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SPAC Deals Struggle to Cross Finish Line

A day after ASAX called off their merger HCCC adjourns shareholder meeting. Plus the rest of the day in SPACs

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Yesterday it was about the Valentine's breakup of Astrea Acquisition Corp (ASAX) and HotelPlanner calling off their proposed merger. It was already the 6th SPAC merger to call off their deal in 2022. Rising redemption rates and poor DeSPAC performance have rendered going thru a DeSPAC not very attractive. 

There are only a handful of SPACs with official shareholder votes scheduled, and it's reasonable to ask how many of them will actually make it there? Today, Healthcare Capital Corp (HCCC) adjourned its Alpha Tau vote by 3 days in order to "permit more time to satisfy the closing conditions." AKA (this is a guess) they are likely looking for additional financing to combat a high redemption rate. 

One thing is for sure, 2022 is certainly not 2021 when its comes to SPAC mergers. Nothing is a done deal or given certainty at this point. 

Elsewhere in SPACs

  • Tailwind Two Acquisition (TWNT) and Terran Orbital Announce March 22 shareholder vote
  • Edoc Acquisition (ADOC) shareholders approved a deadline extension out till August, but 70% of the SPAC redeemed
  • Akili Interactive filed initial S-4 for Chamath's Social Capital Suvretta Holdings Corp. I (DNAA) deal

Today's Price Action

Biggest Gainers

3.70% ~ $ 11.49 | GGPI - Gores Guggenheim, Inc (Announced)
3.16% ~ $ 15.00 | CFVI - CF Acquisition Corp. VI (Announced)
3.01% ~ $ 9.94 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
2.61% ~ $ 9.83 | HCCC - Healthcare Capital Corp. (Announced)
1.50% ~ $ 81.15 | DWAC - Digital World Acquisition Corp. (Announced)
1.35% ~ $ 9.73 | XPAX - XPAC Acquisition Corp (Pre-Deal)
1.19% ~ $ 10.37 | CND - Concord Acquisition Corp (Announced)
1.02% ~ $ 9.90 | PORT - Southport Acquisition Corporation (Pre-Deal)
1.02% ~ $ 9.94 | RONI - Rice Acquisition Corp. II (Pre-Deal)
.87% ~ $ 9.83 | RCAC - Revelstone Capital Acquisition Corp. (Pre-Deal)
.71% ~ $ 9.92 | GVCI - Green Visor Financial Technology Acquisition Corp I (Pre-Deal)
.62% ~ $ 9.70 | ACRO - Acropolis Infrastructure Acquisition Corp. (Pre-Deal)
.61% ~ $ 9.90 | LGVC - LAMF Global Ventures Corp. I (Pre-Deal)
.56% ~ $ 9.90 | RRAC - Rigel Resource Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.80 | INTE - Integral Acquisition Corp 1 (Pre-Deal)
.51% ~ $ 9.88 | BOAS - BOA Acquisition Corp. (Announced)
.51% ~ $ 9.89 | ADER - 26 Capital Acquisition Corp (Announced)
.51% ~ $ 9.91 | WINV - WinVest Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.92 | ENTF - Enterprise 4.0 Technology Acquisition Corp (Pre-Deal)
.51% ~ $ 9.93 | SWAG - Software Acquisition Group Inc. III (Announced)

Biggest Losers

-2.70% ~ $ 9.72 | WAVC - Waverley Capital Acquisition Corp. 1 (Pre-Deal)
-1.13% ~ $ 9.61 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
-.96% ~ $ 10.34 | ESSC - East Stone Acquisition Corporation (Announced)
-.91% ~ $ 9.80 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-.90% ~ $ 9.86 | XFIN - ExcelFin Acquisition Corp. (Pre-Deal)
-.90% ~ $ 9.87 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
-.84% ~ $ 9.80 | DAOO - Crypto 1 Acquisition Corp (Pre-Deal)
-.81% ~ $ 9.85 | CNDB - Concord Acquisition Corp III (Pre-Deal)
-.80% ~ $ 9.89 | APXI - APx Acquisition Corp. I (Pre-Deal)
-.72% ~ $ 9.67 | FWAC - Fifth Wall Acquisition Corp. III (Pre-Deal)
-.71% ~ $ 9.82 | BHAC - Crixus BH3 Acquisition Corp. (Pre-Deal)
-.61% ~ $ 9.76 | VPCB - VPC Impact Acquisition Holdings II (Announced)
-.60% ~ $ 9.90 | FRBN - Forbion European Acquisition Corp. (Pre-Deal)
-.52% ~ $ 9.63 | APTM - Alpha Partners Technology Merger Corp. (Pre-Deal)
-.42% ~ $ 9.76 | ROCL - Roth CH Acquisition V Co. (Pre-Deal)
-.41% ~ $ 9.60 | HCVI - Hennessy Capital Investment Corp. VI (Pre-Deal)
-.41% ~ $ 9.69 | SEDA - SDCL EDGE Acquisition Corp (Pre-Deal)
-.41% ~ $ 9.70 | EOCW - Elliott Opportunity II Corp. (Pre-Deal)
-.41% ~ $ 9.76 | FACA - Figure Acquisition Corp. I (Pre-Deal)
-.41% ~ $ 9.76 | FTVI - FinTech Acquisition Corp. VI (Pre-Deal)

More from Boardroom Alpha

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