Decarbonization Plus (DCRC) + Solid Power in $1.24B SPAC Deal; RIDE Drops More; June Votes

It's been a good first half of June for SPACs. Pre-deal SPACs continue to move toward NAV, shareholder votes are smooth with limited redemptions, and IPOs thankfully remain light so that the backlog can get worked through.
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The SPAC market continues its overall shift to a more positive narrative as June's mass of votes continues smoothly along and no, big negative news has hit. This morning Decarbonization Plus Acquisition Corporation III (DCRC) announced a $1.24b SPAC deal with Solid Power. Bloomberg again has the latest rumors with GS Acquisition Holdings Corp. II (GSAH) potentially merging with Mirion Tech -- a nuclear measurement and analytics company.

A rare SPAC IPO today with G Squared Ascend II (GSQB/U) set to trade on NYSE. It's a $125m SPAC with 1/3 warrants. The sponsor, VC G Squared, has it set to target technology (6 main subsectors). G Squared I (GSQD) is still searching for a target after IPOing in February for $345m.

RIDE continued its fall yesterday -- down another 19% -- after CEO Steve Burns resigned amid continued allegations of misrepresentations and last week's issuance regarding their ability to remain a going concern. This didn't, and shouldn't, impact the broader SPAC market though as it be seen as a company-specific event. Public market investors should pay heed though and be cognizant of the heightened risks, and volatile nature, of VC-like investments (i.e. pre-revenue highly speculative plays).

June keeps getting more SPAC shareholder votes with Alussa Energy Acquisition Corp (ALUS) setting its vote for 6/30. ALUS closed just over NAV at $10.09 yesterday and the deal for FREYR will be expected to be approved with few redemptions. Today's Fortress Value Acquisition Corp II (FAII) vote on the ATI Physical deal should also go through without issue as it is trading just a few cents under NAV.

So, there are at least 18 more votes happening in June. Remember, we've been seeing some SPAC pops around deal votes, so watch for any possible action around the ex-redemption and actual vote dates. Most of the remaining SPACs with June votes are trading above NAV, so investors will want to make sure they are evaluating the actual deal in advance of the trade. 

In particular, look for strong sponsors and companies with existing revenue driving businesses that institutional investors will be comfortable getting into once it is no longer a SPAC.

Here are all of June's Votes
Jun 15 | $ 9.95 | FAII - Fortress Value Acquisition Corp. II --> ATI Physical Therapy
Jun 16 | $ 10.02 | CRSA - Crescent Acquisition Corp --> LiveVox TopCo, LLC
Jun 17 | $ 10.00 | ACAC - Acies Acquisition Corp --> PlayStudios, Inc.
Jun 17 | $ 9.86 | HEC - Hudson Executive Investment Corp --> Talkspace
Jun 22 | $ 10.13 | TBA - Thoma Bravo Advantage --> ironSource
Jun 22 | $ 12.50 | FTIV - FinTech Acquisition Corp. IV --> Perella Weinberg Partners LLC
Jun 23 | $ 10.10 | FTOC - FTAC Olympus Acquisition Corp --> Payoneer Inc.
Jun 23 | $ 9.98 | AACQ - Artius Acquisition Inc. --> Origin Materials
Jun 24 | $ 10.26 | FRX - Forest Road Acquisition Corp --> Beachbody, LLC
Jun 24 | $ 10.02 | FIII - Forum Merger III Corporation --> Electric Last Mile, Inc.
Jun 28 | $ 10.77 | IACA - ION Acquisition Corp 1 Ltd --> Taboola
Jun 29 | $ 13.68 | CLII - Climate Change Crisis Real Impact I Acquisition Corp --> EVgo
Jun 29 | $ 10.01 | FCAC - Falcon Capital Acquisition Corp --> sharecare
Jun 29 | $ 10.28 | RACA - Therapeutics Acquisition Corp --> POINT Biopharma
Jun 30 | $ 10.46 | WPF - Foley Trasimene Acquisition Corp. --> Alight Solutions
Jun 30 | $ 10.97 | HOL - Holicity Inc --> Astra
Jun 30 | $ 10.09 | ALUS - Alussa Energy Acquisition Corp --> FREYR
Jun 30 | $ 11.63 | APXT - Apex Technology Acquisition Corporation --> AvePoint, Inc.

SPAC Price Action

Investors should note that most of the price action continues to happen in SPACs with announced deals, but rumors are still moving pre-deal SPACs. For example, NGCA continued to rise Monday on news of a possible deal with Richard Branson's Virgin Orbit. With SPCE soaring recently, this will continue to drive interest from retail investors.

TPG Pace Beneficial (TPGY) was down -7% on Monday and continues its volatile ride towards a deal with EVBox. Those following the TPGY / EVBox deal will remember that EVBox is a carve out from Engie and the ability to get solid, audited financials has been slowing that deal down. At the end of may it moved its outside date for the deal from June 8th to August 6th. 

Monday's Biggest SPAC Movers

Monday's Biggest Gainers6.56% ~ $ 14.29 | LACQ - Leisure Acquisition Corp. (Announced)
5.94% ~ $ 10.35 | NGCA - NextGen Acquisition Corp. II (Pre-Deal)
4.49% ~ $ 11.16 | ARYA - Arya Sciences Acquisition Corp III (Announced)
4.49% ~ $ 11.63 | APXT - Apex Technology Acquisition Corporation (Announced)
4.46% ~ $ 11.47 | VGAC - VG Acquisition Corp (Announced)
3.64% ~ $ 11.97 | PDAC - Peridot Acquisition Corp (Announced)
2.47% ~ $ 9.95 | PLMI - Plum Acquisition Corp. I (Pre-Deal)
1.96% ~ $ 9.87 | PTOC - Pine Technology Acquisition Corp. (Pre-Deal)
1.54% ~ $ 9.87 | SBII - Sandbridge X2 Corp (Pre-Deal)
1.53% ~ $ 9.95 | NGC - Northern Genesis Acquisition Corp. III (Pre-Deal)
1.52% ~ $ 10.00 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
1.48% ~ $ 9.87 | LIII - Leo Holdings III Corp (Pre-Deal)
1.42% ~ $ 10.74 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.35% ~ $ 9.93 | GNAC - GROUP NINE ACQUISITION CORP. (Pre-Deal)
1.32% ~ $ 10.36 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.32% ~ $ 10.77 | IACA - ION Acquisition Corp 1 Ltd (Announced)
1.26% ~ $ 10.08 | FVAM - 501 ACQ CORP (Pre-Deal)

Monday's Biggest Losers
-7.18% ~ $ 12.03 | TPGY - TPG Pace Beneficial Finance Corp (Announced)
-6.80% ~ $ 18.64 | RSVA - Rodgers Silicon Valley Acquisition Corp (Announced)
-5.05% ~ $ 12.22 | SRAC - Stable Road Acquisition Corp. (Announced)
-4.84% ~ $ 18.09 | ACTC - ArcLight Clean Transition Corp (Announced)
-4.06% ~ $ 24.12 | CCIV - Churchill Capital Corp IV (Announced)
-4.05% ~ $ 10.65 | AHAC - Alpha Healthcare Acquisition Corp (Announced)
-4.00% ~ $ 12.23 | TDAC - Trident Acquisitions Corp (Announced)
-3.50% ~ $ 13.24 | PSAC - Property Solutions Acquisition Corp (Announced)
-3.45% ~ $ 15.39 | GHVI - Gores Holdings VI Inc (Announced)
-3.38% ~ $ 12.56 | CMLF - CM Life Sciences Inc (Announced)
-2.81% ~ $ 12.09 | DCRC - Decarbonization Plus Acquisition Corporation III (Pre-Deal)
-2.81% ~ $ 9.70 | EBAC - European Biotech Acquisition Corp. (Pre-Deal)
-2.67% ~ $ 13.13 | THCB - Tuscan Holdings Corp. (Announced)
-2.59% ~ $ 9.79 | GTPA - Gores Technology Partners, Inc (Pre-Deal)
-2.44% ~ $ 9.60 | RKTA - Rocket Internet Growth Opportunities Corp. (Pre-Deal)
-2.39% ~ $ 18.79 | SSPK - Silver Spike Acquisition Corp. (Announced)
-2.39% ~ $ 10.22 | VACQ - Vector Acquisition Corp (Announced)

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