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It will be a busy night of SPAC IPO pricings as 11 are expected to price. Given the current, renewed pacing of IPOs (6 today!) and the outstanding supply, the market better get ready for a higher rate of liquidations and bad deals to come. We've said it before, but there simply is no reason -- other than for sponsors, banks, lawyers making money -- for the market to continue to pump out new SPACs.
There are already over 510 SPACs looking for deals and high quality targets will become increasingly scarce as deals are made. Unless there are more DWAC-like SPACs that are able to make a deal out of nothing but slideware and have the market reward them for it (DWAC closed at $63.25 today). So, if the rate of deals doesn't acceleratea -- and they need to be quality deals -- the market is again setting up for problems.
Today's 6 SPAC IPOs almost all traded up, but their overfunded trusts and deal structures are the main reason for it.
$ 10.05 | TRAQ - Trine II Acquisition Corp
$ 10.10 | TGVC - TG Venture Acquisition Corp.
$ 10.03 | FRLA - Fortune Rise Acquisition Corp
$ 10.00 | INTE - Integral Acquisition Corp 1
$ 10.07 | ONYX - Onyx Acquisition Co. I
$ 10.07 | MLAI - McLaren Technology Acquisition Corp.
Also of note, the SPAC IPOs each traded a significant amount of their float. That suggests that hedge funds are back to their SPAC IPO flipping ways when the deal looks right for it.
Recent SPAC Merger Announcements
We've been seeing renewed retail energy behind SPAC merger announcements with some deal pop and lots of FinTwit chatter. However, only DWAC has showed sustained strength behind the first few days -- it currently is trading over $60.
Now, investors should take extreme caution with any SPAC that hasn't yet deSPAC'd and is trading significantly above $10. In those instances it should mean the deal is a well valued, there is general excitement and belief in the deal, and their is proof of an ability to execute going forward. In the case of DWAC, it likely only has 1 of these 3 criteria. But, most likely it is more MEME than anything and it should investors should treat it with extreme caution.
Nov 02 | $ 10.34 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Oct 28 | $ 9.90 | TWNT - Tailwind Two Acquisition Corp. --> TERRAN ORBITAL Corp
Oct 25 | $ 10.30 | BRPM - B. Riley Principal 150 Merger Corp. --> FaZe Clan
Oct 21 | $ 63.25 | DWAC - Digital World Acquisition Corp. --> Trump Media & Technology Group Corp.
Oct 15 | $ 9.88 | ADER - 26 Capital Acquisition Corp --> Okada Manila
Oct 14 | $ 9.98 | ACEV - ACE Convergence Acquisition Corp --> Tempo Automation
Oct 13 | $ 10.06 | RBAC - RedBall Acquisition Corp. --> SeatGeek
Oct 12 | $ 9.91 | DUNE - Dune Acquisition Corporation --> TradeZero
Oct 07 | $ 9.90 | FMAC - FirstMark Horizon Acquisition Corp --> Starry, Inc.
Oct 05 | $ 10.38 | SNII - Supernova Partners Acquisition Company II, Ltd. --> Rigetti Co, Inc.
Oct 04 | $ 9.94 | GBRG - Goldenbridge Acquisition Limited --> AgiiPlus
Oct 04 | $ 9.93 | HLXA - HELIX ACQUISITION CORP --> MoonLake Immunotherapeutics AG
Last Call for Podcast Questions for SEAH CEO John Collins
Wejo CEO Richard Barlow on the Know Who Drives Return Podcast
Data veteran Richard Barlow joins the podcast to discuss why he founded Wejo and the prospects for the company amid what he expects to be a boom in connected vehicle data.
Connected data company Wejo was founded in 2014 by CEO Richard Barlow, a data veteran and motorsport enthusiast.
Wejo collects millions of data points from an ever growing fleet of connected cars which enables numerous use cases including helping smart cities manage traffic and more. Wejo agreed to go public via Virtuoso Acquisition Corp (VOSO) in a deal giving them an enterprise value of $800M.
Listen in to learn more about Wejo, how Virtuoso (VOSO) is accelerating them, and why investors should be excited.
SPAC Stock Movers
14.44% ~ $ 9.35 | SWBK - Switchback II Corporation (Announced)
7.53% ~ $ 13.00 | CND - Concord Acquisition Corp (Announced)
5.81% ~ $ 10.92 | IVAN - Ivanhoe Capital Acquisition Corp (Announced)
2.30% ~ $ 11.55 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
2.17% ~ $ 10.36 | MOTN - Motion Acquisition Corp (Announced)
2.06% ~ $ 12.87 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
1.89% ~ $ 12.95 | DCRC - Decarbonization Plus Acquisition Corporation III (Announced)
1.74% ~ $ 9.92 | FRXB - Forest Road Acquisition Corp. II (Pre-Deal)
1.53% ~ $ 9.95 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
1.46% ~ $ 10.42 | LMACA - Liberty Media Acquisition Corporation (Pre-Deal)
1.14% ~ $ 10.21 | ADF - Aldel Financial Inc. (Announced)
1.10% ~ $ 12.88 | FST - FAST ACQ CP (Announced)
1.09% ~ $ 9.75 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
1.01% ~ $ 10.05 | MPAC - Model Performance Acquisition Corp (Announced)
.89% ~ $ 10.20 | SVFA - SVF Investment Corp. (Pre-Deal)
.84% ~ $ 9.79 | CPAA - Conyers Park III Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.83 | NSTD - Northern Star Investment Corp. IV (Pre-Deal)
.71% ~ $ 9.87 | CLIM - Climate Real Impact Solutions II Acquisition Corporation (Pre-Deal)
.68% ~ $ 10.38 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
.67% ~ $ 9.80 | IPVI - InterPrivate IV InfraTech Partners Inc. (Pre-Deal)
Biggest SPAC Losers
-8.74% ~ $ 10.34 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-6.80% ~ $ 9.45 | GNRS - GREENROSE ACQUISITION CORP (Announced)
-5.58% ~ $ 10.67 | BENE - Benessere Capital Acquisition Corp. (Pre-Deal)
-3.49% ~ $ 10.52 | KVSB - Khosla Ventures Acquisition Co. II (Announced)
-2.67% ~ $ 11.68 | AGC - Altimeter Growth Corp. (Announced)
-2.63% ~ $ 63.25 | DWAC - Digital World Acquisition Corp. (Announced)
-1.93% ~ $ 10.15 | CBAH - CBRE Acquisition Holdings, Inc. (Announced)
-1.93% ~ $ 9.65 | VLAT - Valor Latitude Acquisition Corp. (Pre-Deal)
-1.78% ~ $ 11.04 | SEAH - Sports Entertainment Acquisition Corp (Announced)
-1.33% ~ $ 9.68 | MITA - Coliseum Acquisition Corp. (Pre-Deal)
-1.30% ~ $ 9.84 | PHIC - Population Health Investment Co Inc (Pre-Deal)
-1.14% ~ $ 13.82 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-1.05% ~ $ 10.38 | DGNS - DRAGONEER GR OP (Announced)
-1.00% ~ $ 10.85 | FPAC - Far Peak Acquisition Corp (Announced)
-.99% ~ $ 10.05 | FSII - FS Development Corp. II (Announced)
-.87% ~ $ 10.28 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
-.77% ~ $ 10.30 | BRPM - B. Riley Principal 150 Merger Corp. (Announced)
-.72% ~ $ 9.70 | OSI - Osiris Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.76 | LVRA - Levere Holdings Corp (Pre-Deal)
-.70% ~ $ 9.96 | AMAO - American Acquisition Opportunity Inc (Pre-Deal)
More From Boardroom Alpha
- Wejo CEO Richard Barlow on why Connected Vehicle Data is the Future (SPAC: VOSO)
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- Inspirato's Brent Handler and Web Neighbor on the Future of Subscription Travel
- Vacasa CEO Matt Roberts on Travel and Merger with TPG Pace Solutions (TPGS)
- Aurora's Chris Urmson and Reinvent's Michael Thompson
- Okapi's Bruce Goldfarb on Activism, the Rise of Retail, AMC, and SPACs
- Scott Wagner and Tom Hegge From True Wind on SPACs
- Podcast: Robinson Capital on Investing in SPACs for Yield
- Matthew Tuttle on FOMO, SPACs, and Capitalizing on Market Trends
- DMYI's Niccolo de Masi on Quantum Computing & IonQ
- Procaps and Union Acquisition II (LATN) Discuss $1.1B SPAC Deal
- Are Niccolo de Masi and dMY the Real SPAC Kings?
- Sarcos Robotics CEO Ben Wolff on Robots and SPACs
- SilverBox Engaged (SBEA) rises 15% on Black Rifle Coffee Pact, Are SPAC Deal Pops Back?
- GS to Offer New SPAC-Linked Product + 4 SPACs to Vote Tomorrow
- October SPAC Issuance nears $10B and SPACs are Hot Again
- Could Esports' FaZe Clan Go MEME as it Goes Public via B Riley SPAC?
- Trump SPAC DWAC Rises over 100% Again to Cap Wild Week
- Digital World Acquisition (DWAC) Soars on Trump Deal
- Is IONQ Changing the DeSPAC Narrative? WeWork is Officially Public (almost)
- GS Acquisition (GSAH) / Mirion and BowX (BOWX) / WeWork Set for Merger Votes
- A Positive SPAC Week as HZAC Shareholders Approve Deal. BOWX / WeWork is Next
- Say-On-Pay Failures 2021
- Spring Valley (SV) and AeroFarms end SPAC Merger
- Billy Beane's RedBall Nabs SeatGeek in SPAC Merger
- SPAC Market Remains Saturated, Deal Pace Needs to Pick Up to Clear
- Starry Going Public with FirstMark Horizon (FMAC)
- Don't Go Long on SPACs
- SPAX & SPCX: Two SPAC ETFs for Retail Investors
- No SPACs For You Say the Dems
- Risk Off, Tech Off, SPACs Off
- All SPAC Analysis from Boardroom Alpha
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)