMF Acquisition Opportunities, Inc. (Pre-Deal)
.52% ~ $ 9.70 | LAX - 8i Acquisition 2 Corp. (Pre-Deal)
.51% ~ $ 9.80 | FACA - Figure Acquisition Corp. I (Pre-Deal)
-2.74% ~ $ 11.35 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-2.34% ~ $ 11.67 | CFVI - CF Acquisition Corp. VI (Announced)
-2.06% ~ $ 9.99 | DBDR - Roman DBDR Tech Acquisition Corp. (Announced)
-1.31% ~ $ 9.82 | LHAA - Lerer Hippeau Acquisition Corp (Pre-Deal)
-1.28% ~ $ 9.95 | ARCK - Arbor Rapha Capital Bioholdings Corp. I (Pre-Deal)
-1.22% ~ $ 9.68 | LITT - Logistics Innovation Technologies Corp. (Pre-Deal)
-1.19% ~ $ 10.00 | FSII - FS Development Corp. II (Announced)
-1.12% ~ $ 9.69 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
-.82% ~ $ 9.72 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-.80% ~ $ 9.87 | SAMA - Schultze Special Purpose Acquisition Corp. II (Pre-Deal)
-.71% ~ $ 9.73 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
-.71% ~ $ 9.81 | EUSG - European Sustainable Growth Acquisition Corp. (Announced)
-.71% ~ $ 9.85 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
-.61% ~ $ 9.70 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.84 | LCW - Learn CW Investment Corp (Pre-Deal)
-.51% ~ $ 9.73 | TWCB - Bilander Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.74 | KAIR - Kairos Acquisition Corp (Pre-Deal)
-.46% ~ $ 9.85 | BLTS - Bright Lights Acquisition Corp. (Announced)
-.45% ~ $ 9.85 | ARYD - ARYA Sciences Acquisition Corp IV (Announced)
-.41% ~ $ 9.65 | XPAX - XPAC Acquisition Corp (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.)