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DWAC Swings Again, CFVI Follows it Down, and Planet (PL) Drops on Day 2

No deals announced today, but some big price moves across select SPACs. Recent deSPACs were hit alongside the market's risk-off move.

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The SPAC market mostly took a hit alongside the rest of the market today. Notable among the decliners today, Planet Labs which had its ticker change yesterday and after showing strength by closing at $11.35, dropped 13.6% to $9.81. However, in after hours it has climbed back almost 3% to $10.09 as of this writing. 

DWAC also took a big hit, also dropping 13.6% to $56.55. The price action on DWAC is great for those that are making the right day-to-day trades to take advantage of the swings, but isn't tied to anything fundamental. CFVI which is merging with Rumble, and is sympathy trade with DWAC, also fell 9.4%.

New SEC Chief Gary Gensler posted, somewhat mockingly, a video on "what in the world is a SPAC?" The video is further evidence that increased requirements around dis and investor protections are fully front and center on his agenda. Keep an eye out here. 

Elsewhere in SPACs

CBRE Acquisition Holdings (CBAH) closed its merger with Altus Power and will trade as AMPS tomorrow 12/10 on the NYSE. The company said it received $636.5M in proceeds prior to transaction expenses and post redemptions, which comes out to ~10% redemptions ($41M of $402.5M trust). CBAH shares closed +6.44% to $10.75. 

MCAP Acquisition Corporation (MACQ) and AdTheorent waived the minimum cash requirement and min cash in trust requirement in their merger terms. They have a scheduled shareholder vote for Dec-21. MACQ shares closed sub-nav at $9.96, clearly expecting a bunch of redemptions here. 

FAST Acquisition Corp (FST) indefinitely postponed its merger vote with Fertitta (recall the two sides are battling after Fertitta attempted to pull the deal), which was originally scheduled for Dec-14. Seems like a nasty battle is brewing. FST closed at $10.06.

PEAR Joins the High Redemption / Low Float Club

With 97% of shares redeemed, Pear Therapeutics (PEAR, was THMA) tied for the highest redemption on record. The high redemption club has seen some traders come in quick and make money on the squeeze, but longer term the deSPAC'd stocks have generally been a lock to underperform.

Source: Boardroom Alpha SPAC Redemption Monitor

Source: Boardroom Alpha SPAC Redemption Monitor

SPAC IPOs

6 new SPACs hit the tape today for the first time, and all are from first-time sponsors. Unsurprisingly they also all featured over-funded trusts and 1/2 warrants, except for one brave SPAC, Target Global Acquisition I Corp (TGAA) who offered just 1/3 warrants. TGAAU broke price and closed at $9.95.  

We're hearing that upwards of 7 more SPAC IPOs are expected to price tonight.  

SPAC Calendar

Next week will see a number of votes with all of the SPACs trading under $10. Watch for a week of big redemptions.

Dec 13 | $ 9.89 | YAC - Yucaipa Acquisition Corporation --> SIGNA Sports United
Dec 14 | $ 9.75 | BSN - Broadstone Acquisition Corp. --> Vertical Aerospace
Dec 14 | $ 9.83 | ISOS - Isos Acquisition Corp. --> Bowlero
Dec 16 | $ 9.97 | CMLT - CM Life Sciences III Inc. --> EQRx, Inc.
Dec 20 | $ 9.94 | CFV - CF Acquisition Corp. V --> Satellogic
Dec 21 | $ 9.96 | MACQ - MCAP Acquisition Corporation --> AdTheorent Inc.
Dec 21 | $ 9.98 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Dec 22 | $ 10.22 | SEAH - Sports Entertainment Acquisition Corp --> Super Group
Dec 23 | $ 12.09 | FSII - FS Development Corp. II --> Pardes Biosciences, Inc
Dec 23 | $ 10.19 | DBDR - Roman DBDR Tech Acquisition Corp. --> CompoSecure Holdings, L.L.C.
Dec 28 | $ 9.97 | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Dec 28 | $ 9.99 | NGCA - NextGen Acquisition Corp. II --> Virgin Orbit

Today's SPAC Movers

Biggest Gainers
4.21% ~ $ 10.16 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
3.37% ~ $ 12.90 | ESSC - East Stone Acquisition Corporation (Announced)
2.01% ~ $ 10.14 | DTRT - DTRT Health Acquisition Corp. (Pre-Deal)
1.95% ~ $ 9.95 | SHQA - Shelter Acquisition Corporation I (Pre-Deal)
1.75% ~ $ 9.89 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
1.34% ~ $ 9.85 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
1.34% ~ $ 9.86 | PFTA - Portage Fintech Acquisition Corp. (Pre-Deal)
1.23% ~ $ 9.87 | FTEV - FinTech Evolution Acquisition Group (Pre-Deal)
1.12% ~ $ 9.95 | CIIG - CIIG Capital Partners II, Inc. (Pre-Deal)
1.12% ~ $ 9.95 | MCAE - Mountain Crest Acquisition Corp. III (Pre-Deal)
1.12% ~ $ 9.97 | HMCO - HumanCo Acquisition Corp. (Pre-Deal)
1.02% ~ $ 9.90 | SWSS - Springwater Special Situations Corp. (Pre-Deal)
1.02% ~ $ 9.95 | ROCG - Roth CH Acquisition IV Co. (Pre-Deal)
1.00% ~ $ 10.13 | PIPP - Pine Island Acquisition Corp (Pre-Deal)

Biggest Losers
-13.56% ~ $ 56.55 | DWAC - Digital World Acquisition Corp. (Announced)
-9.41% ~ $ 13.58 | CFVI - CF Acquisition Corp. VI (Announced)
-5.52% ~ $ 11.63 | GGPI - Gores Guggenheim, Inc (Announced)
-3.55% ~ $ 10.61 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-2.21% ~ $ 9.75 | BSN - Broadstone Acquisition Corp. (Announced)
-1.93% ~ $ 10.16 | BENE - Benessere Capital Acquisition Corp. (Announced)
-1.89% ~ $ 12.46 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-1.50% ~ $ 9.83 | ISOS - Isos Acquisition Corp. (Announced)
-1.26% ~ $ 10.22 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-1.23% ~ $ 9.75 | FHLT - Future Health ESG Corp. (Pre-Deal)
-1.00% ~ $ 9.94 | CFV - CF Acquisition Corp. V (Announced)

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