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SPAC M&A Deals are Looking Sad Pre-Close

New SPAC Deals were announced for Poema and Artisan, though most announced M&A continues to leave investors unimpressed.

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What will it take to get SPAC investors excited about M&A transactions these days? The majority of announced deals (pending completion) are trading below NAV, with only a few "big" winners above $10.25 (average is $9.99). The M&A pop is gone, and redemptions continue to be elevated.

That leaves PIPE financing of the utmost importance for getting deals done, and could perhaps be why the cadence of announced deals hasn't really picked up post Labor Day - with only 7 announced over the last two weeks thus far. PIPE financing has been hard to come by for many. 

Today, dMY Technology Group IV (DMYQ) announced that it received $50M in additional PIPE commitments from CPP Investments and Cypress Point to bring its total PIPE size to $250. dMYQ has a pending transaction with Planet Labs. We recently spoke with dMY CEO Niccolo de Masi about all things SPAC, you can listen to it here.

Cerberus Telecom Acquisition Corp (CTAC) was set to hold a shareholder meeting today to vote on its proposed merger with KORE. Instead, the company pushed the vote out a week until 9/22 and announced that it had received 90.4% shares (~$235M) in for redemption

Poema Global Holdings Corp (PPGH) announced a merger with Taiwanese battery swapping co Gogoro in a $2.35B EV deal, along with a $250M PIPE. PPGH fell ever so slightly on the day to close well below NAV at $9.85. 

Gogoro's revenue forecasts 

Gogoro's revenue forecasts 

Today's Price Action

Biggest Gainers

16.47% ~ $ 11.10 | DEH - D8 Holdings Corp. (Announced)
11.20% ~ $ 11.12 | ROT - Rotor Acquisition Corp (Announced)
7.04% ~ $ 9.73 | SV - Spring Valley Acquisition Corp (Announced)
5.64% ~ $ 9.92 | ACIC - Atlas Crest Investment Corp (Announced)
4.81% ~ $ 10.46 | FUSE - Fusion Acquisition Corp. (Announced)
3.81% ~ $ 10.63 | AGC - Altimeter Growth Corp. (Announced)
2.38% ~ $ 9.90 | ARTA - Artisan Acquisition Corp. (Announced)
2.17% ~ $ 10.37 | LEAP - Ribbit LEAP Ltd (Pre-Deal)
1.54% ~ $ 9.86 | AMPI - Advanced Merger Partners, Inc. (Pre-Deal)
1.29% ~ $ 10.23 | GLSPT - Global SPAC Partners Co. (Pre-Deal)
1.23% ~ $ 9.85 | RACB - Research Alliance Corp. II (Pre-Deal)
1.18% ~ $ 10.30 | FTCV - FinTech Acquisition Corp. V (Announced)
1.03% ~ $ 9.85 | ORIA - Orion Biotech Opportunities Corp. (Pre-Deal)
.89% ~ $ 9.93 | SPK - SPK Acquisition Corp. (Pre-Deal)
.89% ~ $ 12.42 | FST - FAST ACQ CP (Announced)
.83% ~ $ 9.73 | ACRO - Acropolis Infrastructure Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.79 | GOBI - Gobi Acquisition Corp. (Pre-Deal)
.82% ~ $ 9.84 | FTVI - FinTech Acquisition Corp. VI (Pre-Deal)
.79% ~ $ 10.23 | LATN - Union Acquisition Corp. II (Announced)

Biggest Losers

-1.92% ~ $ 9.70 | JATT - JATT Acquisition Corp (Pre-Deal)
-1.68% ~ $ 11.11 | LEGO - LEGATO MERGER CORP. (Announced)
-1.33% ~ $ 9.62 | HCNE - Jaws Hurricane Acquisition Corporation (Pre-Deal)
-1.32% ~ $ 9.70 | ITHX - ITHAX Acquisition Corp. (Pre-Deal)
-1.22% ~ $ 9.73 | FLAC - Frazier Lifesciences Acquisition Corporation (Pre-Deal)
-1.13% ~ $ 9.66 | ROSS - Ross Acquisition Corp II (Pre-Deal)
-.91% ~ $ 9.80 | HSAQ - Health Sciences Acquisitions Corporation 2 (Pre-Deal)
-.88% ~ $ 10.11 | IPOF - Social Capital Hedosophia Holdings Corp VI (Pre-Deal)
-.86% ~ $ 11.59 | TDAC - Trident Acquisitions Corp (Announced)
-.82% ~ $ 9.68 | EOCW - Elliott Opportunity II Corp. (Pre-Deal)
-.81% ~ $ 9.75 | PSPC - Post Holdings Partnering Corporation (Pre-Deal)
-.80% ~ $ 9.88 | OTEC - OceanTech Acquisitions I Corp. (Pre-Deal)
-.78% ~ $ 10.14 | XPDI - Power & Digital Infrastructure Acquisition Corp. (Announced)
-.71% ~ $ 9.77 | DALS - DA32 Life Science Tech Acquisition Corp. (Pre-Deal)
-.71% ~ $ 9.68 | HIII - Hudson Executive Investment Corp. III (Pre-Deal)
-.62% ~ $ 9.63 | MIT - Mason Industrial Technology, Inc. (Pre-Deal)
-.62% ~ $ 9.68 | SBII - Sandbridge X2 Corp (Pre-Deal)
-.60% ~ $ 9.91 | LSAQ - LIFE SCI ACQ II (Announced)

SPAC Calendar

Sep 21 | $ 10.46 | FUSE - Fusion Acquisition Corp. --> MoneyLion Inc.
Sep 22 | $ 10.00 | CTAC - Cerberus Telecom Acquisition Corp --> Kore
Sep 22 | $ 10.23 | LATN - Union Acquisition Corp. II --> Procaps Group
Sep 28 | $ 9.97 | MAAC - Montes Archimedes Acquisition Corp --> Roivant Sciences
Sep 28 | $ 9.99 | PTK - PTK Acquisition Corp. --> Valens Semiconductor
Sep 28 | $ 10.08 | GLEO - Galileo Acquisition Corp. --> Shapeways, Inc.
Sep 28 | $ 10.00 | STPC - Star Peak Corp II --> Benson Hill, Inc.
Sep 28 | $ 10.01 | SPFR - Jaws Spitfire Acquisition Corporation --> VELO3D
Sep 28 | $ 10.05 | DMYI - dMY Technology Group Inc III --> ionQ, Inc.
Sep 28 | $ 9.97 | CAHC - CA Healthcare Acquisition Corp. --> LumiraDx Ltd

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

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