Much continues to be written about the SPAC bear market that we are currently in. New issuance has screeched to a halt and pre and post-deal SPACs are getting battered. But remember, even amidst the euphoria of peak SPAC earlier this year, seasoned investors such as Barry Sternlicht (7 SPACs to his name) were sounding the alarms that the pace of issuance was too high, and that buyer should beware of "rookies" with little or no experience doing transactions. Here is a clip from March:
Thus, as we continue to hear, a lot of the recent chatter has been about a re-calibration of SPACs. A reversion to focus on real, meaningful due diligence and finding quality deals that will be setup to succeed longterm. Howard Lindzon, CEO of SPAC Social Leverage Acquisition I (SLAC), and founder of StockTwits, had this to say:
SLAC stock shares closed today slightly up to $9.84
ICYMI: Not all de-SPACs have been duds, 3 Recent de-SPAC Winners
Elsewhere... CCIV had a nice jump today, closing up close to 8% along with the broader EV sector, perhaps a continuation of the Biden/Infrastructure trade we mentioned yesterday. Other beneficiaries included ACTC (Proterra) and CLII (EVgo).
GigCapital 3 (GIK) surged over 16% as the company held their merger vote today. Reminder we wrote about how it recently dropped heavily as it went ex-redemption.
Genius Sports Limited (GENI) f/k/a dMY Technology Group II, surged over 22% on its first day trading with its new ticker, GENI.
Biggest SPAC Gainers
18.59% ~ $ 15.63 | NGA - NORTHERN GN ACQ (Announced)
16.77% ~ $ 9.05 | GIK - GigCapital3 Inc (Announced)
15.64% ~ $ 16.71 | ACTC - ArcLight Clean Transition Corp (Announced)
11.17% ~ $ 12.24 | SRAC - Stable Road Acquisition Corp. (Announced)
9.21% ~ $ 32.12 | BRPA - Big Rock Partners Acquisition Corp (Announced)
7.81% ~ $ 12.15 | CLII - Climate Change Crisis Real Impact I Acquisition Corp (Announced)
7.80% ~ $ 19.89 | CCIV - Churchill Capital Corp IV (Announced)
6.95% ~ $ 12.92 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
6.53% ~ $ 12.73 | GHVI - Gores Holdings VI Inc (Announced)
6.36% ~ $ 16.21 | TPGY - TPG Pace Beneficial Finance Corp (Announced)\
Biggest SPAC Losers
-2.90% ~ $ 9.71 | WARR - Warrior Technologies Acquisition Company (Pre-Deal)
-2.43% ~ $ 9.86 | ANAC - Arctos NorthStar Acquisition Corp. (Pre-Deal)
-2.42% ~ $ 11.67 | ARYA - Arya Sciences Acquisition Corp III (Announced)
-1.99% ~ $ 9.85 | FACT - Freedom Acquisition I Corp (Pre-Deal)
-1.76% ~ $ 10.14 | KCAC - Kensington Capital Acquisition Corp. II (Pre-Deal)
-1.73% ~ $ 9.79 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
-1.52% ~ $ 9.75 | NRAC - Noble Rock Acquisition Corporation (Pre-Deal)
-1.31% ~ $ 9.77 | COLI - Colicity Inc (Pre-Deal)
-1.31% ~ $ 9.80 | FPAC - Far Peak Acquisition Corp (Pre-Deal)
-1.31% ~ $ 9.82 | MTAC - MedTech Acquisition Corporation (Pre-Deal)
More from Boardroom Alpha
For on-going tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.
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