SPAC IPOs are Getting Done at a High Price

Sponsors are conceding promote and overfunding trusts in order to get their SPAC IPOs priced. CM Life Sciences 3 strikes a deal.
Author:
Publish date:

**** Free SPAC Investor Tools ****
*
* ->
Sign-up for the Daily SPAC Newsletter
*
* -> See the Full SPAC Listing
*
***********************************

It's not a great time to be out marketing a new SPAC. The market seems to be saturated and the narrative is poor. There are over 420 SPACs looking for deals and are all predominantly trading well below NAV. How does one get investors to subscribe to an IPO at this point? 

Friendlier terms seems to be the answer, and we've seen the likes of sharing the promote, friendlier warrant/rights structure, and overfunded trust. Of today's 3 new SPAC IPOs 2 have overfunded trusts. Not a bad 1-day trade if they do decide to IPO flip. 

CM Life Sciences 3 Strikes a Deal with EQRX

Fresh off recently closing its latest SPAC merger with Sema4, the team behind CM Life Sciences struck its latest definitive agreement with EQRx in a $3.5B EV SPAC Deal. The financing includes a $1.2B PIPE/FPA. 

Reinvent Technology Partners (RPT) shareholders approved its merger with Joby Aviation, yet they realized $428M in redemptions (62%). RTP closed at $10.33 yesterday. 

Peridot Acquisition Corp (PDOT) shareholders also approved its merger with Li-Cycle. They realized a smaller redemption percentage at 11%, according to the company

Yesterday's Price Action

Biggest Gainers

11.73% ~ $ 10.76 | PDAC - Peridot Acquisition Corp (Announced)
10.96% ~ $ 10.33 | RTP - Reinvent Technology Partners (Announced)
4.04% ~ $ 11.07 | MUDS - Mudrick Capital Acquisition Corporation II (Announced)
1.96% ~ $ 9.89 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
1.84% ~ $ 9.95 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
1.81% ~ $ 9.85 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
1.58% ~ $ 11.55 | CMII - CM Life Sciences II Inc. (Announced)
1.55% ~ $ 9.80 | ACAH - Atlantic Coastal Acquisition Corp. (Pre-Deal)
1.54% ~ $ 9.87 | GCAC - Growth Capital Acquisition Corp. (Announced)
1.32% ~ $ 9.95 | SCPE - SC Health Corporation (Announced)
1.09% ~ $ 10.22 | VACQ - Vector Acquisition Corp (Announced)
.93% ~ $ 9.81 | VGII - Virgin Group Acquisition Corp. II (Pre-Deal)
.92% ~ $ 9.89 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
.73% ~ $ 9.78 | JYAC - Jiya Acquisition Corp. (Pre-Deal)
.72% ~ $ 9.74 | IPVF - InterPrivate III Financial Partners Inc. (Pre-Deal)
.72% ~ $ 9.79 | DYNS - Dynamics Special Purpose Corp. (Pre-Deal)
.72% ~ $ 9.82 | TSIB - Tishman Speyer Innovation Corp. II (Pre-Deal)
.71% ~ $ 9.87 | SRSA - Sarissa Capital Acquisition Corp (Pre-Deal)
.71% ~ $ 9.95 | BCTG - BCTG Acquisition Corp. (Announced)

Biggest Losers

-10.37% ~ $ 10.46 | FTCV - FinTech Acquisition Corp. V (Announced)
-9.09% ~ $ 10.00 | SPK - SPK Acquisition Corp. (Pre-Deal)
-5.42% ~ $ 9.43 | CHFW - Consonance-HFW Acquisition Corp (Announced)
-4.78% ~ $ 9.76 | CLAQ - cleantech Acquisition Corp. (Pre-Deal)
-2.89% ~ $ 11.44 | FST - FAST ACQ CP (Announced)
-1.96% ~ $ 10.03 | BTNB - Bridgetown 2 Holdings Limited (Announced)
-1.67% ~ $ 9.72 | GIIX - GORES HOLDINGS VIII, INC. (Pre-Deal)
-1.52% ~ $ 9.68 | OHPA - Orion Acquisition Corp. (Pre-Deal)
-1.20% ~ $ 9.92 | DKDCA - Data Knights Acquisition Corp. (Pre-Deal)
-1.13% ~ $ 9.61 | SBEA - SilverBox Engaged Merger Corp I (Pre-Deal)
-1.02% ~ $ 9.75 | PMVC - PMV Consumer Acquisition Corp (Pre-Deal)
-1.02% ~ $ 9.75 | FRWA - PWP Forward Acquisition Corp. I (Pre-Deal)
-1.01% ~ $ 9.80 | DGNU - Dragoneer Growth Opportunities Corp. III (Pre-Deal)
-.96% ~ $ 9.76 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
-.91% ~ $ 9.79 | SVFB - SVF Investment Corp. 2 (Pre-Deal)
-.89% ~ $ 10.00 | BOWX - BowX Acquisition Corp (Announced)
-.82% ~ $ 9.71 | LVRA - Levere Holdings Corp (Pre-Deal)
-.81% ~ $ 9.83 | HSAQ - Health Sciences Acquisitions Corporation 2 (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.

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