2 SPAC Mergers from OTRA and RICO Kick off the Week

Deals from OTR Acquisition Corp (OTRA) and Agrico Acquisition Corp (RICO) marked a mini merger Monday.

Author:
David Drapkin
Publish date:
Jan 31, 2022

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Long are the manic merger Mondays in SPAC land as sentiment in both SPACs and the broader equity market has lagged over the past few weeks. Though this morning two SPAC deals were announced as the show must go on. With 588 SPACs searching for deals and the clock ticking, those deals will start to trickle in:

Agrico Acquistion Corp (RICO), a relatively "young" SPAC having just IPO'ed in July, struck a $375M deal with vertical farming company Kalera. The deal financing did not contain a PIPE, and RICO shares dipped slightly to $10.05.

Vertical farming company AppHarvest (APPH), and SPAC comp, has struggled in DeSPAC life and fell another ~12% to close at just $2.99 after posting disappointing results.

OTR Acquisition Co. (OTRA) announced a bio deal in taking Comera Life Sciences public in a $151.3M EV deal, also with no PIPE. OTRA, in its IPO prospectus, had set out to search for a company with an EV of "~$500M - $2.5B." Given where things are in SPACs, don't expect SPACs to feel pressure to stick to their original target sectors or valuations.

Elsewhere in SPACs

Ivanhoe Capital Acquisition Corp (IVAN) said it expects its vote with SES Holdings to pass tomorrow, 2/1, and generate > $480M of proceeds to the company. Shares dipped nearly 6% today to $8.18.

Two SPACs voted today:

CITIC Capital (CCAC) approved deal with Quanergy, the company didn't disclose redemptions yet
ECP Environmental (ENNV) has yet to file results on its Fast Radius vote

Three SPACs are set to vote on their mergers tomorrow:

Ivanhoe Capital (IVAN) + SES Holdings
Merida Merger Corp I (MCMJ) + Leafly
Environmental Impact Acquisition (ENVI) + Greenlight

Silverbox Engaged Merger Corp I (SBEA) wraps the week's votes with Black Rifle on Thursday 2/3.

An IPO! Blue World Acquisition Corp (BWAQ) raised $80M targeting marine / travel / cruises.

De-SPACs See Green

A rebound day for stocks, including tech and the Nasdaq, was reciprocated by recent De-SPACs. First day seeing green in some time. Beaten down names such as EMBK and DNA had big days.

Today's Price Action

Biggest Gainers

The DWAC rollercoaster continues as DWAC jumps on a risk-on day.

6.28% ~ $ 73.07 | DWAC - Digital World Acquisition Corp. (Announced)
3.95% ~ $ 10.00 | PFTA - Portage Fintech Acquisition Corp. (Pre-Deal)
2.06% ~ $ 9.90 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
1.94% ~ $ 9.99 | BPAC - Bullpen Parlay Acquisition Co (Pre-Deal)
1.84% ~ $ 9.98 | BIOS - BioPlus Acquisition Corp. (Pre-Deal)
1.52% ~ $ 10.00 | OLIT - OmniLit Acquisition Corp. (Pre-Deal)
1.48% ~ $ 11.65 | CFVI - CF Acquisition Corp. VI (Announced)
1.14% ~ $ 9.77 | GXII - GX Acquisition Corp. II (Pre-Deal)
1.03% ~ $ 9.80 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
.93% ~ $ 9.74 | IACC - ION Acquisition Corp 3 Ltd. (Pre-Deal)
.91% ~ $ 9.94 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
.89% ~ $ 10.21 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
.87% ~ $ 10.39 | GGPI - Gores Guggenheim, Inc (Announced)
.83% ~ $ 9.70 | ALPA - ALPHA HEALTHCARE ACQUISITION CORP III (Pre-Deal)
.81% ~ $ 10.00 | TOAC - Talon 1 Acquisition Corp (Pre-Deal)
.78% ~ $ 10.36 | HUGS - USHG Acquisition Corp. (Announced)
.73% ~ $ 9.67 | APTM - Alpha Partners Technology Merger Corp. (Pre-Deal)
.73% ~ $ 9.69 | ACRO - Acropolis Infrastructure Acquisition Corp. (Pre-Deal)
.73% ~ $ 9.70 | PSAG - Property Solutions Acquisition Corp. II (Pre-Deal)
.73% ~ $ 9.72 | THCP - Thunder Bridge Capital Partners IV, Inc. (Pre-Deal)

Biggest Losers

-8.81% ~ $ 8.70 | ENVI - Environmental Impact Acquisition Corp. (Announced)
-8.03% ~ $ 7.56 | CCAC - CITIC Capital Acquisition Corp (Announced)
-5.76% ~ $ 8.18 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
-5.13% ~ $ 7.03 | ENNV - ECP Environmental Growth Opportunities Corp. (Announced)
-4.31% ~ $ 9.55 | ATEK - Athena Technology Acquisition Corp. II (Pre-Deal)
-1.12% ~ $ 9.70 | STET - ST Energy Transition I Ltd. (Pre-Deal)
-1.01% ~ $ 9.80 | MTVC - Motive Capital Corp II (Pre-Deal)
-.62% ~ $ 9.64 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
-.56% ~ $ 7.13 | MCMJ - Merida Merger Corp. I (Announced)
-.51% ~ $ 9.75 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
-.50% ~ $ 9.93 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
-.50% ~ $ 9.94 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-.50% ~ $ 9.77 | IGNY - Ignyte Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.61 | SMIH - Summit Healthcare Acquisition Corp. (Pre-Deal)
-.41% ~ $ 9.82 | ASPA - Abri SPAC I, Inc. (Announced)
-.31% ~ $ 9.88 | ONYX - Onyx Acquisition Co. I (Pre-Deal)
-.31% ~ $ 9.61 | SLVR - SILVERspac Inc (Pre-Deal)
-.31% ~ $ 9.65 | DHBC - DHB Capital Corp. (Pre-Deal)
-.31% ~ $ 9.65 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
-.31% ~ $ 9.67 | CRZN - Corazon Capital V838 Monoceros Corp (Pre-Deal)