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So Long SPAC Gamma Squeeze? MEKA Rises in IPO Surprise

High redemption SPAC stocks fall on day, and a surprise warrantless IPO rises.

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We've been talking a lot about the SPAC gamma squeeze, namely when highly redeemed SPAC stocks have skyrocketed. Perhaps that trend has come to a close? Of the SPACs that voted yesterday with high redemptions, they largely fell big on the day. To name a few:

  • GLEO: 80% redemption, down -19.7%
  • PTK: 74% redemption, down -18.8%
  • SPFR: 53% redemption, down -14.3%
  • STPC: 76% redemption, down -1.4%
  • CAHC: 67% redemption, down -1.9%

Will see if it returns, although it's possible the trade became too crowded or the shorts have left. For now, focus is turning back to looking at quality deals with a nice risk reward profile. 

MEKA Rises in Surprise SPAC IPO Success

SPAC IPOs have been notoriously a) difficult to price and b) poor performers on new issue day recently. Sponsors have been ceding economics and making offering terms far more favorable for investors. That's why it is a little shocking that MELI Kaszek Pioneer Corp (MEKA), a warrantless SPAC focused on Latin America rose 11.5% in its debut. 

MEKA is sponsored by Mercado Libre and Kaszek. Is the tide turning for SPAC IPOs? Have a read of their S-1.  

Elsewhere... 

ARYD rose +1.01% on its deal announcement to close above NAV at $10.04.

Today's Price Action

Biggest Gainers

6.59% ~ $ 9.86 | LATN - Union Acquisition Corp. II (Announced)
2.91% ~ $ 12.04 | TDAC - Trident Acquisitions Corp (Announced)
1.61% ~ $ 10.75 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
1.06% ~ $ 10.06 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
.96% ~ $ 9.80 | BSKY - Big Sky Growth Partners, Inc. (Pre-Deal)
.92% ~ $ 9.82 | IPVA - InterPrivate II Acquisition Corp. (Pre-Deal)
.90% ~ $ 10.04 | ARYD - ARYA Sciences Acquisition Corp IV (Announced)
.83% ~ $ 9.76 | TRTL - TortoiseEcofin Acquisition Corp. III (Pre-Deal)
.80% ~ $ 10.06 | ISAA - Iron Spark I Inc. (Pre-Deal)
.72% ~ $ 9.84 | ACTD - ArcLight Clean Transition Corp. II (Pre-Deal)
.72% ~ $ 9.86 | DNAB - Social Capital Suvretta Holdings Corp. II (Pre-Deal)
.71% ~ $ 9.89 | ASAX - Astrea Acquisition Corp. (Announced)
.63% ~ $ 9.66 | AMCI - AMCI Acquisition Corp. II (Pre-Deal)
.62% ~ $ 9.77 | HLAH - Hamilton Lane Alliance Holdings I, Inc. (Pre-Deal)
.62% ~ $ 9.78 | ACII - Atlas Crest Investment Corp. II (Pre-Deal)
.61% ~ $ 9.88 | FRSG - First Reserve Sustainable Growth Corp (Announced)
.55% ~ $ 9.08 | SV - Spring Valley Acquisition Corp (Announced)
.52% ~ $ 9.73 | ESM - ESM Acquisition Corporation (Pre-Deal)

Biggest Losers

-19.74% ~ $ 8.54 | GLEO - Galileo Acquisition Corp. (Announced)
-14.31% ~ $ 8.44 | SPFR - Jaws Spitfire Acquisition Corporation (Announced)
-7.10% ~ $ 9.29 | CTAC - Cerberus Telecom Acquisition Corp (Announced)
-5.00% ~ $ 9.89 | MAAC - Montes Archimedes Acquisition Corp (Announced)
-2.81% ~ $ 9.86 | GLEE - Gladstone Acquisition Corporation (Pre-Deal)
-1.35% ~ $ 9.87 | LSAQ - LIFE SCI ACQ II (Announced)
-1.27% ~ $ 9.70 | MTAL - Metals Acquisition Corp (Pre-Deal)
-1.26% ~ $ 10.93 | DMYI - dMY Technology Group Inc III (Announced)
-.97% ~ $ 10.16 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-.82% ~ $ 9.70 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
-.82% ~ $ 9.70 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
-.81% ~ $ 9.85 | KCAC - Kensington Capital Acquisition Corp. II (Announced)
-.80% ~ $ 9.86 | FOXW - FoxWayne Enterprises Acquisition Corp. (Pre-Deal)
-.80% ~ $ 9.90 | ARYE - ARYA Sciences Acquisition Corp V (Pre-Deal)
-.78% ~ $ 10.22 | ACKIT - ACKRELL SPAC Partners I Co. (Pre-Deal)
-.72% ~ $ 9.65 | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.67 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.73 | LITT - Logistics Innovation Technologies 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.)

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