DKNG Steals Spotlight, ASAX to Take HotelPlanner Public

ASAX strikes a deal with HotelPlanner, GNOG surged on DKNG deal. 3 SPAC IPOs set to trade Tuesday.
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The slow slog of August continues as the market is seeing little activity, with just a handful of deals and IPOs sprinkled here and there. Yesterday saw two initial SPAC definitive agreements, with each rising very modestly +0.1% and +0.4% respectively. 

Aug 09 | $ 9.98 | MCMJ - Merida Merger Corp. I --> Leafly Holdings, Inc.
Aug 09 | $ 9.93 | MPAC - Model Performance Acquisition Corp --> MultiMetaVerse Inc.

This morning, Astrea Acquisition Corp (ASAX) announced a $567M deal to take HotelPlanner Public: 

A couple of former SPACs, DKNG (Diamond Eagle) and GNOG (Landcadia II), stole the headlines yesterday with DKNG's agreement to purchase GNOG for $1.56B in an all-stock transaction. As we spoke about, it's certainly a positive development for the de-SPAC story as both companies are showing what strong execution can look like -  regardless of the capital markets method used to go public. 

GNOG surged on the news as the $1.56B is 2x the valuation when it de-SPAC'ed. 

gnog

SPAC Calendar

GRNV fell almost 9% on the day yesterday as it went ex-redemption ahead of its vote with Helbiz tomorrow. We would continue to expect high redemptions for those SPACs trading significantly below NAV. SRAC, who was famously fined by the SEC last month, is still scheduled for its vote tomorrow as well. 

Aug 10 | $ 9.61 | CHFW - Consonance-HFW Acquisition Corp --> Surrozen, Inc.
Aug 11 | $ 10.04 | SRAC - Stable Road Acquisition Corp. --> Momentus, Inc.
Aug 11 | $ 10.07 | NBA - New Beginnings Acquisition Corp --> Airspan Networks Inc
Aug 11 | $ 8.99 | GRNV - GreenVision Acquisition Corp. --> Helbiz, Inc.
Aug 12 | $ 9.88 | CFAC - CF Finance Acquisition Corp. III --> AEye, Inc.
Aug 12 | $ 9.78 | SAII - SOFTWARE ACQ GP --> Otonomo Technologies, Ltd
Aug 12 | $ 9.99 | BLUW - Blue Water Acquisition Corporation --> Clarus Therapeutics
Aug 13 | $ 9.98 | NSH - NavSight Holdings, Inc --> Spire Global

SPAC IPOs

3 New SPAC IPOs will begin to trade today, including Avista Public Acquisition Corp. II (AHPA) which has an overfunded trust at $10.25 as enticement for their pricing. That being said, all of August's IPOs have been trading below their NAV. 

GLEE, ROCG, and NOVV have overfunded trusts, which helps explain why they are trading > $10. 

Aug 09 | TBC | CPAA - Conyers Park III Acquisition Corp.
Aug 09 | TBC | AHPA - Avista Public Acquisition Corp. II
Aug 09 | TBC | ASPA - Abri SPAC I, Inc.
Aug 05 | $ 10.02 | ROCG - Roth CH Acquisition IV Co.
Aug 05 | $ 10.03 | NOVV - Nova Vision Acquisition Corp
Aug 05 | $ 9.93 | RVAC - Riverview Acquisition Corp.
Aug 04 | $ 9.95 | BWC - Blue Whale Acquisition Corp I
Aug 04 | $ 10.06 | GLEE - Gladstone Acquisition Corporation
Aug 03 | $ 9.88 | AMCI - AMCI Acquisition Corp. II
Aug 02 | $ 9.88 | HWEL - Healthwell Acquisition Corp. I
Jul 30 | $ 9.91 | XPAX - XPAC Acquisition Corp

Yesterday's Price Action

Biggest Gainers

5.77% ~ $ 10.45 | SCPE - SC Health Corporation (Announced)
5.57% ~ $ 10.04 | SRAC - Stable Road Acquisition Corp. (Announced)
4.31% ~ $ 10.88 | CND - Concord Acquisition Corp (Announced)
3.88% ~ $ 12.05 | FST - FAST ACQ CP (Announced)
3.55% ~ $ 12.55 | FWAA - Fifth Wall Acquisition Corp. I (Announced)
3.33% ~ $ 9.93 | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)
2.99% ~ $ 10.00 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
2.97% ~ $ 11.10 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
2.37% ~ $ 10.36 | VACQ - Vector Acquisition Corp (Announced)
1.65% ~ $ 9.84 | EUCR - Eucrates Biomedical Acquisition Corp (Pre-Deal)
1.44% ~ $ 9.85 | WALD - Waldencast Acquisition Corp. (Pre-Deal)
1.09% ~ $ 10.20 | BCTG - BCTG Acquisition Corp. (Announced)
1.04% ~ $ 9.73 | NBST - Newbury Street Acquisition Corporation (Pre-Deal)
1.02% ~ $ 9.94 | HCAQ - HealthCor Catalio Acquisition Corp. (Announced)
1.01% ~ $ 10.00 | TCVA - TCV Acquisition Corp. (Pre-Deal)
1.01% ~ $ 11.01 | TDAC - Trident Acquisitions Corp (Announced)
.97% ~ $ 10.45 | LEGO - LEGATO MERGER CORP. (Announced)
.72% ~ $ 9.76 | LEGA - Lead Edge Growth Opportunities, Ltd (Pre-Deal)

Biggest Losers

-8.55% ~ $ 8.99 | GRNV - GreenVision Acquisition Corp. (Announced)
-4.78% ~ $ 9.76 | GPCO - Golden Path Acquisition Corporation (Pre-Deal)
-4.52% ~ $ 9.72 | RONI - Rice Acquisition Corp. II (Pre-Deal)
-3.48% ~ $ 11.11 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-2.06% ~ $ 9.99 | BLUW - Blue Water Acquisition Corporation (Announced)
-2.00% ~ $ 9.78 | SAII - SOFTWARE ACQ GP (Announced)
-1.98% ~ $ 9.88 | CFAC - CF Finance Acquisition Corp. III (Announced)
-1.65% ~ $ 11.30 | CMII - CM Life Sciences II Inc. (Announced)
-1.43% ~ $ 9.66 | ACAH - Atlantic Coastal Acquisition Corp. (Pre-Deal)
-1.23% ~ $ 9.64 | SCAQ - Stratim Cloud Acquisition Corp. (Pre-Deal)
-1.23% ~ $ 9.66 | MACC - Mission Advancement Corp. (Pre-Deal)
-1.20% ~ $ 10.71 | AGC - Altimeter Growth Corp. (Announced)
-1.12% ~ $ 9.68 | VII - 7GC & Co. Holdings Inc. (Pre-Deal)
-1.12% ~ $ 9.60 | SMIH - Summit Healthcare Acquisition Corp. (Pre-Deal)
-1.03% ~ $ 9.72 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
-.93% ~ $ 17.04 | RICE - Rice Acquisition Corp. (Announced)
-.92% ~ $ 9.71 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-.82% ~ $ 9.62 | POW - Powered Brands (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.)