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A Quiet SPAC August?

Expect SPACs to continue to trade down across the board and redemptions to remain high in August.

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Last week in SPACs was dominated by more questions than answers. There were indictments, high redemptions, deal re-pricings, and adjournments - yet SPAC IPOs kept flying off the shelves. SPAC prices remain well below NAV -- now trading on average at $9.77 -- and sponsors have got to be worried about redemptions and merger deals closing smoothly. 

SPAC investors will expect little to change in the market over the course of August. Given the current and persistent downward pressure on all SPACs, lack of retail excitement, and poor de-SPAC performance it will take something big to reenergize the market. What will be and when that will happen is unclear at this point so it wouldn't be a surprise to see the market continue to stumble along into the fall. 

The good news for some will be that the yield play continues to be available with a significant (read: almost all) SPACs available at a discount. The bad news is that things could get worse if investors get news of additional bad actors and actions.

August SPAC Deal Votes
It will be a relatively quiet vote week compared to most of July's high volume activity. Keep watching redemptions for this batch of SPACs given most are trading quite close to NAV.

Aug 03 | $ 9.99 | GRSV - GORES HOLDINGS V, INC. --> Ardagh Metal Packaging
Aug 05 | $ 9.98 | PDAC - Peridot Acquisition Corp --> Li-Cycle Corp
Aug 05 | $ 9.98 | RTP - Reinvent Technology Partners --> Joby Aviation
Aug 06 | $ 10.09 | SCPE - SC Health Corporation --> Rockley Photonics
Aug 09 | $ 10.02 | BCTG - BCTG Acquisition Corp. --> Tango Therapeutics
Aug 10 | $ 9.97 | CHFW - Consonance-HFW Acquisition Corp --> Surrozen, Inc.
Aug 11 | $ 10.00 | SRAC - Stable Road Acquisition Corp. --> Momentus, Inc.
Aug 11 | $ 10.06 | NBA - New Beginnings Acquisition Corp --> Airspan Networks Inc
Aug 11 | $ 10.14 | GRNV - GreenVision Acquisition Corp. --> Helbiz, Inc.
Aug 12 | $ 9.96 | SAII - SOFTWARE ACQ GP --> Otonomo Technologies, Ltd
Aug 12 | $ 10.07 | CFAC - CF Finance Acquisition Corp. III --> AEye, Inc.
Aug 13 | $ 9.96 | NSH - NavSight Holdings, Inc --> Spire Global
Aug 16 | $ 9.97 | RMGB - RMG Acquisition Corporation II --> ReNew Power Private Limited
Aug 18 | $ 9.96 | NGAC - NextGen Acquisition Corp --> Xos, Inc.
Aug 18 | $ 9.95 | KSMT - KISMET ACQ ONE --> Nexters Global Limited
Aug 18 | $ 9.96 | AJAX - Ajax I --> Cazoo
Aug 20 | $ 10.17 | VACQ - Vector Acquisition Corp --> Rocket Lab
Aug 20 | $ 10.04 | SV - Spring Valley Acquisition Corp --> AeroFarms
Aug 25 | $ 10.76 | MUDS - Mudrick Capital Acquisition Corporation II --> The Topps Company

July's SPAC merger announcements continue to show material weakness with most trading significantly below NAV. Given the recent and persistent trend of big redemptions, most investors will expect more redemptions here which will be a self-reinforcing cycle of creating even more redemptions.

Jul 29 | $ 9.93 | TPGS - TPG Pace Solutions Corp. --> Vacasa
Jul 28 | $ 9.82 | GMBT - Queen’s Gambit Growth Capital --> Swvl
Jul 28 | $ 9.85 | SPAQ - Spartan Acquisition Corp. III --> Allego
Jul 27 | $ 9.81 | MACQ - MCAP Acquisition Corporation --> AdTheorent Inc.
Jul 23 | $ 10.25 | BTNB - Bridgetown 2 Holdings Limited --> PropertyGuru Group
Jul 23 | $ 9.87 | DGNS - DRAGONEER GR OP --> CVENT
Jul 21 | $ 9.82 | MDH - MDH Acquisition Corp. --> Olive.com
Jul 21 | $ 9.92 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jul 20 | $ 9.82 | VELO - Velocity Acquisition Corp --> BBQGuys
Jul 19 | $ 9.81 | CPSR - Capstar Special Purpose Acquisition Corp. --> Gelesis Inc
Jul 19 | $ 9.88 | IIAC - Investindustrial Acquisition Corp. --> Ermenegildo Zegna
Jul 19 | $ 9.81 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Jul 19 | $ 9.85 | OCA - Omnichannel Acquisition Corp --> Kin
Jul 16 | $ 9.84 | ATMR - Altimar Acquisition Corp. II --> Fathom Digital Manufacturing Corporation
Jul 15 | $ 9.82 | LGV - Longview Acquisition Corp. II --> Heartflow, Inc.
Jul 15 | $ 9.86 | PFDR - Pathfinder Acquisition Corporation --> ServiceMax
Jul 15 | $ 9.91 | RTPY - Reinvent Technology Partners Y --> Aurora Innovation, Inc.
Jul 13 | $ 9.87 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Jul 13 | $ 9.88 | CBAH - CBRE Acquisition Holdings, Inc. --> Altus Power, Inc
Jul 12 | $ 9.79 | LCAP - Lionheart Acquisition Corporation II --> MSP Recovery
Jul 09 | $ 9.94 | FPAC - Far Peak Acquisition Corp --> Bullish
Jul 08 | $ 9.89 | HCAQ - HealthCor Catalio Acquisition Corp. --> Hyperfine, Inc.
Jul 08 | $ 9.83 | HCCC - Healthcare Capital Corp. --> Alpha Tau Medical Ltd.
Jul 08 | $ 10.14 | CND - Concord Acquisition Corp --> Circle
Jul 07 | $ 9.86 | DMYQ - dMY Technology Group, Inc. IV --> Planet Labs Inc.
Jul 07 | $ 9.89 | ATHN - Athena Technology Acquisition Corp. --> Heliogen
Jul 06 | $ 9.84 | CFV - CF Acquisition Corp. V --> Satellogic
Jul 06 | $ 10.56 | KVSB - Khosla Ventures Acquisition Co. II --> Nextdoor, Inc.
Jul 01 | $ 9.85 | ISOS - Isos Acquisition Corp. --> Bowlero

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