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2022 Finally Gets a SPAC Deal, Will More Follow?

Viveon Health Acquisition announced a deal with Suneva Medical, 4 IPOs priced including Gores IX, and DCRN shareholders approve Tritium after financing announcement.

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FINALLY. Viveon Health Acquisition (VHAQ) announced the first SPAC deal of 2022 with its pact for Suneva Medical. The deal values Suneva's equity at $511M, however there are few other details on the deal as there was not an 8-K filed nor a presentation made available for investors. VHAQ ended the day flat. 

It's noteworthy that VHAQ was approaching it's March-2022 SPAC Deadline (15mos from its 2020 IPO) and likely in a hustle to get a deal announced. As time goes on and SPACs get older, look out for deals approaching the end of SPAC's term.

It's not exactly the opening of the floodgates, but will see if more SPACs decide to follow suit in the coming days. Perhaps Chamath will make a return after DNAA and DNAC were both separately rumored to be in merger talks? Come on SPAC king. 

Sonder + Gores Metropolous Set for Friday Vote

Francis Davidson, founder and CEO of Sonder, joined our podcast ahead of Friday's shareholder vote on the merger with Gores Metropolous II (GMII). GMII dipped a bit today as it goes ex-redemption.

SPAC Quick Hits

Decarbonization Plus Acquisition Corporation II (DCRN) and Tritium's shareholder vote was approved, but not before the company pre-announced a waiver of its min cash ahead of an estimated ~35M ($350M) redemption along said vote. The financing includes $45M in share backstop at $6. Shares are at $9.32 and expect to trade as DCDF on Friday 1/14. 

Riverside Management Group withdrew 3 SPACs they had on file: RMG Acquisition V, VI, and VII which had aimed to raise ~$1.7B. The 3 SPACs filed initial registration statements at "Peak SPAC" in March 2021. On one hand, it's a little surprising for a seasoned sponsor (the numerals don't liem this would've been SPACs 5-7) to pivot away from plans. On the other hand, they still have one SPAC searching for a deal (RMGC) and another still on file to price in RMG IV. 

Plus their De-SPAC history isn't a runaway success with Romeo Power (RMO) closing at $3.21 today and ReNew Energy (RNW) closing at $7.11.  

De-SPAC Mixed Bag

Mixed bag in De-SPAC performance day, though Planet Labs (PL) got a nice little +10.5% jump on news that its launching new satellites, and Goldman Sachs initiated coverage with a BUY rating and price target of $11. Shares are still trading in the single digits ~$6. 

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SPAC IPOs

3 new IPOs priced last night and Gores IX followed suit today, pricing a $525M IPO with a clean $10 in trust and just 1/3 warrant coverage. This follows last week's Screaming Eagle (SCRMU), from Sloan and Sagansky, that was also able to price below current market terms. SCRM is trading slightly sub-NAV at $9.94. 

This highlights what is likely going to be a theme of the saturated SPAC market going forward: highly reputable SPAC sponsors with demonstrable track records will have a premium. Brand new sponsors? Good luck raising an IPO at any terms, much less without a sweetener for investors. 

So far 9 IPOs have priced in January for $2.4B in SPAC capital. While this is well behind the torrid issuance pace from Nov/Dec, it still trounces the single deal announcement from 2022. 

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Recent IPOs

Jan 12 | $ 10.00 | GHIX - Gores Holdings IX, Inc.
Jan 12 | $ 10.04 | ITAQ - Industrial Tech Acquisitions II, Inc.
Jan 11 | $ 10.01 | BRAC - Broad Capital Acquisition Corp
Jan 11 | $ 10.09 | VCXB - 10X Capital Venture Acquisition Corp. III
Jan 11 | $ 10.03 | WAVS - Western Acquisition Ventures Corp.
Jan 06 | $ 10.08 | CXAC - C5 Acquisition Corp
Jan 06 | $ 9.99 | VBOC - Viscogliosi Brothers Acquisition Corp
Jan 05 | $ 9.94 | SCRM - Screaming Eagle Acquisition Corp.
Jan 04 | $ 10.11 | CITE - Cartica Acquisition Corp

Upcoming Merger Votes

Jan 12 | $ 9.32 | DCRN - Decarbonization Plus Acquisition Corporation II --> Tritium
Jan 14 | $ 9.38 | GMII - Gores Metropoulos II, Inc. --> Sonder Holdings Inc.
Jan 19 | $ 10.19 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 19 | $ 10.01 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 20 | $ 9.98 | TREB - Trebia Acquisition Corp --> System1
Jan 25 | $ 10.17 | YSAC - Yellowstone Acquisition Co --> Sky Harbour LLC
Jan 31 | $ 10.04 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems

Today's Price Action

Biggest Gainers

MCMJ jumped +19% after yesterday's 16% drop on ex-redemption. Today they announced a $30M convert note financing and adjourned their shareholder meeting to a later date TBD.

19.31% ~ $ 10.01 | MCMJ - Merida Merger Corp. I (Announced)
11.69% ~ $ 71.26 | DWAC - Digital World Acquisition Corp. (Announced)
8.70% ~ $ 9.25 | PAIC - Petra Acquisition Inc (Announced)
4.77% ~ $ 12.73 | CFVI - CF Acquisition Corp. VI (Announced)
4.34% ~ $ 15.40 | ESSC - East Stone Acquisition Corporation (Announced)
2.82% ~ $ 10.57 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
2.02% ~ $ 10.11 | LFAC - LF Capital Acquisition Corp. II (Pre-Deal)
1.42% ~ $ 10.00 | CCTS - Cactus Acquisition Corp. 1 Ltd (Pre-Deal)
1.31% ~ $ 10.05 | UPTD - TradeUP Acquisition Corp (Pre-Deal)
1.12% ~ $ 11.74 | GGPI - Gores Guggenheim, Inc (Announced)
.92% ~ $ 9.87 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
.70% ~ $ 10.02 | TOAC - Talon 1 Acquisition Corp (Pre-Deal)
.62% ~ $ 9.78 | PICC - Pivotal Investment Corporation III (Pre-Deal)
.62% ~ $ 9.78 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
.60% ~ $ 9.98 | GCAC - Growth Capital Acquisition Corp. (Announced)
.51% ~ $ 9.90 | APSG - Apollo Strategic Growth Capital (Announced)
.50% ~ $ 10.05 | LMAO - LMF Acquisition Opportunities, Inc. (Pre-Deal)
.41% ~ $ 9.82 | VCXA - 10X Capital Venture Acquisition Corp. II (Pre-Deal)
.41% ~ $ 9.82 | TPBA - TPB Acquisition Corporation I (Pre-Deal)
.41% ~ $ 9.90 | RRAC - Rigel Resource Acquisition Corp. (Pre-Deal)

Biggest Losers

-5.23% ~ $ 6.70 | CPSR - Capstar Special Purpose Acquisition Corp. (Announced)
-1.88% ~ $ 9.38 | GMII - Gores Metropoulos II, Inc. (Announced)
-1.48% ~ $ 10.00 | GIIX - GORES HOLDINGS VIII, INC. (Announced)
-1.40% ~ $ 9.86 | ROCG - Roth CH Acquisition IV Co. (Pre-Deal)
-1.31% ~ $ 9.81 | LCW - Learn CW Investment Corp (Pre-Deal)
-1.12% ~ $ 9.69 | ZT - Zimmer Energy Transition Acquisition Corp. (Pre-Deal)
-.85% ~ $ 9.32 | DCRN - Decarbonization Plus Acquisition Corporation II (Announced)
-.82% ~ $ 9.72 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-.82% ~ $ 9.72 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
-.80% ~ $ 9.89 | MLAI - McLaren Technology Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.69 | THCP - Thunder Bridge Capital Partners IV, Inc. (Pre-Deal)
-.72% ~ $ 9.72 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.76 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-.61% ~ $ 9.77 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-.61% ~ $ 9.81 | GLTA - Galata Acquisition Corp (Pre-Deal)
-.60% ~ $ 9.90 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.92 | SVFA - SVF Investment Corp. (Pre-Deal)
-.60% ~ $ 9.93 | DTRT - DTRT Health Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.71 | PEGR - Project Energy Reimagined Acquisition Corp. (Pre-Deal)
-.51% ~ $ 9.72 | PMGM - Priveterra 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.)