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Risk Off, Tech Off, SPACs Off

With so many SPACs fitting the mold of technology companies sensitive to interest rates it was no surprise they fell alongside the broader tech sell-off.

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Most of the SPAC market was down alongside the rest of the market today. Technology stocks in particular were hit and SPACs that fit that description were hit hard as well. For example, the quantum computing company IONQ, which just de-SPAC'd, dropped 18% to $7.51. Current SPACs STWO (merging with ESS Technology) and ITAC (merging with Arb Robotics) and fitting the "technology" mold dropped over -10%. Both also go to vote tomorrow.

On the surprising, and positive side, MEKA - MELI Kaszek Pioneer Corp, the new SPAC that IPO'd at the end of September, rose another 4% and closed at $11.51. Remember, MEKA has no warrants so it's a SPAC outlier in a few ways.

There were two deals announced before the market opened and started shedding value. GBRG is taking AgiiPlus public in a $578M deal and HLXA is taking MoonLake public in a $620M deal. GBRG managed to hang tough and only dropped about 0.2% to $9.90 and HLXA actually climbed slightly, ending the day up 0.5% at $10.

GBRG Picks AgiiPlus

HLXA Picks MoonLake 

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Jonathan Browne from Robinson Capital joined David Drapkin to talk about SPAC arbitrage. Robinson Capital's SPAX ETF launched in June of 2021 and is an actively managed exchange-trade fund (ETF) that invests in Special Purpose Acquisition Companies (SPACs), also known as blank check companies. This is a great primer for retail investors that are newer to the SPAC yield play.

SPAC Vote Calendar

After a painful day and without the excitement of gamma squeezes retail investors may not care much about what's up for vote next, but here's your calendar:

Oct 05 | $ 8.92 | STWO - ACON S2 Acquisition Corp --> Ess Technology Inc
Oct 05 | $ 8.93 | ITAC - Industrial Tech Acquisitions Inc --> Arbe Robotics Ltd
Oct 13 | $ 9.98 | MRAC - Marquee Raine Acquisition Corp. --> Enjoy Technology, Inc.
Oct 14 | $ 10.50 | LEGO - LEGATO MERGER CORP. --> Algoma Steel
Oct 14 | $ 10.05 | VIH - VPC Impact Acquisition Holdings --> BAKKT Holdings, LLC
Oct 14 | $ 9.98 | HZAC - HORIZON ACQ CP --> Vivid Seats Inc.
Oct 19 | $ 10.08 | GSAH - GS Acquisition Holdings Corp II --> Mirion Technologies
Oct 20 | $ 9.98 | KURI - Alkuri Global Acquisition Corp. --> Babylon
Oct 20 | $ 10.07 | SGAM - Seaport Global Acquisition Corp --> Redbox
Oct 20 | $ 10.07 | BCYP - Big Cypress Acquisition Corp. --> SAB Biotherapeutics
Oct 27 | $ 10.12 | TMTS - Spartacus Acquisition Corporation --> NextNav Holdings, LLC

SPAC Movers

Biggest SPAC Stock Losers
-10.34% ~ $ 8.93 | ITAC - Industrial Tech Acquisitions Inc (Announced)
-10.26% ~ $ 8.92 | STWO - ACON S2 Acquisition Corp (Announced)
-4.75% ~ $ 9.82 | OXAC - Oxbridge Acquisition Corp. (Pre-Deal)
-4.51% ~ $ 10.17 | DCRD - Decarbonization Plus Acquisition Corp IV (Pre-Deal)
-3.57% ~ $ 9.73 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
-3.56% ~ $ 11.38 | TDAC - Trident Acquisitions Corp (Announced)
-3.06% ~ $ 8.56 | SV - Spring Valley Acquisition Corp (Announced)
-2.54% ~ $ 8.07 | KCAC - Kensington Capital Acquisition Corp. II (Announced)
-2.02% ~ $ 9.68 | JAQC - Jupiter Acquisition Corporation (Pre-Deal)
-2.00% ~ $ 9.80 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
-1.77% ~ $ 9.99 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-1.72% ~ $ 9.72 | LSAQ - LIFE SCI ACQ II (Announced)
-1.67% ~ $ 10.03 | FSII - FS Development Corp. II (Announced)
-1.26% ~ $ 10.18 | AGC - Altimeter Growth Corp. (Announced)
-1.23% ~ $ 9.63 | FICV - Frontier Investment Corp (Pre-Deal)
-1.17% ~ $ 12.70 | FST - FAST ACQ CP (Announced)
-1.08% ~ $ 10.06 | FTCV - FinTech Acquisition Corp. V (Announced)
-1.02% ~ $ 9.68 | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-.91% ~ $ 9.75 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
-.91% ~ $ 9.76 | ACAH - Atlantic Coastal Acquisition Corp. (Pre-Deal)

Biggest SPAC Stock Gainers
4.64% ~ $ 11.51 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
3.74% ~ $ 10.25 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
3.09% ~ $ 10.00 | THCP - Thunder Bridge Capital Partners IV, Inc. (Pre-Deal)
1.63% ~ $ 9.96 | FTVI - FinTech Acquisition Corp. VI (Pre-Deal)
1.55% ~ $ 9.85 | DHBC - DHB Capital Corp. (Pre-Deal)
1.43% ~ $ 9.92 | GSQB - G Squared Ascend II, Inc. (Pre-Deal)
1.29% ~ $ 10.24 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
1.21% ~ $ 10.01 | GLEE - Gladstone Acquisition Corporation (Pre-Deal)
1.02% ~ $ 9.92 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
.93% ~ $ 9.74 | XPAX - XPAC Acquisition Corp (Pre-Deal)
.92% ~ $ 9.88 | IMAQ - International Media Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.78 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
.72% ~ $ 9.74 | GXII - GX Acquisition Corp. II (Pre-Deal)
.72% ~ $ 9.77 | BLNG - Belong Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.80 | FSRX - FinServ Acquisition Corp. II (Pre-Deal)
.71% ~ $ 9.93 | APAC - StoneBridge Acquisition Corp. (Pre-Deal)
.68% ~ $ 10.30 | NOVV - Nova Vision Acquisition Corp (Pre-Deal)
.62% ~ $ 9.72 | HYAC - Haymaker Acquisition Corp. III (Pre-Deal)
.62% ~ $ 9.73 | BSAQ - Black Spade Acquisition Co (Pre-Deal)
.62% ~ $ 9.75 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)

More from Boardroom Alpha

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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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