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SPACs Bounce. Ex-Redemption Pain. And, Still no Deals

Still no new SPAC deals announced in 2022 while SPACs (and deSPACs) bounced back alongside the market. DCRN shareholders vote tomorrow on their deal with Tritium. MCMJ was stung by ex-redemption.

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It was a "buy the dip" day with the broader market bouncing back and both SPACs and deSPACs coming along for the ride. DWAC continues its volatile ways and popped +14%. ESSC, a focus for FinTwit folks looking for the SPAC gamma squeeze, was up almost 8% to $14.76.

Among the deSPACs investors saw many of the not-yet-profitable, but hyped companies with big moves. This included LCID, VORB, PL, IONQ, SLDP, and SLGC among the leaders. 

Today marks the 7th trading day of 2022 without a deal announcement. The market has been waiting since the ACKIT / Blackstone Products announcement on December 23rd for a deal. It's a bit of a joke to say we're on pace for zero deals in 2022, but the fact that there have already been 5 SPAC IPOs in 2022 doesn't sit well with folks hoping the market corrects itself before it gets too out of balance.

For those wondering whether the market can continue to support more SPACs, consider that even with most new SPACs overfunding trusts, the average pre-deal SPAC is trading at $9.82. Also, the recent string of extremely high redemptions -- and a new record of almost 99% with the Capstar / CPSR deal -- and the subsequent price performance makes it clear the market needs fewer SPACs and better deals. 

And, the poor price action doesn't wait for deSPAC either. For example, MCMJ went ex-redemption (ie no longer has the $10 price floor from redemptions) and quickly dropped -16%. 

mcmj_ex_redemption_20220111

CPSR / Gelesis shareholders went to vote today, but no announcements yet on results. We do know from their release yesterday, as mentioned above, that redemptions for the deal set a new record for redemptions of nearly 99%.

SPAC Calendar

Jan 12 | $ 9.40 | DCRN - Decarbonization Plus Acquisition Corporation II --> Tritium
Jan 14 | $ 9.56 | GMII - Gores Metropoulos II, Inc. --> Sonder Holdings Inc.
Jan 14 | $ 8.39 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Jan 19 | $ 10.18 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 19 | $ 9.99 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 20 | $ 9.97 | TREB - Trebia Acquisition Corp --> System1
Jan 25 | $ 10.18 | YSAC - Yellowstone Acquisition Co --> Sky Harbour LLC
Jan 31 | $ 10.04 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Feb 01 | $ 9.97 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Feb 01 | $ 9.95 | OCA - Omnichannel Acquisition Corp --> Kin
Feb 09 | $ 9.97 | MBAC - M3-Brigade Acquisition II Corp --> Syniverse Corp

SPAC Stock Movers

SPAC Gainers

14.11% ~ $ 63.80 | DWAC - Digital World Acquisition Corp. (Announced)
7.97% ~ $ 14.76 | ESSC - East Stone Acquisition Corporation (Announced)
7.06% ~ $ 9.40 | DCRN - Decarbonization Plus Acquisition Corporation II (Announced)
2.02% ~ $ 11.61 | GGPI - Gores Guggenheim, Inc (Announced)
1.40% ~ $ 10.15 | CND - Concord Acquisition Corp (Announced)
.92% ~ $ 9.87 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
.81% ~ $ 9.97 | MLAI - McLaren Technology Acquisition Corp. (Pre-Deal)
.81% ~ $ 9.98 | OCAX - OCA Acquisition Corp (Pre-Deal)
.79% ~ $ 9.89 | ALCC - AltC Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.78 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
.72% ~ $ 9.80 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
.70% ~ $ 10.00 | IOAC - Innovative International Acquisition Corp. (Pre-Deal)
.62% ~ $ 9.85 | FHLT - Future Health ESG Corp. (Pre-Deal)
.62% ~ $ 9.78 | PICC - Pivotal Investment Corporation III (Pre-Deal)
.61% ~ $ 9.90 | DNAB - Social Capital Suvretta Holdings Corp. II (Pre-Deal)
.51% ~ $ 9.78 | BRIV - B. Riley Principal 250 Merger Corp. (Pre-Deal)
.51% ~ $ 9.92 | MCAE - Mountain Crest Acquisition Corp. III (Pre-Deal)
.51% ~ $ 9.95 | ACDI - Ascendant Digital Acquisition Corp. III (Pre-Deal)
.50% ~ $ 12.15 | CFVI - CF Acquisition Corp. VI (Announced)
.41% ~ $ 9.75 | EQHA - EQ Health Acquisition Corp (Pre-Deal)

SPAC Losers

-28.51% ~ $ 7.07 | CPSR - Capstar Special Purpose Acquisition Corp. (Announced)
-16.02% ~ $ 8.39 | MCMJ - Merida Merger Corp. I (Announced)
-9.76% ~ $ 8.32 | PAIC - Petra Acquisition Inc (Announced)
-5.51% ~ $ 10.28 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-4.17% ~ $ 9.66 | BLEU - bleuacacia ltd (Pre-Deal)
-4.02% ~ $ 9.56 | GMII - Gores Metropoulos II, Inc. (Announced)
-3.32% ~ $ 9.89 | ENCP - Energem Corp (Pre-Deal)
-2.77% ~ $ 9.83 | NFNT - Infinite Acquisition Corp. (Pre-Deal)
-2.55% ~ $ 9.92 | NETC - Nabors Energy Transition Corp. (Pre-Deal)
-2.38% ~ $ 9.86 | CCTS - Cactus Acquisition Corp. 1 Ltd (Pre-Deal)
-2.25% ~ $ 9.78 | CFV - CF Acquisition Corp. V (Announced)
-2.09% ~ $ 9.85 | SUAC - ShoulderUP Technology Acquisition Corp. (Pre-Deal)
-2.00% ~ $ 9.81 | CREC - Crescera Capital Acquisition Corp. (Pre-Deal)
-1.88% ~ $ 9.91 | LFAC - LF Capital Acquisition Corp. II (Pre-Deal)
-1.49% ~ $ 9.90 | IFIN - InFinT Acquisition Corporation (Pre-Deal)
-1.46% ~ $ 10.09 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-1.28% ~ $ 9.63 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-1.15% ~ $ 9.92 | UPTD - TradeUP Acquisition Corp (Pre-Deal)
-.82% ~ $ 9.72 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-.82% ~ $ 9.72 | SKYA - Skydeck Acquisition Corp. (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.)