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.
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.
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
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
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)
-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)
More from Boardroom Alpha
More from Boardroom Alpha For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
- Slow SPAC August Begins, Kredivo Strikes a Deal
- SPAC Wrap: July 30th
- SPAC Bargain(?) Friday
- SPACs Turn to Financings to Plug Redemptions
- MACQ Rises on New Deal, Palantir in Two New PIPES
- AdTheorent Going Public with MCAP Acquisition (MACQ)
- CCIV No Longer as LCID Begins Trading, and 7 SPACs Voting this week
- CCIV/Lucid is Official. Now What?
- Pre-Deal SPACs are Cheap
- SPACs Edge Higher, CCIV Shareholder Vote Tomorrow
- SPACs Fall with Stocks in Down Day
- A SPAC Risk Exposed?
- Ackman / PSTH Deal Falls Apart, and Merger Monday is Back
- RTPY Rises on Deal with Aurora, PFDR Strikes $1.4B Deal with Service Max
- Will Large Redemptions Force a Change in Sponsor Economics?
- SEC, Gensler Lay the Hammer on Stable Road (SRAC) & Momentus
- LCAP Rises on MSP Deal, ASPL Sees Huge Redemptions in Wheels Up Vote
- Lionheart Acquisition (LCAP) Announces $32.6B SPAC Deal with MSP Recovery
- Nextdoor Leads the Way in Busy Merger Week
- Despite Higher Activity Level SPACs Showing Some Weakness
- SPAC Deal Announcement Pops and Warrants Surge
- Hyperfine, Circle, and Alpha Tau Healthcare Get SPAC Deals
- Pre-Deal SPACs are Cheap
- Two New SPAC Deals (DMYQ, ATHN)
- Khosla Ventures Acquisition II Soars on Nextdoor Deal
- Khosla taking Nextdoor Public in $4.3B Deal and CF Acquisition Announced Satellogic $850M Deal
- Weekly SPAC Wrap - July 2
- Bowlero Gets a $2.6B SPAC Deal
- Chamath's Bio SPACs Rise, WPF has Large Redemptions
- Stable Road (SRAC) Cuts Deal Valuation in Half -- Market Loves It
- SPACs Flat, LACQ and IACA Votes Pass
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)