Skip to main content

SPACs Hit Again Alongside Market. GMII / Sonder Vote Tomorrow.

SPACs were swept up gain in the swift and significant down move in the market. DAVE surprised gaining 19% after its previous selloff. And, another day with no deals and more IPOs. GMII goes to vote tomorrow -- what will redemptions be?

----------------------------------------------------
Free Investor Resources from Boardroom Alpha
----------------------------------------------------
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing
** SPAC Market Review - December 2021

Still only 1 deal in January -- VHAQ + Suneva Medical -- and by most measures it isn't a hit. While announced on Wednesday, it took until Thursday for the 8-K and deal deck to be delivered to the market. Not a great start.

Despite the lack of deals and the existing, and significant oversupply, IPOs keep coming. Don't expect it to stop until the market forces it by, likely, breaking in some way. SPACs are effectively money makers for the sponsors, banks, and now the hedge funds that are fast flipping the overfunded trusts by buying in early at $10 and selling for a few cents over $10 as it trades slightly higher due to the overfunding. 

spac_ipos_20220113

And, for those playing SPACs as yields, they'll be very happy to buy into units trading at $10 or below, have NAV redemption of $10.20 (or similar), and get warrants on top of it. That's all without getting any upside on a great deal and strong post deSPAC performance -- which, sadly and realistically, few expect at this point.

Tomorrow, GMII Gores Metropoulos II shareholders vote on their deal with Sonder (hear the podcast and see our report here). GMII dropped 5.5% today and closed at $8.86. Gores has a tremendous record of low redemptions, but that record may meet its match with the market as it is and record high redemption numbers becoming the norm. 

SPAC Calendar

Jan 14 | $ 8.86 | GMII - Gores Metropoulos II, Inc. --> Sonder Holdings Inc.
Jan 19 | $ 9.55 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 19 | $ 9.60 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 20 | $ 9.98 | TREB - Trebia Acquisition Corp --> System1
Jan 25 | $ 10.18 | YSAC - Yellowstone Acquisition Co --> Sky Harbour LLC
Jan 26 | $ 9.97 | SEAH - Sports Entertainment Acquisition Corp --> Super Group
Jan 31 | $ 10.04 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Jan 31 | $ 9.92 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Feb 01 | $ 9.96 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Feb 01 | $ 9.94 | OCA - Omnichannel Acquisition Corp --> Kin
Feb 03 | $ 10.04 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Feb 09 | $ 9.95 | MBAC - M3-Brigade Acquisition II Corp --> Syniverse Corp

SPAC Stock Movers

Biggest Gainers

9.85% ~ $ 7.36 | CPSR - Capstar Special Purpose Acquisition Corp. (Announced)
2.02% ~ $ 10.11 | LFAC - LF Capital Acquisition Corp. II (Pre-Deal)
.82% ~ $ 9.88 | ROCL - Roth CH Acquisition V Co. (Pre-Deal)
.81% ~ $ 9.94 | LAAA - Lakeshore Acquisition I Corp. (Pre-Deal)
.68% ~ $ 10.40 | HUGS - USHG Acquisition Corp. (Announced)
.62% ~ $ 9.77 | SHQA - Shelter Acquisition Corporation I (Pre-Deal)
.52% ~ $ 9.73 | NFYS - Enphys Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.77 | SKYA - Skydeck Acquisition Corp. (Pre-Deal)
.51% ~ $ 9.80 | PSPC - Post Holdings Partnering Corporation (Pre-Deal)
.51% ~ $ 9.88 | BOAS - BOA Acquisition Corp. (Announced)
.50% ~ $ 10.05 | GIIX - GORES HOLDINGS VIII, INC. (Announced)
.49% ~ $ 10.33 | GRCY - Greencity Acquisition Corp (Pre-Deal)
.41% ~ $ 9.74 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
.41% ~ $ 9.76 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.41% ~ $ 9.77 | JOFF - JOFF Fintech Acquisition Corp (Pre-Deal)
.41% ~ $ 9.87 | MCAF - Mountain Crest Acquisition Corp. IV (Pre-Deal)
.40% ~ $ 9.92 | SVNA - 7 Acquisition Corp (Pre-Deal)
.40% ~ $ 9.97 | SEAH - Sports Entertainment Acquisition Corp (Announced)
.31% ~ $ 9.69 | IPAX - Inflection Point Acquisition Corp. (Pre-Deal)
.31% ~ $ 9.73 | FACT - Freedom Acquisition I Corp (Pre-Deal)

Biggest Losers

-5.79% ~ $ 9.60 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
-5.54% ~ $ 8.86 | GMII - Gores Metropoulos II, Inc. (Announced)
-5.12% ~ $ 67.61 | DWAC - Digital World Acquisition Corp. (Announced)
-4.60% ~ $ 9.55 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-3.60% ~ $ 10.19 | MEKA - MELI Kaszek Pioneer Corp (Pre-Deal)
-3.14% ~ $ 12.33 | CFVI - CF Acquisition Corp. VI (Announced)
-3.06% ~ $ 9.81 | DAOO - Crypto 1 Acquisition Corp (Pre-Deal)
-2.59% ~ $ 9.79 | ZING - FTAC Zeus Acquisition Corp. (Pre-Deal)
-1.96% ~ $ 11.51 | GGPI - Gores Guggenheim, Inc (Announced)
-1.29% ~ $ 9.92 | UPTD - TradeUP Acquisition Corp (Pre-Deal)
-1.09% ~ $ 9.99 | SNII - Supernova Partners Acquisition Company II, Ltd. (Announced)
-.82% ~ $ 9.67 | LOCC - Live Oak Crestview Climate Acquisition Corp. (Pre-Deal)
-.81% ~ $ 9.78 | GTPB - GORES TECHNOLOGY PARTNERS II, INC. (Pre-Deal)
-.80% ~ $ 9.92 | IOAC - Innovative International Acquisition Corp. (Pre-Deal)
-.80% ~ $ 9.94 | TOAC - Talon 1 Acquisition Corp (Pre-Deal)
-.73% ~ $ 9.80 | JATT - JATT Acquisition Corp (Pre-Deal)
-.72% ~ $ 9.65 | MITA - Coliseum Acquisition Corp. (Pre-Deal)
-.72% ~ $ 9.72 | OMEG - Omega Alpha SPAC (Pre-Deal)
-.71% ~ $ 9.77 | MDH - MDH Acquisition Corp. (Announced)

deSPAC Movers

deSPAC DAVE jumped +19% after falling over 32% following its deSPAC. Given the market's volatility it is hard to say what drove the move at this point nor how long it could last. Outside of that it was an overwhelming painful and down day for deSPACs. 

despac_heatmap_20220113

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha's SPAC Data and Analytics service.

Monthly SPAC Market Review

Exec Moves (all issues)

The Know Who Drives Return Podcast (all episodes)

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