RTPY Rises on Deal with Aurora, PFDR Strikes $1.4B Deal with Service Max

GXGX Fell 12.54% after disclosing incremental large redemptions. Pre-Transaction SPACs are trading at an average price of $9.80.
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The story that has been percolating is rising SPAC redemptions as many SPACs, including those approaching their merger votes, are staying below NAV. That being said, it hasn't stopped any SPAC merger from being voted down. Sponsors and the companies going public are incentivized to get deals done. However, that doesn't mean all hope is lost for investors. With a lot of cheap De-SPACs out there, it could mean opportunity for the right play. 

Recent De-SPACs:

$ 10.43 | ASPL - Aspirational Consumer Lifestyle Corp --> Wheels Up Partners Holdings LLC
$ 12.17 | LCY - Landcadia Holdings III Inc --> The Hillman Group, Inc.
$ 8.43 | SPRQ - Spartan Acquisition Corp II --> Sunlight Financial LLC
$ 8.38 | ALUS - Alussa Energy Acquisition Corp --> FREYR Battery
$ 8.91 | WPF - Foley Trasimene Acquisition Corp. --> Alight Inc
$ 12.08 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
$ 6.70 | FCAC - Falcon Capital Acquisition Corp --> sharecare
$ 9.43 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.
$ 10.84 | HOL - Holicity Inc --> Astra
$ 10.35 | LACQ - Leisure Acquisition Corp. --> Ensysce Biosciences, Inc.
$ 8.68 | RACA - Therapeutics Acquisition Corp --> POINT Biopharma

Reinvent Technology Partners Y (RTPY), the third SPAC from Reid Hoffman & Marc Pincus, struck a deal with self-driving startup Aurora Innovation at a $10.6B EV valuation. RTPY rose +1.42% on the news to close on the nose at $10.00. The deal is supported by a $1.0B PIPE - a very large PIPE, especially in the current environment where PIPE financing and appetite is hard to come by. 

rtpystock

The sponsor shares are subject to a (up to 4 year) lockup and price-based earnout feature. PIPE investors include: T Rowe, Fidelity,  (UBER) - Get Report, Index Ventures, and CPPIB. 

After market close, Pathfinder Acquisition Corp (PFDR) announced a $1.4B EV deal with field service management company ServiceMax. PFDR shares are rising post market +2.67% and hovering around $10.00 NAV. 

Source: PFDR Investor Presentation

Source: PFDR Investor Presentation

One more SPAC vote on tap for tomorrow as FGNA - FG New America Acquisition Corp --> OppFi is set to vote. With FGNA trading at $10.38, don't expect much in the way of shareholder redemptions. 

Today's Price Action

Biggest Gainers

2.50% ~ $ 10.25 | LSAQ - LIFE SCI ACQ II (Announced)
1.52% ~ $ 10.00 | RTPY - Reinvent Technology Partners Y (Announced)
1.50% ~ $ 10.18 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
1.16% ~ $ 17.37 | RICE - Rice Acquisition Corp. (Announced)
1.12% ~ $ 11.33 | TDAC - Trident Acquisitions Corp (Announced)
.92% ~ $ 9.87 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
.90% ~ $ 10.10 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.79 | PTIC - PropTech Investment Corporation II (Pre-Deal)
.82% ~ $ 9.88 | TMPM - Turmeric Acquisition Corp (Pre-Deal)
.71% ~ $ 9.90 | OMEG - Omega Alpha SPAC (Pre-Deal)
.71% ~ $ 9.97 | ISAA - Iron Spark I Inc. (Pre-Deal)
.62% ~ $ 9.75 | FVIV - Fortress Value Acquisition Corp. IV (Pre-Deal)
.61% ~ $ 9.90 | HPX - HPX Corp (Pre-Deal)
.60% ~ $ 10.04 | BWAC - Better World Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.76 | FSRX - FinServ Acquisition Corp. II (Pre-Deal)
.51% ~ $ 9.85 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.51% ~ $ 9.89 | HERA - FTAC Hera Acquisition Corp (Pre-Deal)
.51% ~ $ 9.90 | VTIQ - VectoIQ Acquisition Corp. II (Pre-Deal)

Biggest Losers

-12.54% ~ $ 8.02 | GXGX - GX Acquisition Corp (Announced)
-9.82% ~ $ 9.00 | RAAC - Revolution Acceleration Acquisition Corp (Announced)
-8.23% ~ $ 9.30 | ANDA - Andina Acquisition Corp. III (Announced)
-6.81% ~ $ 9.30 | ACND - Ascendant Digital Acquisition Corp (Announced)
-6.56% ~ $ 12.40 | PSAC - Property Solutions Acquisition Corp (Announced)
-6.39% ~ $ 9.37 | NHIC - NewHold Investment Corporation (Announced)
-5.45% ~ $ 12.31 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-3.81% ~ $ 9.60 | TWND - Tailwind Acquisition Corp (Announced)
-3.68% ~ $ 11.00 | AGC - ALTIMETER GROWTH CORP (Announced)
-3.49% ~ $ 22.96 | CCIV - Churchill Capital Corp IV (Announced)
-3.47% ~ $ 10.02 | EMPW - Empower Ltd (Announced)
-3.26% ~ $ 10.97 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-3.01% ~ $ 13.53 | GHVI - Gores Holdings VI Inc (Announced)
-2.85% ~ $ 10.55 | PDAC - Peridot Acquisition Corp (Announced)
-2.63% ~ $ 10.38 | SRAC - Stable Road Acquisition Corp. (Announced)
-2.25% ~ $ 10.00 | DCRB - Decarbonization Plus Acquisition Corp (Announced)
-2.20% ~ $ 9.78 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-2.07% ~ $ 10.40 | VACQ - Vector Acquisition Corp (Announced)

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