Last week was another positive one for SPACs and they start the week on solid footing. With June's merger voting going smoothly, and de-SPACs performing well, it's been a good month so far. Watch for the trend to continue and especially watch for more SPACs going into votes having a nice pop around the vote or shortly thereafter. This week there are 4 votes, but June still has 17 more, so lots of opportunity to make a bet.
June's SPAC Merger Votes
Jun 15 | $ 10.13 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 16 | $ 10.13 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 17 | $ 10.00 | HEC - Hudson Executive Investment Corp --> Talkspace
Jun 17 | $ 10.00 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 22 | $ 12.60 | FTIV - FinTech Acquisition Corp. IV --> Perella Weinberg Partners LLC
Jun 22 | $ 10.24 | TBA - Thoma Bravo Advantage --> ironSource
Jun 23 | $ 9.99 | AACQ - Artius Acquisition Inc. --> Origin Materials
Jun 23 | $ 10.32 | FTOC - FTAC Olympus Acquisition Corp --> Payoneer Inc.
Jun 24 | $ 10.36 | FRX - Forest Road Acquisition Corp --> Beachbody, LLC
Jun 24 | $ 10.04 | FIII - Forum Merger III Corporation --> Electric Last Mile, Inc.
Jun 28 | $ 10.63 | IACA - ION Acquisition Corp 1 Ltd --> Taboola
Jun 29 | $ 10.42 | RACA - Therapeutics Acquisition Corp --> POINT Biopharma
Jun 29 | $ 9.98 | FCAC - Falcon Capital Acquisition Corp --> sharecare
Jun 29 | $ 13.73 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 30 | $ 10.65 | WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions
Jun 30 | $ 11.10 | HOL - Holicity Inc --> Astra
Jun 30 | $ 11.13 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
There is most certainly an oversupply of pre-deal SPACs in the market (still hovering around 420), but we're much closer to equilibrium today than at any other point recently. With June's votes slowly chipping away at the overall SPAC count and IPOs mostly on the sidelines (over 280 prelim S-1s on file), we're seeing a slow, but steady market correction. The average pre-deal NAV continues to trade higher, now around $9.85, creeping back toward $10 - still a compelling yield + optionality trade.
Lordstown (RIDE) CEO Steve Burns resigns from the EV De-SPAC
There has been a lot of coverage in the news recently about Lordstown's financial challenges and potential mismanagement so it won't shock anyone that Steve Burns has resigned as CEO. In addition, CFO Julio Rodriguez has also resigned. While the company searches for a new CEO, director Angela Strand has been appointed Executive Chairwoman of the Company.
A few months back this would be the type of news that would really put a dent in the SPAC market given the massive negativity. However, this is unlikely to shake the more positive narrative given the better balance in the market at the moment. More likely it will serve as an example of the risks of betting on any early stage company regardless of how that bet is made (VC, IPO, direct listing, or SPAC).
Seven Oaks (SVOK) Taking Boxed Public in $640m SPAC Deal
This morning Seven Oaks Acquisition (SVOK) announced they are taking Boxed public in a $640M SPAC deal. Most interesting for this deal may be that it is another one with a convert embedded in it. Watch for this to become a potential trend.
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- SPAC Wrap: Deep SPAC Discounts Won't Last Much Longer
- Gamestop's Big Moves; Director/Officer Moves w/o June 11
- De-SPACs Are Popping, Another eVTOL Merger
- Amid Positive SPAC Momentum, IPOs Returned Too
- The SPAC Tide is Turning Positive
- Less Angst in SPAC Land + Wallbox in a $1.5B SPAC Deal
- SPACs Rise, RIDE Plunges on Going Concern
- SPAC Narrative Changing: CLOV Surges in Pre-Market, CCIV Surged Monday
- VPC Impact Drops on Dave Deal, More SPAC Votes Ahead
- A Big Week for SPACs. Will the Narrative Continue to Improve?
- Ackman Rewrites the SPAC "Merger", De-SPACs are Heating Up
- 2 SPACs Vote Tomorrow amid June Merger Frenzy
- SPAC Narrative Changing with De-SPAC Success and New Chamath SPACs?
- Hot Start for SoFi, while MUDS Takes a Hit on AMC and Candy Digital News
- SPAC Activity Picks Up into Memorial Day, Remain Heavily Discounted
- IPOE Passes Vote as Chamath Pens Op-Ed, PACX Rises on Acorns Deal
- Chamath's IPOE Shareholders Vote Today on SoFi Merger; Acorns and eFFECTOR Deals
- SPAC IPOs Mixed, DCRN Deal Slightly Rises, IPOE/SoFi Up Next
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)