SPAC IPOs Mixed, DCRN Deal Slightly Rises, IPOE/SoFi Up Next

IPOE fell ahead of its vote tomorrow, while DCRN rose slightly on its deal with Tritium. Of today's SPAC IPOs: 1 rose, and 2 fell.
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DCRN Rises Slightly

This morning Decarbonization Plus II (DCRN) announced a deal to take Tritium, an Australian EV charge company, public in a $1.4B SPAC deal. The deal has no PIPE and they currently have $403M in trust. The market was, somewhat, pleased with the deal as DCRN rose modestly +1.4%, though it still trades at a sizable discount to NAV at $9.79. This represents a potential ~6% yield opportunity if you believe that the deal vote (when an investor could redeem its shares) happens within ~4-6 months.

Decarbonization I, the first ESG-focused SPAC from Riverstone Holdings, has a pending deal with Hyzon Motors - the hydrogen truck company. DCRB stayed flat today at $10.01 which is a far cry from its highs during the peak SPAC boom. You can scoop shares in Decarbonization III (DCRC) for ~$9.79 and Decarbonization IV is waiting in the wings to price.

In short the combination of two of the buzziest trends over the past 12-18 months, SPACs & EVs, has definitely waned. While there will surely still be winners (e.g. NKLA is still trading well above IPO) - the huge pops are gone for the time being. 

SPAC IPOs Mixed

Post Holdings Partnering Corp (PSPC/U) ticked up 2c to close at $10.02. Reminder they priced a $300M downsized from an initial $400M.  (POST) - Get Post Holdings, Inc. Report, the SPAC's sponsor, closed down -0.4%. The SPAC is targeting the consumer packaged goods space.

Dynamics Special Purpose Corp (DYNS) priced a $200M, no warrant SPAC which closed flat on day-1. It is the first SPAC for the sponsor team and is led by Omid Farokhzad, founder/CEO of Seer Inc SEER. DYNS is targeting healthcare, across value chain.

EG Acquisition Corp (EGGF) priced a $225M downsized offering sponsored by EnTrust Global and GMF Capital. The deal dipped slightly by 6c to close the day at $9.94.

May IPOs:
May 24 | $ 10.00 | FWAC - Fifth Wall Acquisition Corp. III
May 20 | $ 9.90 | GFOR - Graf Acquisition Corp. IV
May 18 | $ 10.00 | RAM - Aries I Acquisition Corp
May 18 | $ 9.98 | GIW - GigInternational1, Inc.
May 18 | $ 9.93 | SKYA - Skydeck Acquisition Corp.
May 17 | $ 10.01 | CPAR - Catalyst Partners Acquisition Corp.
May 17 | $ 9.90 | POND - Angel Pond Holdings Corp
May 17 | $ 10.10 | MCAE - Mountain Crest Acquisition Corp. III
May 14 | $ 9.97 | ARTA - Artisan Acquisition Corp.
May 14 | $ 9.98 | OSI - Osiris Acquisition Corp.
May 12 | $ 10.00 | ORIA - Orion Biotech Opportunities Corp.
May 07 | $ 10.09 | DKDCA - Data Knights Acquisition Corp.
May 04 | $ 10.00 | MAQC - Maquia Capital Acquisition Corporation

ICYMI: 200 SPACs that are trading sub $10

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Tomorrow is the big vote day for IPOE and SoFi. With IPOE trading well near $20 don't expect any fireworks come vote time. It will be interesting to watch the price action on SoFi once it affects the ticker change and beings to trade as SOFI.

Upcoming Merger Votes

Jun 22 | $ 10.17 | TBA - Thoma Bravo Advantage --> ironSource
Jun 17 | $ 9.97 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 16 | $ 10.10 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 15 | $ 9.99 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 11 | $ 16.88 | ACTC - ArcLight Clean Transition Corp --> Proterra Inc
Jun 10 | $ 9.97 | VGAC - VG Acquisition Corp --> 23andMe, Inc.
Jun 10 | $ 10.07 | CCX - Churchill Capital Corp II --> Software Luxembourg Holding S.A
Jun 09 | $ 9.99 | CAPA - HighCape Capital Acquisition Corp --> Quantum-Si
Jun 09 | $ 10.09 | THBR - Thunder Bridge Acquisition II, Ltd --> Indie Semiconductor
Jun 08 | $ 10.20 | ARYA - Arya Sciences Acquisition Corp III --> Nautilus Biotechnology, Inc.
Jun 07 | $ 12.50 | FSRV - FinServ Acquisition Corp --> Katapult Inc.
Jun 04 | $ 12.90 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. --> CareMax Medical Group, LLC
Jun 04 | $ 10.07 | GIX - GigCapital2, Inc. --> Cloudbreak Health, LLC
Jun 03 | $ 10.29 | TSIA - TS Innovation Acquisitions Corp --> Latch, Inc.
Jun 03 | $ 12.79 | JIH - Juniper Industrial Holdings, Inc. --> Janus International Group, LLC
Jun 02 | $ 14.30 | JWS - Jaws Acquisition Corp --> Cano Health, LLC
May 28 | $ 10.33 | STIC - Northern Star Acquisition Corp --> Barkbox, Inc.
May 27 | $ 19.90 | IPOE - Social Capital Hedosophia Holdings Corp V --> Social Finance, Inc.

Today's Biggest Decliners
-3.12% ~ $ 9.69 | FRWA - PWP Forward Acquisition Corp. I (Pre-Deal)
-2.55% ~ $ 10.71 | FTCV - FinTech Acquisition Corp. V (Announced)
-2.44% ~ $ 9.98 | MSDA - MSD Acquisition Corp. (Pre-Deal)
-2.04% ~ $ 10.10 | GRSV - GORES HOLDINGS V, INC. (Announced)
-1.91% ~ $ 9.77 | DISA - Disruptive Acquisition Corp I (Pre-Deal)
-1.79% ~ $ 9.86 | WALD - Waldencast Acquisition Corp. (Pre-Deal)
-1.60% ~ $ 12.90 | DFHT - Deerfield Healthcare Technology Acquisitions Corp. (Announced)
-1.43% ~ $ 19.99 | CCIV - Churchill Capital Corp IV (Announced)
-1.42% ~ $ 9.74 | HHLA - HH&L Acquisition Co. (Pre-Deal)
-1.40% ~ $ 9.86 | MTAC - MedTech Acquisition Corporation (Pre-Deal)
-1.39% ~ $ 19.90 | IPOE - Social Capital Hedosophia Holdings Corp V (Announced)
-1.22% ~ $ 9.72 | FRXB - Forest Road Acquisition Corp. II (Pre-Deal)
-1.21% ~ $ 24.54 | PSTH - Pershing Square Tontine Holdings (Pre-Deal)
-1.11% ~ $ 14.20 | GHVI - Gores Holdings VI Inc (Announced)
-1.10% ~ $ 9.89 | STRE - Supernova Partners Acquisition Company III, Ltd (Pre-Deal)
-1.02% ~ $ 9.66 | TWNI - Tailwind International Acquisition Corp. (Pre-Deal)
-1.02% ~ $ 9.75 | PICC - Pivotal Investment Corporation III (Pre-Deal)
-.96% ~ $ 12.38 | TDAC - Trident Acquisitions Corp (Announced)
-.92% ~ $ 9.68 | THMA - Thimble Point Acquisition Corp. (Pre-Deal)
-.92% ~ $ 9.70 | CFV - CF Acquisition Corp. V (Pre-Deal)

Today's Biggest Gainers
5.07% ~ $ 14.30 | JWS - Jaws Acquisition Corp (Announced)
4.43% ~ $ 13.67 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
3.89% ~ $ 12.83 | CMLF - CM Life Sciences Inc (Announced)
3.82% ~ $ 10.33 | STIC - Northern Star Acquisition Corp (Announced)
3.65% ~ $ 10.21 | FTCPA - FTAC Parnassus Acquisition Corp. (Pre-Deal)
3.56% ~ $ 9.97 | ISOS - Isos Acquisition Corp. (Pre-Deal)
3.56% ~ $ 16.88 | ACTC - ArcLight Clean Transition Corp (Announced)
3.42% ~ $ 10.75 | ARYD - ARYA Sciences Acquisition Corp IV (Pre-Deal)
3.24% ~ $ 10.50 | SRAC - Stable Road Acquisition Corp. (Announced)
3.21% ~ $ 9.98 | VPCB - VPC Impact Acquisition Holdings II (Pre-Deal)
3.20% ~ $ 10.00 | SPKB - Silver Spike Acquisition Corp II (Pre-Deal)
3.06% ~ $ 10.79 | THCB - Tuscan Holdings Corp. (Announced)
2.99% ~ $ 12.41 | CMII - CM Life Sciences II Inc. (Announced)
2.95% ~ $ 9.96 | BYTS - BYTE Acquisition Corp. (Pre-Deal)
2.90% ~ $ 10.29 | RACB - Research Alliance Corp. II (Pre-Deal)
2.79% ~ $ 9.94 | NGCA - NextGen Acquisition Corp. II (Pre-Deal)
2.67% ~ $ 10.37 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
2.32% ~ $ 14.98 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
2.17% ~ $ 9.89 | FORE - Foresight Acquisition Corp. (Announced)
2.17% ~ $ 10.38 | APXT - Apex Technology Acquisition Corporation (Announced)

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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)