Tuesday morning we talked about how the narrative for SPACs could start to change regarding SPACs over the course of the next month. With over 20 SPACs voting on their deals in June, and de-SPACing soon after, there could be a much more positive story on performance.
SoFi (SOFI) is off to a hot start following its official de-SPAC ticker change (from IPOE) and will help push that narrative change for now.
SOFI jumped up as much as 12% intra-day and closed up over 3%. That puts it over 2x up from IPOE's $10 IPO price and puts another feather in Chamath Palihapitiya's cap with a stake worth around $750m. Certainly a great SPAC story for those that were early believers, though those that got in during peak SPAC may be grumbling.
Strong De-SPAC performance could be a large determinant of companies' appetite to go public via a SPAC. Remember, De-SPACs haven't been that bad, despite the common narrative in the media. With a significant amount of SPAC capital having to be deployed in the next 12 months SPAC sponsors will certainly hope that private companies don't become averse to the SPAC route.
Wednesday SPAC Action: JWS, STIC/BARK
Today investors in Jaws Acquisition Corp (JWS) will vote on the Cano Health merger. As with most SPACs that lived through peak SPAC the price has been volatile, but like SOFI it looks ready to come out the other side with investors that got in early, around NAV, being well rewarded.
Today investors will also see Northern Start Acquisition Corp (STIC) officially become Barkbox (BARK). Investors here, won't be as excited as SOFI and JWS investors as the price has been on a consistent downward slide since early this year.
June's SPAC Deal Calendar
SPACs have an opportunity to change the narrative in June with over 20 deals going to vote.
Jun 03 | $ 10.72 | TSIA - TS Innovation Acquisitions Corp --> Latch, Inc.
Jun 03 | $ 13.41 | JIH - Juniper Industrial Holdings, Inc. --> Janus International Group, LLC
Jun 04 | $ 10.01 | GIX - GigCapital2, Inc. --> Cloudbreak Health, LLC
Jun 04 | $ 14.50 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. --> CareMax Medical Group, LLC
Jun 07 | $ 13.27 | FSRV - FinServ Acquisition Corp --> Katapult Inc.
Jun 08 | $ 10.20 | ARYA - Arya Sciences Acquisition Corp III --> Nautilus Biotechnology, Inc.
Jun 09 | $ 10.12 | THBR - Thunder Bridge Acquisition II, Ltd --> Indie Semiconductor
Jun 09 | $ 10.15 | CAPA - HighCape Capital Acquisition Corp --> Quantum-Si
Jun 10 | $ 15.88 | SSPK - Silver Spike Acquisition Corp. --> WM Holding Company, LLC
Jun 10 | $ 9.99 | VGAC - VG Acquisition Corp --> 23andMe, Inc.
Jun 10 | $ 10.08 | CCX - Churchill Capital Corp II --> Software Luxembourg Holding S.A
Jun 11 | $ 18.77 | ACTC - ArcLight Clean Transition Corp --> Proterra Inc
Jun 15 | $ 10.00 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 16 | $ 10.12 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 17 | $ 9.97 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 22 | $ 13.12 | FTIV - FinTech Acquisition Corp. IV --> Perella Weinberg Partners LLC
Jun 22 | $ 10.22 | TBA - Thoma Bravo Advantage --> ironSource
Jun 23 | $ 9.94 | AACQ - Artius Acquisition Inc. --> Origin Materials
Jun 23 | $ 9.96 | FTOC - FTAC Olympus Acquisition Corp --> Payoneer Inc.
Jun 24 | $ 10.04 | FRX - Forest Road Acquisition Corp --> Beachbody, LLC
Jun 29 | $ 11.25 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
SPAC Bargains for the Basket
For those still looking to add to their SPAC baskets for yield + upside opportunity, here are 20 of the most deeply discounted SPACs. Note that over 90% of pre-deal SPACs are at a discount, so there are plenty to choose from. Investors should also note that upside has been harder to find recently as almost every deal that was announced in May is trading below NAV.
-4.00% | GGMC - Glenfarne Merger Corp. (Pre-Deal)
-3.90% | MACA - Moringa Acquisition Corp (Pre-Deal)
-3.80% | ANZU - Anzu Special Acquisition Corp I (Pre-Deal)
-3.80% | PUCK - Goal Acquisitions Corp. (Pre-Deal)
-3.80% | MDH - MDH Acquisition Corp. (Pre-Deal)
-3.80% | GXII - GX Acquisition Corp. II (Pre-Deal)
-3.70% | KSIC - Kadem Sustainable Impact Corporation (Pre-Deal)
-3.70% | SWET - Athlon Acquisition Corp. (Pre-Deal)
-3.70% | MBAC - M3-Brigade Acquisition II Corp (Pre-Deal)
-3.70% | BYTS - BYTE Acquisition Corp. (Pre-Deal)
-3.70% | ASPC - Alpha Capital Acquisition Company (Pre-Deal)
-3.60% | SCAQ - Stratim Cloud Acquisition Corp. (Pre-Deal)
-3.60% | OEPW - One Equity Partners Open Water I Corp. (Pre-Deal)
-3.54% | KAII - Kismet Acquisition Two Corp. (Pre-Deal)
-3.50% | IGNY - Ignyte Acquisition Corp. (Pre-Deal)
-3.50% | NBST - Newbury Street Acquisition Corporation (Pre-Deal)
-3.50% | EJFA - EJF Acquisition Corp (Pre-Deal)
-3.50% | GAMC - Golden Arrow Merger Corp. (Pre-Deal)
-3.50% | OSTR - Oyster Enterprises Acquisition Corp. (Pre-Deal)
-3.50% | GLHA - Glass Houses Acquisition Corp. (Pre-Deal)
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.
- 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
- 200 SPACs Under $10
- SPACs Generally Flat, Mergers Rise Slightly
- SPACs Close Down Again on Sleepy Friday
- BRPA Surges 88% on EUA Rumor, SPACs Generally Trickled Lower
- Don't Rush into SPAC IPOs + DPCM Capital (XPOA) taking Jam City Public
- Crypto Crashed Loudly While SPACs Drop Quietly
- SPAC Market is Healthier Than Most Think
- TPGY/EVBox Deal Falling Apart Would be a Big Blow to SPACs
- Will Chamath's IPOE / SoFi Deal be Impacted by Clover's Whiff?
- 15 SPAC Mergers in 30 Days
- SPACs End Week on a High (Kind of)
- Will SPACs Rebound with the Market?
- Pitchforks out for Chamath and SPACs
- Exclusive SPAC Q&A: Better World Acquisition Corp (BWAC)
- SPACs Remain Discounted, Dell prices IPO
- SPAC Deals Lacking Punch + SWBK Taking Bird Public
- SPAC Stocks Continue Slide Despite M&A Activity
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)