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** SPAC Market Review - December 2021
Gores Metropoloulos II (GMII) shareholders went to vote today on their deal with Sonder. As usual, the vote will pass and the key question will be the redemption numbers. If the redemption numbers are bad, don't expect to get those details until next week at best.
Gores, to date, has a great track record of almost zero redemptions across all of the SPACs it has done. So the results will be important for the deal itself and as a bellwether for the broader SPAC market. If it can somehow replicate prior low redemption performance it could be a bit of a boost to the market.
Benessere Capital Acquisition Corp (BENE), Patrick Orlando's (of DWAC fame) SPAC that is merging with eCombustible, announced approximately 10% of shareholders redeemed (~$11.2M) at its extension vote. It also added $0.20 per share to the trust. As we flagged when the deal extension was first announced, it now has until July 2022 to complete its deal.
Still only the 1 deal announced in 2022 and 13 new SPAC IPOs (>$3B).
That's bad. Period. We won't rehash this today -- you can go back and read any of our recent daily updates -- but the current state of the SPAC market isn't sustainable. Someone will have to put the breaks on -- maybe Gary G and the SEC to the rescue?
Of course, the risk of Gary G and the SEC stepping in is that they over-regulate and the market "breaks" in a different way.
In the meantime, and as we've noted before, SPACs remain a money maker for the sponsors, underwriters, and yield-focused investors. Some institutional and (fewer) retail "traders", not "investors", are making money on the volatility, "rug pulls", gamma squeezes, etc., but it isn't broad and it isn't consistent. Regardless, all these players who can, and should, be making money off of a healthy SPAC market face an uncertain future until the market can get back into balance.
We'll leave you with the latest SPAC rumor (again broken by the great Gillian Tan @ Bloomberg). Not surprisingly given the SPAC market's condition, initial reactions on FinTwit are not positive:
Jan 19 | $ 10.03 | XPDI - Power & Digital Infrastructure Acquisition Corp. --> Core Scientific, Inc.
Jan 19 | $ 8.63 | VMAC - Vistas Media Acquisition Company Inc. --> Anghami
Jan 20 | $ 8.97 | 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 | $ 9.93 | ENNV - ECP Environmental Growth Opportunities Corp. --> Fast Radius, Inc.
Jan 31 | $ 10.04 | CCAC - CITIC Capital Acquisition Corp --> Quanergy Systems
Feb 01 | $ 9.97 | OCA - Omnichannel Acquisition Corp --> Kin
Feb 01 | $ 9.96 | ENVI - Environmental Impact Acquisition Corp. --> Greenlight Biosciences Inc.
Feb 01 | $ 9.96 | IVAN - Ivanhoe Capital Acquisition Corp --> SES Holdings
Feb 03 | $ 9.98 | SBEA - SilverBox Engaged Merger Corp I --> Black Rifle Coffee Company
Feb 09 | $ 9.96 | MBAC - M3-Brigade Acquisition II Corp --> Syniverse Corp
SPAC Stock Movers
Biggest SPAC Gainers
5.03% ~ $ 10.03 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
4.84% ~ $ 70.88 | DWAC - Digital World Acquisition Corp. (Announced)
3.34% ~ $ 10.20 | VMGA - VMG Consumer Acquisition Corp. (Pre-Deal)
1.97% ~ $ 9.82 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
1.53% ~ $ 9.95 | BLSA - BCLS Acquisition Corp. (Pre-Deal)
1.01% ~ $ 10.00 | NETC - Nabors Energy Transition Corp. (Pre-Deal)
.81% ~ $ 9.91 | NFNT - Infinite Acquisition Corp. (Pre-Deal)
.78% ~ $ 15.54 | ESSC - East Stone Acquisition Corporation (Announced)
.71% ~ $ 9.87 | MSDA - MSD Acquisition Corp. (Pre-Deal)
.59% ~ $ 10.18 | GDNR - Gardiner Healthcare Acquisitions Corp. (Pre-Deal)
.52% ~ $ 9.73 | APMI - AxonPrime Infrastructure Acquisition Corp (Pre-Deal)
.51% ~ $ 9.86 | NPAB - New Providence Acquisition Corp. II (Pre-Deal)
.51% ~ $ 9.90 | CBRG - Chain Bridge I (Pre-Deal)
.41% ~ $ 9.76 | POND - Angel Pond Holdings Corp (Pre-Deal)
.41% ~ $ 9.76 | GFOR - Graf Acquisition Corp. IV (Pre-Deal)
.40% ~ $ 9.92 | AURC - Aurora Acquisition Corp. (Announced)
.39% ~ $ 10.25 | BRLI - Brilliant Acquisition Corporation (Pre-Deal)
.34% ~ $ 11.78 | ALAC - Alberton Acquisition Corporation (Announced)
.32% ~ $ 9.74 | CFV - CF Acquisition Corp. V (Announced)
.31% ~ $ 9.73 | HPLT - Home Plate Acquisition Corp (Pre-Deal)
Biggest SPAC Losers
-10.12% ~ $ 8.97 | TREB - Trebia Acquisition Corp (Announced)
-10.06% ~ $ 8.63 | VMAC - Vistas Media Acquisition Company Inc. (Announced)
-4.29% ~ $ 8.48 | GMII - Gores Metropoulos II, Inc. (Announced)
-3.70% ~ $ 9.90 | FEXD - Fintech Ecosystem Development Corp. (Pre-Deal)
-1.44% ~ $ 10.25 | HUGS - USHG Acquisition Corp. (Announced)
-1.29% ~ $ 9.91 | ALOR - ALSP Orchid Acquisition Corp I (Pre-Deal)
-1.02% ~ $ 9.70 | MTAL - Metals Acquisition Corp (Pre-Deal)
-1.02% ~ $ 9.71 | RACB - Research Alliance Corp. II (Pre-Deal)
-.91% ~ $ 9.79 | ROCL - Roth CH Acquisition V Co. (Pre-Deal)
-.82% ~ $ 9.67 | LOCC - Live Oak Crestview Climate Acquisition Corp. (Pre-Deal)
-.78% ~ $ 11.42 | GGPI - Gores Guggenheim, Inc (Announced)
-.71% ~ $ 9.73 | AKIC - Sports Ventures Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.73 | OHAA - Opy Acquisition Corp. I (Pre-Deal)
-.60% ~ $ 9.90 | LVAC - LAVA Medtech Acquisition Corp. (Pre-Deal)
-.60% ~ $ 9.98 | SBEA - SilverBox Engaged Merger Corp I (Announced)
-.59% ~ $ 9.71 | CPAR - Catalyst Partners Acquisition Corp. (Pre-Deal)
-.59% ~ $ 9.79 | BMAQ - Blockchain Moon Acquisition Corp. (Pre-Deal)
-.58% ~ $ 9.75 | LVRA - Levere Holdings Corp (Pre-Deal)
-.57% ~ $ 9.74 | KLAQ - KL Acquisition Corp (Pre-Deal)
-.51% ~ $ 9.70 | GNAC - GROUP NINE ACQUISITION CORP. (Pre-Deal)
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)
- CEO / CFO / Director Resignations & Appointments | Jan 14, 2022
- CEO / CFO / Director Resignations & Appointments | Dec 31, 2021
The Know Who Drives Return Podcast (all episodes)
- Sonder's Francis Davidson on Re-Designing Hospitality and GMII Merger
- Amy Nauiokas on FinTech VC, SPACs, Diversity, and Anthemis Digital (ADAL)
- Dave CEO Jason Wilk on Saving Customers Billions and their SPAC Deal with VPCC
- Tim Hentschel on HotelPanner Merger Astrea Acquisition (ASAX)
- Greenbox POS Talking Blockchain and Stablecoin Coyni
- SPAC Sponsor Spotlight: Live Oak Merchant Partners
- BM Technologies’ (BMTX) Luvleen Sidhu on Becoming a Bank and FinTech Evolution
- Will SeatGeek’s Primary Strategy Propel them to Ticketing Victory?
- Why Navitas Semiconductor (NVTS) Is the Next Big Thing in Chips with CEO Gene Sheridan
- Chad Rigetti on why Superconducting and Rigetti is the Best Bet on Quantum Computing
(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report.)