SPAC Deal Announcement Pops and Warrants Surge

Deals from HCAQ, CND, and HCCC all rose while certain warrants doubled. SPACs were generally flat on a down market day.
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The heavy M&A action to start this shortened week continued this morning with another three SPAC deals announced, all of which rose on the day:

+3.10% | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
+6.88% | CND - Concord Acquisition Corp --> Circle
+1.45% | HCCC - Healthcare Capital Corp. --> Alpha Tau Healthcare

In addition, for those with warrants, we've been seeing some massive jumps given the level of cheapness that most SPACs/warrants are trading at. For example, Concord Acquisition's warrants (CNDWS) surged today over 2x +122% from $0.99 to close at $2.20. Similarly, HCCC's warrants (HCCCW) also rose +17% to close at $0.90. 

Rumors will fuel the trade as well. Per Bloomberg Polestar, the electric-car maker controlled by Volvo Car AB, is in talks to go public with Gores Guggenheim (GGPI). GGPI common jumped +4.49% to $10.23 today while the warrants surged +113% to close at $2.75.

However, remember, unlike common shares with its redemption features at $10 + interest, the warrants can expire worthless if certain price targets are not met or a deal is not consummated. Thus it is a much riskier, and volatile trade. 

Today's Price Action

Biggest Gainers

6.67% ~ $ 10.55 | CND - Concord Acquisition Corp (Announced)
5.14% ~ $ 10.23 | GGPI - Gores Guggenheim, Inc (Pre-Deal)
4.51% ~ $ 22.47 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
3.33% ~ $ 10.86 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
2.46% ~ $ 9.98 | HCAQ - HealthCor Catalio Acquisition Corp. (Announced)
1.56% ~ $ 9.79 | HCCC - Healthcare Capital Corp. (Announced)
1.45% ~ $ 13.25 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.06% ~ $ 9.50 | ALUS - Alussa Energy Acquisition Corp (Announced)
1.03% ~ $ 9.82 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
1.02% ~ $ 9.88 | PTIC - PropTech Investment Corporation II (Pre-Deal)
1.02% ~ $ 9.88 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
.93% ~ $ 9.77 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
.88% ~ $ 9.76 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
.82% ~ $ 9.79 | FSRX - FinServ Acquisition Corp. II (Pre-Deal)
.82% ~ $ 9.86 | CLIM - Climate Real Impact Solutions II Acquisition Corporation (Pre-Deal)
.81% ~ $ 14.89 | GHVI - Gores Holdings VI Inc (Announced)
.76% ~ $ 9.98 | FTAA - FTAC Athena Acquisition Corp. (Pre-Deal)

Biggest Losers

-5.74% ~ $ 12.80 | SRAC - Stable Road Acquisition Corp. (Announced)
-4.11% ~ $ 11.66 | CMII - CM Life Sciences II Inc. (Announced)
-3.93% ~ $ 11.50 | FTCV - FinTech Acquisition Corp. V (Announced)
-3.69% ~ $ 12.52 | TDAC - Trident Acquisitions Corp (Announced)
-2.92% ~ $ 11.65 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
-2.58% ~ $ 11.70 | LCY - Landcadia Holdings III Inc (Announced)
-2.55% ~ $ 9.94 | DKDCA - Data Knights Acquisition Corp. (Pre-Deal)
-2.47% ~ $ 11.05 | BOWX - BowX Acquisition Corp (Announced)
-2.34% ~ $ 12.50 | CMLF - CM Life Sciences Inc (Announced)
-2.34% ~ $ 9.67 | CLBR - Colombier Acquisition Corp. (Pre-Deal)
-2.32% ~ $ 10.10 | DCRB - Decarbonization Plus Acquisition Corp (Announced)
-2.20% ~ $ 10.65 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
-2.19% ~ $ 24.96 | CCIV - Churchill Capital Corp IV (Announced)
-1.93% ~ $ 10.17 | CMLT - CM Life Sciences III Inc. (Pre-Deal)
-1.65% ~ $ 11.93 | PDAC - Peridot Acquisition Corp (Announced)
-1.48% ~ $ 10.00 | YTPG - TPG Pace Beneficial II Corp. (Pre-Deal)
-1.32% ~ $ 9.74 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
-1.31% ~ $ 9.80 | NSTD - Northern Star Investment Corp. IV (Pre-Deal)

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